Vietnam posts trade deficit of US$300 million in January

1/31/2018 - 2:46:23 PM

Vietnam’s trade gap for the first month of 2018 was estimated at US$300 million, according to the General Statistics Office (GSO).

Data released on January 29 showed exports rose by 33.1% to US$19 billion in January, while imports surged by 47.4% to US$19.3 billion as a result of greater demand for manufacturing input and consumer goods ahead of the Lunar New Year.

The GSO said that domestic enterprises ran a deficit of US$2.4 billion while the foreign sector recorded a surplus of US$2.1 billion.

China was the largest buyer of Vietnamese goods at a value of US$4.5 billion, 2.5 times higher than the same period in 2017, while Vietnam’s exports to the US and the European Union were US$3.5 billion and US$3 billion respectively.

The world’s second largest economy led the way as the largest source of Vietnam’s imports at US$5.7 billion, up 45.6% on the previous year.

Imports from the Republic of Korea and ASEAN followed in second and third places, at US$4.2 billion and US$2.6 billion respectively.

Source: NDO

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