Vietnam has run up a deficit of US$1.2 billion in February, or 5.9% of total import-export value, following a large surplus in January.
Statistics show Vietnam’s export earnings are estimated at US$9.6 billion and its import value at US$10.8 billion.
Experts explained businesses focused on production to meet export orders before the lunar New Year that fell in late January. Businesses resumed production again in February, fuelling material import demands.
Products with high import value include clothing, iron and steel, electronics, computers and components, and garment and footwear accessories.
Mobile phone handsets and accessories topped the list of export items, bringing back US$1.6 billion, closely followed by garments (US$1.3 billion). These are two of Vietnam’s leading export items.
Despite February’s high deficit, the national economy has still maintained a trade surplus of US$244 million in the past two months.
Vietnam earned US$21.06 billion from exports, up 12.3%, and purchased US$20.82 billion worth of imports, up 17%, in two months.
The foreign direct investment (FDI) sector enjoyed a trade surplus of nearly US$2.1 billion, while the domestic economic sector showed a deficit of nearly US$1.9 billion.
Other News
- Heavy fines for unhygienic street vendors in Hanoi
- Busy high season at Thuong Mao Carpentry Village
- Hanoi plans for new markets
- Hanoi Shopping Festival 2024 promotes agricultural products and handicrafts
- Food safety measures required for Lunar New Year 2025
- Deep discounts at Hanoi Midnight Sale
- Hanoi controls fruit traders to ensure safety
- Vietnam, Hesse (Germany) promote high-tech cooperation
- Big discounts on offer at Hanoi's November Promotion Festival
- Hanoi unveils 150 most popular Vietnamese products and services for 2024
Trending
-
Hanoi eyes greater global integration in years to come
-
Vietnam news in brief - December 14
-
Exhibition of 20th century Vietnamese art: A rendezvous with masters of painting
-
Hanoi approves Soc Son District Zoning plan
-
Hanoi's artisan carries on lantern making art
-
EVs take the spotlight on Vietnam's urban streets
-
Thay Pagoda: A timeless heritage on Hanoi's outskirts
-
Hanoi's pho declared national intangible heritage
-
Christmas in Vietnam: A blend of Western cheer and local charm