Vietnam continues to have a trade deficit of more than 3.7 billion USD

The trade deficit continued to increase in August with 1.3 billion USD, pushing the accumulated deficit in the first 8 months to more than 3.7 billion USD.

This data is stated in the report on industrial production and trade in the first 8 months of the year just announced by the Ministry of Industry and Trade, on September 1.

"The fourth Covid-19 epidemic has developed complicatedly, causing many provinces and cities to prolong social distancing, which has negatively affected import and export," the Ministry of Industry and Trade commented.

In August, the total import-export turnover reached 53.7 billion USD, down nearly 6% compared to July. But thanks to the high growth in the previous months, in the first 8 months of this year, the total import and export turnover was still still high. positive growth, more than 27% over the same period in 2020, reaching over $428.8 billion. and imported $216.26 billion.

Total exports increased, but the trade deficit continued to widen in August with $1.3 billion. In the first 8 months, Vietnam had a trade deficit of 3.7 billion USD. Contributing to the trade deficit was the domestic business sector with a trade deficit of 20.36 billion USD in 8 months, while the foreign invested enterprise sector (including crude oil) had a trade surplus of 16.65 billion USD. .

Explaining that the economy continues to have a trade deficit for the fourth consecutive month from the beginning of the year to now, the Ministry of Industry and Trade argued that the import cycle of goods for production materials usually increases at the beginning of the year and decreases in the second half of the year. while exports peaked in the second half of the year.

Believing that the demand for Vietnam's export goods will continue to increase for the shopping season in the last months of 2021, especially for electronics, furniture, textiles, seafood..., Ministry of Industry and Trade Trade balance is forecasted to improve gradually in the coming time.

Cat Lai Port (HCMC), April 2021. Photo: Quynh Tran

Regarding exports , August reached 26.2 billion USD, down 6% compared to the previous month. Both the domestic and foreign-invested sectors decreased exports in August by 10% ($6.9 billion) and 4.5% ($19.3 billion), respectively.

Exports of key products such as phones, machinery, equipment, spare parts or computers, electronic products and components... fluctuated in the opposite direction in August. Mobile phones increased by 10.5% , reaching nearly 6 billion USD; machinery, equipment and spare parts reached 3 billion USD, up nearly 13%... In contrast, export computers, electronic products and components decreased by 12%; textiles and apparel down 9.2%, footwear down 38.5%...

In the first eight months, the country's exports reached about $212.55 billion. The US is Vietnam's largest export market in the first eight months of 2021, reaching more than 62 billion USD, up 32.3% over the same period. China ranked second with 32.7 billion USD, up 19.6%; while the EU reached approximately $26 billion, up 14%...

On the import side , goods in August reached 27.5 billion USD, down 5.5% compared to July. In which, the domestic sector decreased by nearly 6%, reaching only 9.65 billion USD, while the domestic sector had USD 9.65 billion. foreign capital reached 17.85 billion USD, down 5.4%.

In 8 months, imports reached $216.26 billion, up nearly 34% over the same period last year. China is still Vietnam's largest import market, with 72.5 billion USD, up 47% over the same period in 2020. Following are South Korea (34.6 billion USD), ASEAN (28 billion USD), the EU (US$ 34.6 billion), and the EU (US$ 34.6 billion). 10.9 billion USD), US (10.3 billion USD).

Regarding domestic trade , the total retail sales of consumer goods and services in August was estimated at VND 279,800 billion, down 10.5% over the previous month and 33.7% over the same period in 2020.

In the first 8 months of this year, the total retail sales of consumer goods and services reached more than 3.04 million billion VND, down 4.7% compared to the same period last year, if excluding the price factor, the decrease of 6 .2% (the same period in 2020 decreased by 5.8%).

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