Trade deficit lowest this month

27 Sep '08

2 min read

According to General Statistics, the trade deficit of Vietnam in September came to around US$ 500 million; this has been the lowest figure since the beginning of 2008. However, imports still exceeded exports by $16 billion in the first three quarters of this year.

This month Vietnam earned nearly $5.3 billion by shipping products to various nations. On the other hand it had to spend almost $5.8 billion for importing various commodities for domestic enterprises.

In July, the trade deficit was lower than $1billion mark and came to around $0.8 billion. Even in the month of August the figure was maintained below $1billion.

Since the first quarter, trade deficit has been very high. Till this month, export value touched $48.57 billion as compared to almost $64.4 billion spent on imports making the deficit reach around $15.8 million.

The Ministry of Finance increased the duty import rates of some products in order to reduce the trade deficit this year.

According to Ministry of Industry and Trade (MOIT), it will try to maintain the deficit to less than $20 billion for 2008.

The major exporting products included textile, garments and footwear. The export value of textile and clothing items was approximately $6.8 billion.

Meanwhile, products like machinery were the main foreign currency consuming commodities. Amount spent on importing equipment and machinery totaled to nearly $10.5 billion.

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