Wednesday, March 20 2019

VietNamNews

VN records trade deficit of $84m in two months

Update: March, 02/2019 - 09:00
A view of Hải Phòng port. The country’s export turnover rose 5.9 per cent year-on-year to $36.68 billion in two months. - Photo haiphongport.com.vn
Viet Nam News

HÀ NỘI — Việt Nam saw a trade deficit of US$84 million in the first two months of this year, according to the General Statistics Office (GSO).

The country’s export turnover rose 5.9 per cent year-on-year to $36.68 billion in two months thanks to great efforts of businesses in accelerating their exports to traditional markets and seeking new outlets, especially for major staples such as fresh fruits, GSO said.

The domestic sector contributed $10.72 billion to the country’s total export turnover in the two-month period, up 9.9 per cent year-on-year. Meanwhile, the foreign-invested sector made up $25.96 billion, representing a yearly hike of 4.3 per cent and accounting for 71 per cent of the total.

Despite a year on year slide of 7.3 per cent, telephones and components still topped the list with an export value of $6.8 billion, while garments and textiles experienced an upward curve with the export turnover increasing by 19 per cent to $4.9 billion.

Other items posting a significant export value were computers and components with $4.2 billion, up 1.9 per cent; footwear with $2.7 billion, up 18.4 per cent, in addition to machinery and spare parts at $2.6 billion, up 19.3 per cent; means of transport and components at $1.4 billion, up 7.6 per cent and timber goods at $1.4 billion, up 13 per cent.

The US remained the largest importer of Vietnamese products with a turnover rising by 34.4 per cent on year to $8.1 billion. It was followed by the EU with $6.3 billion, up 1.2 per cent and China with $5.1 billion, down 9.3 per cent.

Other major importers of local products included ASEAN countries, Japan, the Republic of Korea (RoK) with respective turnovers of $3.8 billion, $3.2 billion and $3.1 billion.  

Meanwhile, goods shipped to Việt Nam between January and February jumped by 7.5 per cent year on year to $36.76 billion with key items including electronics, computers and components at $7.5 billion, up 12 per cent; machinery, equipment and parts ($5.6 billion, up 15 per cent) and cloth ($2.1 billion, up 16 per cent).

In the first two months, Việt Nam imported $10.7 billion worth of goods from China, surging 17 per cent over the same period last year. With this turnover, this neighbouring country has beaten the RoK to become a leading provider of goods for Việt Nam in the period.

The RoK came next with $7.4 billion in value, a decline of 2.1 per cent. ASEAN nations, Japan and the EU were the runners-up with $4.7 billion, $2.6 billion and $2.2 billion, respectively. — VNS

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