Trade deficit crosses $3.7 billion

Vietnam’s trade deficit increased to $1.3 billion in August, pushing accumulated deficit in the first eight months to $3.71 billion.

In August, total import-export turnover reached $53.7 billion, down nearly 6 percent over July, according to a report of the Ministry of Industry and Trade on Wednesday.

“The fourth Covid-19 wave has complicated developments, causing many provinces and cities to prolong social distancing, which has negatively affected imports and exports,” the report said.

But thanks to growth in the earlier months of this year, the total import and export turnover reached $428.8 billion in the first eight months, a year-on-year increase of 27 percent.

Vietnam recorded an export value of $212.55 billion between January and August, up 21.2 percent year-on-year, while import value rose by 33.8 percent to $216.26 billion.

Exports of some key product groups such as mobile phones and machinery reached some $6 billion and $3 billion, up 10.5 percent and nearly 13 percent, respectively.

In this period, the U.S. remained Vietnam’s largest export destination, accounting for more than $62 billion, followed by China with $32.7 billion, the E.U. with $26 billion.

China is still Vietnam’s biggest supplier with a turnover of nearly $72.5 billion, followed by South Korea with $34.6 billion, and ASEAN with $28 billion.

By Anh Minh – VnExpress.net – September 2, 2021