Vietnam Faces Trade Deficit of US$350Mln in January

Vietnam earned US$2.8 billion from exports in January of this year, whilst it spent US$3.15 billion on imports in the same month, causing a trade deficit of US$350 million for the country, according to the Ministry of Industry.

 

The country’s export turnover in January rose by 16 per cent on-year. In which, the foreign-invested firms (excluding those operating in crude oil) reported export earnings of US$960 million, up 18 per cent.

 

The country earned US$640 million from exporting crude oil in the first month of the year, up 13.7 per cent; US$370 million from garment and textile, up 3.4 per cent; US$300 million from footwear products, up 7.4 per cent; US$130 million from electronic goods and computers, up 16.8 per cent; and US$120 million from wooden products, up 22 per cent.

 

Meanwhile, the total import turnover in January was increased by 10.8 per cent against the same month last year. Of which, foreign-invested enterprises imported US$1.13 billion, up 18.7 per cent.

 

Vietnam imported 950 million tons of petroleum products worth US$440 million in January, up 1.8 per cent in volume and up 48.7 per cent in value. Soaring prices of many items such as petroleum products and plastic were attributed to the high import spending, according to the ministry.