Viet Nam runs a trade deficit of $300m in January
Thursday, February 1,2018AsemconnectVietnam - Viet Nam ran a trade deficit of US$300 million in January due to soaring imports. The deficit was attributed to Tet (Lunar New Year) being around the corner, pushing up demand, according to the General Statistics Office (GSO).
The country imported $19.3 billion worth of goods in the first month of 2018, a whopping rise of 47.4 per cent over the same period last year.
However, compared to the previous month, the import value dropped by 3 per cent.
The export value also increased significantly in January, by 33.1 per cent over the same month last year, to reach $19 billion. This figure, however, was 3.3 per cent lower than the export turnover of December 2017.
The domestic sector ran a trade deficit of $2.4 billion, while the FDI sector posed a trade surplus of $2.1 billion.
This year, the Tet holiday is in February, thus, the imports and exports in February were expected to see significant changes, compared to February 2017, GSO said.
China surpassed the US to become the largest export market of Viet Nam with revenue of $4.5 billion in January, 2.5 times higher than the same month in 2017.
Viet Nam mainly imported phones and parts worth $1.8 billion, up by 115 per cent; electronics, computers and parts worth $3.75 billion, up by 72.3 per cent; and machinery and equipment worth $2.8 billion, up by 25.4 per cent.
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Exports of agricultural products were estimated to increase by 34.1 per cent to $1.68 billion, fishery products by 15.6 per cent to $560 million and forestry products by 18.5 per cent to $745 million.
Fruits and vegetables saw positive growth in export with a revenue of $321 million in January, up by nearly 37 per cent.
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