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VN posts trade deficit of US$1.2b in February

Update: February, 27/2017 - 17:00
The country’s total import-export turnover this month reached $27.2 billion, of which export turnover was $13 billion, increasing 15.4 per cent from the same period last year, while import turnover was $14.2 billion or a year-on-year rise of 19.6 per cent. — Photo bizlive.vn

HÀ NỘI — Việt Nam reported trade deficit of US$1.2 billion in February, the General Statistics Office (GSO) announced on Sunday.

The GSO’s figures revealed that the country’s total import-export turnover this month reached $27.2 billion, of which export turnover was $13 billion, increasing 15.4 per cent from the same period last year, while import turnover was $14.2 billion or a year-on-year rise of 19.6 per cent.

However, in the first two months of the year, the country’s total trade deficit was $40 million as total export turnover was $27.34 billion while import turnover was $27.38 billion.

The GSO said many exported products saw a sharp decrease in February against the same period last year in terms of value and quantity, respectively, such as pepper which declined 27 per cent and 7.4 per cent and rice which declined 21.4 per cent and 18.4 per cent.

In addition, some other exported products, such as cashew, cassava, germ and ceramics, also witnessed a significant decrease.

Meanwhile, many items posted surge in exports. Coal rose by 1,104 per cent and 466 per cent in terms of value and quantity and rubber by 144 per cent and 34.7 per cent. Steel, phones, spare parts and machines also saw high export turnover.

Import turnover of automobiles with less than nine seats rose nearly 100 per cent in value and 140 per cent in quantity, while transport vehicles rose by 38 per cent and rubber rose by 103.4 per cent in terms of value.

Last month, Việt Nam’s trade deficit rose by $100 million after enjoying a trade surplus of $2.68 billion in 2016. The country’s total import-export turnover in January reduced by 13 per cent from last December, despite an increase against the same period last year. — VNS

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