Vietnam July trade deficit widens, driven by higher fuel costs

HANOI, Aug 3 : Vietnam posted a trade deficit of $3.587 billion in July, wider than June's $2.64 billion gap, while consumer prices rose 4.45 per cent from a year earlier, compared with 4.69 per cent the previous month, government data showed on Monday.

Goods exports in July rose 25 per cent from a year earlier to $53 billion, while imports climbed 41 per cent to $56.67 billion, the National Statistics Office (NSO) said.

For the January-July period, exports increased 21.7 per cent year-on-year to $320 billion, while imports surged 34.8 per cent to $340 billion, resulting in a trade deficit of $20.5 billion, exceeding Vietnam's previous full-year record trade deficit of about $18 billion in 2008.

The Southeast Asian manufacturing hub is targeting economic growth of more than 10 per cent this year, but faces headwinds including a widening trade deficit, rising inflationary pressures and ongoing U.S. investigations into overcapacity and possible violations of intellectual property rules.

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