Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Improved exports inMarch helped Vietnam gain a trade surplus of 536 million USD in the firstquarter after running deficits in the first two months, the latest update fromthe General Statistics Office (GSO) revealed.
Statistics showed that exports reached 22.4billion USD in March, representing a rise of 61.1 percent over the previousmonth.
This helped Vietnam return to a trade surplusafter running a deficit of 800 million USD in January and 84 million USD inFebruary.
Still, the surplus of 536 million USD was muchlower than the 2.8 billion USD recorded in the first quarter of 2018.
The domestic sector reported a trade deficit of 7.04billion USD in the period, while foreign-invested firms posted a trade surplusof 7.57 billion USD.
January-March exports totalled more than 58.5billion USD, up 4.7 percent. Exports from the foreign investment sector (includingcrude oil) were worth 41.5 billion USD, contributing nearly 71 percent of thecountry’s total export value.
The quarter saw nine products with export valueof more than 1 billion USD which altogether accounted for 70.8 percent of totalexport value.
Exports of garments and textiles were estimatedat 7.3 billion USD (up 7.3 percent), electronics, computers and parts 6.9billion USD (up 9.3 percent), footwear products 4 billion USD (up 15.3 percent),equipment and parts 3.9 billion USD (up 5.2 percent) and wood products 2.3billion USD (up 17 percent).
Phone and components posted the highest exportvalue, worth 12.1 billion USD, but dropping by 4.3 percent over the same periodlast year.
Seafood exports decreased by 1.4 percent to 1.4billion USD while other major agricultural products also saws declines, such asfruit and vegetables (down 8.6 percent to 885 million USD), coffee (23.8 percentto 830 million USD), cashew nuts (17.2 percent to 625 million USD) and rice(23.6 percent to 567 million USD).
The US remained Vietnam’s biggest export market,spending 13 billion USD, up by 26 percent, followed by the European Union with 10.2billion USD, up by 2.5 percent, and China with 7.6 billion USD, down 7.4 percent.
Vietnam spent 57.98 billion USD on importinggoods in the first quarter, up 8.9 percent.
Major import products were mainly equipment andmaterials for production, including electronic products, computers andcomponents (worth 11.7 billion USD, up 12.2 percent), equipment (8.7 billionUSD, up 15.1 percent) and fabric (2.8 billion USD, up 6.4 percent).
China remained the largest import market duringJanuary-March with a value of 15 billion USD, an increase of 9.7 percent. TheRepublic of Korea came in second place by exporting 11.8 billion USD worth ofgoods to Vietnam, up 1.1 percent year-on-year, followed by ASEAN with 8.2billion USD, up 10.1 percent.
The GSO’s General Director Nguyen Bich Lam saidit was necessary to strengthen exports, enhance trade promotion and expandmarkets, especially for exports of agricultural products.
In addition, focus must be placed on controllingthe quality of goods and imported equipment together with developingappropriate technical barriers to protect and encourage domestic production, Lamsaid.-VNS/VNA
Statistics showed that exports reached 22.4billion USD in March, representing a rise of 61.1 percent over the previousmonth.
This helped Vietnam return to a trade surplusafter running a deficit of 800 million USD in January and 84 million USD inFebruary.
Still, the surplus of 536 million USD was muchlower than the 2.8 billion USD recorded in the first quarter of 2018.
The domestic sector reported a trade deficit of 7.04billion USD in the period, while foreign-invested firms posted a trade surplusof 7.57 billion USD.
January-March exports totalled more than 58.5billion USD, up 4.7 percent. Exports from the foreign investment sector (includingcrude oil) were worth 41.5 billion USD, contributing nearly 71 percent of thecountry’s total export value.
The quarter saw nine products with export valueof more than 1 billion USD which altogether accounted for 70.8 percent of totalexport value.
Exports of garments and textiles were estimatedat 7.3 billion USD (up 7.3 percent), electronics, computers and parts 6.9billion USD (up 9.3 percent), footwear products 4 billion USD (up 15.3 percent),equipment and parts 3.9 billion USD (up 5.2 percent) and wood products 2.3billion USD (up 17 percent).
Phone and components posted the highest exportvalue, worth 12.1 billion USD, but dropping by 4.3 percent over the same periodlast year.
Seafood exports decreased by 1.4 percent to 1.4billion USD while other major agricultural products also saws declines, such asfruit and vegetables (down 8.6 percent to 885 million USD), coffee (23.8 percentto 830 million USD), cashew nuts (17.2 percent to 625 million USD) and rice(23.6 percent to 567 million USD).
The US remained Vietnam’s biggest export market,spending 13 billion USD, up by 26 percent, followed by the European Union with 10.2billion USD, up by 2.5 percent, and China with 7.6 billion USD, down 7.4 percent.
Vietnam spent 57.98 billion USD on importinggoods in the first quarter, up 8.9 percent.
Major import products were mainly equipment andmaterials for production, including electronic products, computers andcomponents (worth 11.7 billion USD, up 12.2 percent), equipment (8.7 billionUSD, up 15.1 percent) and fabric (2.8 billion USD, up 6.4 percent).
China remained the largest import market duringJanuary-March with a value of 15 billion USD, an increase of 9.7 percent. TheRepublic of Korea came in second place by exporting 11.8 billion USD worth ofgoods to Vietnam, up 1.1 percent year-on-year, followed by ASEAN with 8.2billion USD, up 10.1 percent.
The GSO’s General Director Nguyen Bich Lam saidit was necessary to strengthen exports, enhance trade promotion and expandmarkets, especially for exports of agricultural products.
In addition, focus must be placed on controllingthe quality of goods and imported equipment together with developingappropriate technical barriers to protect and encourage domestic production, Lamsaid.-VNS/VNA
VNA
