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Vietnam posts trade deficit of US$500 million in Jan

The Saigon Times

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HCMC – Vietnam incurred a trade deficit of US$500 million in the first month of 2022, according to the General Statistics Office (GSO).

Data of the GSO showed that the domestic sector posted a trade deficit of US$1.8 billion, while the foreign-invested sector generated a trade surplus of US$1.5 billion.

The country’s export-import turnover in January reached US$58.5 billion, down 11.7% month-on-month but up 6.3% year-on-year.

Vietnam exported goods worth US$29 billion, falling 16.2% against December 2021 but inching up 1.6% compared with the same period last year.

The domestic sector earned US$8.2 billion from exports, soaring 20.1% year-on-year, while the foreign-invested sector, including crude oil, earned US$20.8 billion, falling 4.2%.

Seven commodities recorded export turnover of over US$1 billion each, accounting for 63.3% of the country’s total.

Exports of industrial and processing products accounted for 88.5% of the total, followed by agricultural and forestry products with 7.7% and seafood with 2.9%.

On the other hand, Vietnam spent US$29.5 billion on imports in January, dropping 6.7% month-on-month but increasing 11.5% year-on-year.

Four commodities recorded import turnover of more than US$1 billion each, representing 46.8% of the country’s total imports.

Materials for production accounted for the largest share of the total imports with 93.7%, followed by consumer products with 6.3%.

The United States was the biggest export market of Vietnam in January, spending some US$9 billion on Vietnamese goods. Meanwhile, China was Vietnam’s largest supplier, exporting goods worth US$10.2 billion to Vietnam.

Vietnam posted a trade surplus of US$2.1 billion with the European Union but incurred a trade deficit of US$5 billion with China, US$3.8 billion with South Korea, US$1.2 billion with the Association of South East Asian Nations and US$600 million with Japan.

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