Gold exports have helped Vietnam keep trade deficit in July at USD200 million, up just USD40 million in comparison with last month.
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According to the General Statistics office, Vietnam’s exports in July are estimated at USD8.4 billion while imports are USD8.6 billion, down USD60 million and USD20 million respectively from June, leaving a trade deficit at USD200 million.
Export of precious stones and jewelry, mostly gold, this month is estimated at USD800 million, helping the trade deficit in July ease from May, seeing June-July exports at USD2 billion, up 31% year-on-year. Gold exports in 2009 were USD2.73 billion and more than USD2.8 billion in 2010.
Last month, gold exports generated as much as USD806 million owing to the widened margin between local and global prices, increasing 133% month-on-month. The upsurge in gold exports helped narrow the trade deficit to a mere USD160 million in June compared to levels close to USD1 billion in previous months.
Nevertheless, there have been eight export items that have decreased in value since June.
June-July exports are estimated at more than USD51.46 billion, up 33.5% year-on-year while imports reached USD58.1 billion, up 26% from the same period last year, leaving the trade deficit this year at USD6.64 billion, down 8.5% from last year and accounting for 12.9% of total export turnover.
Crude oil exports this year have reached USD4.1 billion, up 40% year-on-year, while gasoline exports have amounted to USD1.1 billion, up 68% year-on-year.
Key agricultural exports have also increased from the same period last year, thanks to price rises on the global market. This year Vietnam has exported 920,000 tonnes of coffee, earning more than USD2 billion, up 18% in volume and 83% in value over last year. The nation exported more than 4.7 million tonnes of rice, earning USD2.3 billion, up 9% in volume and 10.5% in value. Rubber exports are also estimated at USD1.6 billion, up 77% year-on-year.