Trade deficit hits nearly US$4 billion in 9 months

In the first 9 months of this year, the country’s exports rose by nearly 10% to nearly US$120.7 billion while imports jumped by 16% to US$124.6 billion, pushing the trade deficit up to around US$3.9 billion.

In the first 9 months of this year, the country’s exports rose by nearly 10% to nearly US$120.7 billion while imports jumped by 16% to US$124.6 billion, pushing the trade deficit up to around US$3.9 billion.

It was released by Dinh Lam Tan, deputy director general of the National Economic Issues Department (Ministry of Planning and Investment) at a meeting in Hanoi on September 25.

The export growth was attributed to increasing export revenue of processed products, garment, wood, and telephones and components.

Meanwhile exports of agri-forestry and seafood products dipped 10% due to decline of three key products – rice, coffee and rubber. Mineral exports fell by 45% because of sharp decrease of crude oil export value.

Foreign direct investment (FDI) into Vietnam skyrocketed compared to the same period last year. By Sept 20, a total foreign investment value of US$17.15 billion had been poured into the country, up 53% against the corresponding period last year, of which around US$9.6 billion had been disbursed, up 8%.