Viet Nam reports trade deficit of $100 million in January

Monday, Feb 03, 2020 07:58

China is the largest exporter to Viet Nam in January when the country reports a trade deficit of $100 million. — Photo

Viet Nam reported an estimated trade deficit of US$100 million in January, according to the General Statistics Office (GSO).

GSO said the country’s exports reached $19 billion in January, a year-on-year drop of 15.8 per cent while imports reached $19.1 billion, a reduction of 14.4 per cent.

The domestic sector reported an estimated trade deficit of $2.4 billion while the foreign direct investment (FDI) sector posted a trade surplus of $2.3 billion.

Goods that still witnessed increases included electronics, computers and components ($2.6 billion, up 5.6 per cent), and timber and wooden products ($1 billion, up 1.4 per cent).

Meanwhile, the exports of textiles and garments dropped by 21 per cent to $2.6 billion, phones and their parts also worth $2.6 billion, down 22.4 per cent; and footwear worth $1.6 billion, down 9.7 per cent.

This month, importers spent $3.7 billion on electronics, computers and parts, down 8.5 per cent from last January. They also spent $3.2 billion on machinery, equipment and components and $1.1 billion on phones and parts, as much as the reduction of 6.8 per cent and down 9.5 per cent respectively from last January.

Dropping 7.6 per cent in the import from Viet Nam in January, the United States still remained the country’s largest export market spending $4.8 billion. Following were China with $3.7 billion, up 32.8 per cent and the European Union with $2.6 billion, down 30.8 per cent.

Also declining 7.1 per cent in exports to Viet Nam, China was the largest supplier with $6.2 billion of goods in January. Followers were South Korea with $3.2 billion and ASEAN with a combined value of $2.4 billion as much as the reduction of 22.8 per cent and 10.8 per cent, respectively compared to last January.

Experts said import and export activities were often influenced by the long holidays, especially the Lunar New Year that always sees a sharp rise in consumer goods imports, leading to a trade deficit. — VNS


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