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Tuesday, July 16, 2024

Vietnam posts US$2.3-billion trade deficit in Feb as imports soar

The Saigon Times

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HCMC – Vietnam incurred a trade deficit of US$2.3 billion in February as imports grew faster than exports, according to the General Statistics Office (GSO).

Data of the GSO showed that in February, exports rose 13.2% against the same period last year to US$22.95 billion, while imports surged 21.9% to US$25.28 billion.

For the first two months of the year, exports reached US$53.7 billion, a 10% year-on-year rise.

The domestic sector got US$14.2 billion from exports, soaring 24 % year-on-year and accounting for 26.6% of the total. The foreign-invested sector, including crude oil, fetched US$39.5 billion, rising 6% and accounting for 73.4%.

On the other hand, Vietnam spent US$54.7 billion on imports, increasing 16% year-on-year.

Imports of the domestic sector reached US$18.2 billion, rising 17% year-on-year and making up 33% of the total, while the foreign-invested sector imported goods worth US$36.4 billion, increasing 15%.

The United States was Vietnam’s biggest export market, spending some US$18.3 billion on Vietnamese goods. Meanwhile, China was Vietnam’s largest supplier, exporting goods worth US$20.8 billion to Vietnam.

Vietnam posted a trade surplus of US$5.5 billion with the European Union and US$566 million with Japan but incurred a trade deficit of US$13.4 billion with China, US$6.5 billion with South Korea and US$1.5 billion with other member countries of the Association of Southeast Asian Nations.

From January to February, four commodities recorded an export turnover of over US$5 billion each, accounting for 52% of the country’s total.

Thirteen commodities recorded an import turnover of more than US$1 billion each, representing 71.6% of the country’s total imports.

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