Vietnam Trade Gap Widens to $4B in Nine Months: Customs

Tuan Minh

15:24 15/10/2015

BizLIVE - Vietnam reported a trade deficit of $4.03 billion in the first nine months of this year, widening from a gap of $3.76 billion in August, the General Department of Vietnam Customs said.

Vietnam Trade Gap Widens to $4B in Nine Months: Customs

Export continues to be a driver of Vietnam's economy.

Vietnam’s exports increased 9.2% year-on-year to $120.22 billion in the nine-month period while imports soared 15.6% to $124.25 billion, resulting in a trade deficit of $4.03 billion, the department said in a filing on October 15.
Foreign-invested enterprises (FIEs) posted a trade surplus of $8.55 billion. Their export turnover was up 20.8% year-on-year to $81.95 billion between January and September while their imports rose 20.8% to $73.4 billion.
Domestic companies, meanwhile, saw their exports down 9.5% year-on-year to $38.3 billion and their imports up 8.8% to $50.85 billion, leading to a trade gap of $12.55 billion.
Vietnam’s trade with Asia increased 11.2% year-on-year to $159.92 billion in the January-September period, accounting for 65.4% of the country’s external trade. Trade with American countries followed, growing 22.1% year-on-year to $41.25 billion.
Phones and spare parts remained Vietnam’s largest export staple, with the export revenue of these goods jumping 33.2% from the same period of 2014 to $23 billion. The runners-up were computers and components, machinery, apparel, footwear and fibers.
Meanwhile, machinery and spare parts had the largest portion among Vietnam’s import goods, with imports of these goods reaching $20.78 billion in the period, up 29.3% from a year earlier.  
The Vietnamese Ministry of Industry and Trade said on Monday that the country could run a trade deficit of $5.5 billion-$6.0 billion this year, or 3.3%-3.6% of its total export turnover, after three years of trade surplus.