{
    "success": true,
    "data": {
        "id": 1552957,
        "msgid": "vietnam-7-month-trade-deficit-177b-1447893297",
        "date": "1997-07-28 00:00:00",
        "title": "Vietnam 7-month trade deficit $1.77b",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "Vietnam 7-month trade deficit $1.77b HANOI (AFP): Vietnam recorded a trade deficit for the seven months ending July 25 of US$1.77 billion, falling 37.6 percent from a year earlier, according to official statistics released at the weekend. The drop in the deficit came on the back of a healthy growth in exports and stiff import restrictions causing the import bill to shrink by 1.3 percent during the first seven months.",
        "content": "<p>Vietnam 7-month trade deficit $1.77b<\/p>\n<p>HANOI (AFP): Vietnam recorded a trade deficit for the seven<br>\nmonths ending July 25 of US$1.77 billion, falling 37.6 percent<br>\nfrom a year earlier, according to official statistics released at<br>\nthe weekend.<\/p>\n<p>The drop in the deficit came on the back of a healthy growth<br>\nin exports and stiff import restrictions causing the import bill<br>\nto shrink by 1.3 percent during the first seven months.<\/p>\n<p>Exports reached grew 25.2 percent to $4.86 billion for the<br>\nseven months ended July 25, compared to the year-earlier period,<br>\naccording to the General Statistics Office.<\/p>\n<p>The import bill during the first seven months ended July 24<br>\nshrunk 1.3 percent to $6.63 billion compared to the same period<br>\nlast year because of strict import restrictions on key<br>\ncommodities including steel, automobiles and cement.<\/p>\n<p>However the deficit for the month ended July 25 grew 31<br>\npercent to $350 million from $266 million for the month ended<br>\nJune 25.<\/p>\n<p>During the first seven months, garment exports rose 38.3<br>\npercent to $650 million, while footware exports jumped 78.1<br>\npercent to $552 million. These two sectors accounted for nearly<br>\n23 percent of Vietnam&apos;s export earnings.<\/p>\n<p>Steel imports plummeted 44.8 percent to 560 tones, cement<br>\nimports 16.4 percent and fully assembled automobiles 21.4 percent<br>\nto 11,335 units during the first seven months.<\/p>\n<p>However economists questioned the wisdom of shielding<br>\ninefficient domestic industries, especially in the state sector,<br>\nbehind stiff import barriers.<\/p>\n<p>&quot;Vietnam needs to move to a change in the structure and<br>\nquality of its imports which are essential for growth,&quot; said one<br>\nVietnamese economist.<\/p>\n<p>Others said Vietnam had committed itself to trade<br>\nliberalization within the Association of Southeast Asian Nations<br>\n(ASEAN) Free Trade Area, and that more protection now implied a<br>\nmore painful adjustment when import barriers are dismantled by<br>\n2005.<\/p>\n<p>The Vietnamese economist stressed the need for Vietnam to<br>\npursue a more exported oriented strategy, concentrating on value<br>\nadded activities.<\/p>\n<p>&quot;How long can we sustain growth of raw materials like oil,<br>\ncoffee, and rice,&quot; he asks.<\/p>\n<p>Others said Vietnam&apos;s two top industrial products, garments<br>\nand shoes, have little domestic value added apart from labor.<\/p>\n<p>Motorbikes, the main consumer durable purchase in Vietnam, saw<br>\na 26.8 percent drop in imported units and kits.<\/p>\n<p>However the deficit during the month to July 24 was up 31.6<br>\npercent to $350 million compared with the month ended June 25.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/vietnam-7-month-trade-deficit-177b-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}