Trade deficit nears $2.8 billion in four months

Vietnam’s trade deficit neared US$2.8 billion in the first four months this year, approximating 4.5 percent of export import turnover, reported the Ministry of Industry and Trade.

Steel is one of commodities seeing trade deficit in the first four months this year (Photo: SGGP)

Steel is one of commodities seeing trade deficit in the first four months this year (Photo: SGGP)

Specifically, export turnover was estimated to reach $61.3 billion, up 15.4 percent over the same period last year while import reached $64.1 billion, up 24.9 percent.
China was still the largest import market of Vietnam with the turnover of $17.6 billion, a year on year increase of 19.4 percent; followed by South Korea with $13.7 billion, up 45.3 percent and ASEAN with $8.9 billion, up 20.4 percent.
Reason for the trade deficit was the high increase in the import of some items serving local production. Of these, machines, equipment and components reached $11.3 billion, up 38.9 percent.
Electronic items, computers and accessories hit $10.5 billion, hiking 24.7 percent; phone and parts touched $4 billion, up 22.2 percent and steel reached $3.3 billion, rocketing 45.4 percent.
Petrol import volume neared 3 million tons worth$1.6 billion during the first three months. Singapore was the biggest supplier with 1.1 million tons worth $555.2 million, accounting for 38 percent in the country’s petrol import volume and 35 percent total turnover.
South Korea was the second largest market providing Vietnam 731,341 tons worth $446.8 million, increasing 190 percent in volume and 342.5 percent in value.

By LAC PHONG – Translated by Hai Mien

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