Ministry: Vietnam May Incur US$1.2Bln-US$1.5Bln Trade Deficit in First Half

Vietnam is forecast to face between US$1.2 billion and US$1.5 billion trade deficit in the first half of this year as the country is facing risks of export fall and import increase, said the Ministry of Industry and Trade (MoIT).

 

The estimated figure, however, is much lower than US$14 billion in the same period of last year, the ministry said.

 

The country saw a trade surplus of US$290 million in Jan-Feb thanks to the skyrocket in export of gemstone, precious metal and its products, and rice, the MoIT said, adding its import-export value, however, fell by 5 per cent on-year.

 

Excluding export turnovers of rice, and gemstone, precious metal and its products, Vietnam’s export value decreased by 15 per cent and its trade deficit reached over US$1.1 billion in February, noted the ministry.

 

Vietnam is estimated to incur a monthly trade deficit of US$400-US$500 million in the rest months of the first half as the country’s key export items will continue facing decreases due to the global economic downturn and gold export volume will fall meanwhile its import of petroleum products, steel and iron, fertilizer and machines will rise again, said the MoIT.

 

In Jan-Feb, Vietnam exported US$8.01 billion worth of goods, down 5.1 per cent on-year, and imported US$7.72 billion, down 43.1 per cent, the government’s General Statistics Office said. (Vietnam & World Economy)