Vietnam forecasts 8 month trade deficit at $577m

Vietnam forecasts to face a trade deficit of 577 million U.S. dollars in the first eight months of this year, equivalent to 0.7 percent of the total export value, reported the Vietnamese General Statistics Office on Tuesday. Of the figure, the domestic economic sector hit a trade deficit of about 8.4 billion dollars, while the foreign direct investment (FDI) sector gained a trade surplus of about 7.8 billion dollars. Specifically, during the 8-month period, the country pocketed 84.8 billion dollars from the exports, a year-on-year increase of 14.7 percent. Of the total export value, the domestic sector contributed 28.7 billion dollars, up 3.1 percent, and the FDI sector with 56.1 billion dollars, up 21.6 percent. Commodities gaining a high export turnover included telephones and appliances with 13.1 billion dollars (up 76.2 percent year on year), garments and textiles with 11.5 billion dollars (up 17.3 percent), electronic items and computers with 6.8 billion dollars (up 42.2 percent), and footwear with 5.5 billion dollars (up 16.1 percent). During the reviewed period, the country spent 85.4 billion dollars for the imports, a rise of 14.9 percent year on year. Of which the domestic sector disbursed 37.1 billion dollars (up 4 percent), and the FDI sector with 48.3 billion dollars (up 25.1 percent). Imported commodities posting a high growth included machines, equipment and spares parts with 11.8 billion dollars (up 9.6 percent), electronic items and appliances and computers with 11.5 billion dollars (up 41.6 percent), fabrics with 5.5 billion dollars (up 20.2 percent), telephones and devices with 5.2 billion dollars (up 71.3 percent), and steel with 4.5 billion dollars (up 10 percent).