Trade deficit hits 100 million USD as shipments plunge
The national trade deficit was 100 million USD in January this year,
equalling 1 percent of the export turnover, reports the General
Statistics Office (GSO).
The national trade deficit was 100 million USD in January this year,
equalling 1 percent of the export turnover, reports the General
Statistics Office (GSO).
In January alone, both exports and imports fell compared to the previous month and over the same period in 2013.
It is reported that in the first month of this year, the country earned 10.3 billion USD from exporting garments, computers and accessories, seafood, crude oil, wood and its products, steel and rubber. This was down 10.8 percent year-on-year, said the office.
The country's imports in the same month also posted a slight decrease of 1.9 percent to hit 10.4 billion USD, leaving a deficit of some 100 million USD.
Vietnam exports mainly crude oil, textiles, seafood, rice, electronics and computers and rubber. The country imported mainly plastics, base metals, garment accessories, transportation vehicles and fertilisers from the world market.
Foreign direct investment (FDI) businesses continued to dominate trade activities as compared to domestic firms, according to the office.
FDI businesses saw a growth rate of nearly 66 percent with an export turnover of 6.7 billion USD. Domestic businesses posted a turnover of 3.5 billion USD, a decrease of 13.8 percent over the same period last year.
In January, the export turnover of many items fell, including coffee which fetched 250 million USD, a reduction of 45.7 percent; tea and rice which earned 17 million and USD 165 million USD respectively, a fall of 15.6 percent and 18.9 percent respectively; and crude oil which posted a turnover of 480 million USD, a fall of 34.7 percent.
The import value in FDI and domestic businesses also declined. FDI businesses posted an import value of 5.8 billion USD or a decrease of 1.5 percent over the same period last year. The import value of domestic businesses stood at 4.6 billion USD or a decrease of 2.3 percent against the same period last year.
The imports of many items used for domestic production fell, such as fertilisers, electronics, computers and accessories, motorcycles, machinery and equipment.
Le Minh Thuy, a GSO analyst, attributed the decline of exports and imports in January this year to the preoccupation of local businesses and people with preparations for Tet (the Lunar New Year).-VNA
In January alone, both exports and imports fell compared to the previous month and over the same period in 2013.
It is reported that in the first month of this year, the country earned 10.3 billion USD from exporting garments, computers and accessories, seafood, crude oil, wood and its products, steel and rubber. This was down 10.8 percent year-on-year, said the office.
The country's imports in the same month also posted a slight decrease of 1.9 percent to hit 10.4 billion USD, leaving a deficit of some 100 million USD.
Vietnam exports mainly crude oil, textiles, seafood, rice, electronics and computers and rubber. The country imported mainly plastics, base metals, garment accessories, transportation vehicles and fertilisers from the world market.
Foreign direct investment (FDI) businesses continued to dominate trade activities as compared to domestic firms, according to the office.
FDI businesses saw a growth rate of nearly 66 percent with an export turnover of 6.7 billion USD. Domestic businesses posted a turnover of 3.5 billion USD, a decrease of 13.8 percent over the same period last year.
In January, the export turnover of many items fell, including coffee which fetched 250 million USD, a reduction of 45.7 percent; tea and rice which earned 17 million and USD 165 million USD respectively, a fall of 15.6 percent and 18.9 percent respectively; and crude oil which posted a turnover of 480 million USD, a fall of 34.7 percent.
The import value in FDI and domestic businesses also declined. FDI businesses posted an import value of 5.8 billion USD or a decrease of 1.5 percent over the same period last year. The import value of domestic businesses stood at 4.6 billion USD or a decrease of 2.3 percent against the same period last year.
The imports of many items used for domestic production fell, such as fertilisers, electronics, computers and accessories, motorcycles, machinery and equipment.
Le Minh Thuy, a GSO analyst, attributed the decline of exports and imports in January this year to the preoccupation of local businesses and people with preparations for Tet (the Lunar New Year).-VNA
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