Vietnam's trade deficit hits USD2.68bn
HANOI - Vietnam's trade deficit hit 2.68 billion dollars in the first seven months of this year, according to preliminary figures released Monday by the General Statistics Office.
Exports for the period grew 21.8% year-on-year to 14.170 billion dollars while the import bill rose 17.2% to 16.850 billion dollars.
Fabric imports were up 43.3% year-on-year at 1.181 billion dollars while imports of electronics and computers grew 29.4% to 646 million dollars.
Imports of refined-oil products increased 31.9% to 1.916 billion dollars in the first seven months. Despite having sizeable oil reserves, Vietnam has no operating refineries and is reliant on imported petroleum-based products.
However, receipts from Vietnam's key oil exports in the seven months rose 32.8% from a year ago to reach 2.964 billion dollars.
Exports of bicycles and spare parts increased 69.4%, coal exports were up 66.1% and rice exports grew 17.8%, the Statistics Office said.
Agence France Presse - July 26, 2004.
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