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ECONOMY

Vietnam posts US$800-million trade deficit in January

Updated at Tuesday, 29 Jan 2019, 16:51
The Hanoitimes - The domestic sector reported a trade deficit of US$2.6 billion while foreign-invested firms posted a trade surplus of US$1.8 billion, as usual.
Vietnam reported an estimated trade deficit of US$800 million in January, standing in stark contrast with a trade surplus of US$181 million recorded in the same period last year, the General Statistics Office (GSO) has said in a monthly report.
 
Illustrative photo.
Illustrative photo.
During the month, the domestic sector reported a trade deficit of US$2.6 billion while foreign-invested firms posted a trade surplus of US$1.8 billion. 

In January, Vietnam exported goods worth US$20 billion, up 1.9% month-on-month but down 1.3% year-on-year, while import turnover reached US$20.80 billion, up 1.7% month-on-month and 3.1% year-on-year.

According to the report, revenues of major staples in January saw sharp declines compared to the same period of the previous year, including phones and accessories with US$2.9 billion, down 27.5%; camera and parts US$450 million, down 9.1%; electronic products, computers and components US$2.3 billion, a decline of 5%.

Meanwhile, other items experienced increases in export turnover. That of garment climbed 6.7% year-on-year to US$2.7 billion, equipment, parts US$1.4 billion, up 15.2%; and footwear US$1.6 billion, up 12.8%. 

Additionally, Vietnamese fishery exports climbed 5.2% year-on-year to US$700 million.

In the January, the US remained Vietnam's biggest export market, spending US$4 billion on Vietnamese goods, up 11.8% year-on-year, followed by China with US$3.8 billion, up 3.2%, and the European Union (EU) US$3.2 billion, down 7.3%. 

Meanwhile, China remained Vietnam's largest import market in January with turnover of US$6.1 billion, a 6% climb year-on-year. 

South Korea claimed the second place by exporting US$4.1 billion worth of goods to Vietnam, down 5.8% year-on-year, followed by ASEAN with US$2.8 billion, up 3.7%. 

Vietnam reported a trade surplus of US$6.8 billion in 2018, 3.2 times the figure recorded in 2017, according to the General Department of Vietnam Customs (GDVC). 

In 2018, Vietnam’s trade turnover reached US$480.17 billion, up 12.2% year-on-year or US$52.05 billion, taking the combined value of Vietnam’s exports and imports to 196% of GDP. 

The GDVC estimated that if Vietnam’s trade value increases by 5% year-on-year in 2019, the country could reach the US$500-billion mark in trade turnover for the first time in the fourth quarter of 2019.
Ngoc Thuy
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