Vietnam’s half-year trade deficit down 1.2pct, within target

Vietnam’s trade deficit for the first half of the year was down 1.19 percent compared with the same period a year earlier, according to official data released Thursday, bringing it within government targets.

The trade deficit was 6.65 billion dollars for 2011′s first half, compared with 6.73 billion dollars in the same period in 2010, the general Statistical Office said.

Imports rose 25.8 percent year-on-year to 48.98 billion dollars, but exports were up 30.3 percent at 42.33 billion dollars, it said.

The value of imports was brought down to 15.7 percent above export levels and within the targeted ceiling of 16 percent. In the first half of last year, imports were 19.8 percent higher than exports.

To try to boost exports and curb the trade deficit, Vietnam devalued its dong in February by 9.3 percent against the dollar, the biggest drop since 1993 and the fourth in 14 months.

The move provoked fears that the devaluation would stoke inflation, which at nearly 21 percent year-on-year in June is among the worst in the world.

Vietnam posted a trade deficit of 12.4 billion dollars for the whole of last year, 17.3 percent of its export revenues.

 

Category: Economy