Vietnam logs trade deficit for eighth consecutive month

(ECNS) -- Official government data released Monday showed that Vietnam recorded a wider trade deficit in July, marking its eighth consecutive monthly shortfall.

According to the General Statistics Office, July exports rose 25% year-on-year to $53.1 billion, while imports surged 41.4%—beating forecasts—to leave a monthly deficit of $3.59 billion, up from $2.64 billion in June.

In the first seven months of the year, exports expanded 21.7% to $320 billion, while imports jumped 34.8% to $340 billion. The cumulative year-to-date deficit of $20.5 billion has already surpassed Vietnam’s all-time annual record of $18 billion set in 2008.

Higher fuel costs were a primary driver of the rising import bill. Although crude oil import volumes fell 11.9%, their total value rose 18%. Similarly, refined fuel imports increased by just 6% in volume but experienced a 67.6% surge in value.