Vietnam reaches 5.9% of total trade value in February
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.
