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Vietnam’s trade deficit to climb 65% in Jan-Oct 2008

 
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September 24, 2008
Rising imports to widen Vietnam’s trade deficit

 


October 24, 2008

Vietnam’s trade deficit to climb 65% in Jan-Oct 2008
Vietnam estimated on Thursday its trade deficit would jump more than 65 percent to $16.3 billion in the first 10 months of 2008 from the same period last year, reported Reuters.

January to October's imports would rise 42.6 percent from the same period last year to $70.07 billion while exports would jump 36.7 percent to $53.77 billion, the General Statistics Office said in a monthly report.

The country's trade deficit was $9.8 billion in the first 10 months of 2007.

Exports this month would reach $5.1 billion and imports would be $5.8 billion, bringing the monthly gap to $700 million, nearly triple the revised monthly gap for September of $237 million.

September's trade gap was also much higher than August's $258 million but a little lower than July's $753 million.

High world oil and steel prices have been the main factors behind Vietnam's wide trade deficit this year with refined product imports jumping 71 percent from a year ago to $10.26 billion, and steel including ingots surging 67.2 percent to $6.1 billion.

Vietnam, which ranks the third-largest in Southeast Asia's crude oil production, exported 11.18 million tonnes of oil in the first 10 months for $9.4 billion, up 43.2 percent from a year ago in term of value and down 10.1 percent in volume.

January-October garment and textile exports, which now rank the second-largest cash earner after crude oil, jumped 20.3 percent from a year earlier to $7.6 billion.

Last week, Prime Minister Nguyen Tan Dung forecast exports next year would rise 18 percent to $76.7 billion but the trade deficit in 2009 would widen to around $20.7 billion, from an estimated $19 billion this year.

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