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Vietnam records trade surplus in Q1

13:27 | 26/4/2016 |  0 Feedback
Vietnam enjoyed a trade surplus of US$776 million in the first quarter of this year, according to the Ministry of Industry and Trade’s Planning Department.

The country’s export turnover rose 4.1% year-on-year to an estimated US$33.8 billion during the period while its import revenues declined 4.8% to US$37.1 billion.

The foreign-invested sector exported US$27 billion worth of goods, a yearly rise of 5.8% and spent US$22.2 billion on imports, down 5.7%. That resulted in a trade surplus of more than US$4.87 billion.

Meanwhile, the State-owned sector reaped US$10.8 billion from exports, rising 0.3% against the same time last year while slashing out US$14.9 billion on purchasing materials, dropping 3.5% from last year’s corresponding period. Despite the reduction in import turnover, the sector still saw a trade deficit of US$4.1 billion.

In the first three months, agro-forestry-fishery exports were estimated at US$4.7 billion, a year-on-year increase of 5.8%, the department said, adding that exports of industrial goods had signaled a slowdown with 6.5% growth seen in export turnover in the reviewed period, compared with 8.5% reported in same period last year.

In the latest report, the General Statistics Office (GSO) outlined several export staples which experienced with export turnover increases during the three-month period such as mobile phones and components, up 14.2% to US$7.6 billion; textile and garment, up 7.6% to US$5.2 billion; electronic products and parts, up 5.7% to US$3.8 billion and footwear, up 9% to US$2.8 billion.

A rise was also seen in the exports of seafood, rice, fruits and vegetables, GSO noted.

However, due to the impact of global markets, exports of some products declined sharply in this period, with crude oil slipping 52.8% to US$446 million, and steel and iron down 17.7% to US$358 million.   

According to GSO, the US, ASEAN and Japan were Vietnam’s three largest export markets from January to March.

Earlier, the Ministry of Trade and Industry said it has undertaken numerous measures to boost exports and reduce imports, helping decrease the trade deficit.

The sector’s 2016 goals were to increase export value by 10% and keep the trade deficit at no more than 5% of the total import-export value.

In order to realize the targets, the ministry has actively worked with relevant ministries and sectors to remove difficulties for exporters and expand markets.

The sector also planned to improve goods quality and establish brand names for agricultural products for export.

Last year, Vietnam ran a trade deficit of US$3.5 billion as the country’s export value topped US$162.1 billion and its imports hit US$165.6 billion, GSO’s statistics revealed./.
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