Trade deficit totals USD200 million

Trade deficit totals USD200 million

The country is eTrade deficit totals USD200 millionstimated to face a trade deficit of USD200 million in the first four months of the year, equal to 2.3 percent of the country’s total export value, the General Statistics Office (GSO) reported.

GSO said that export value in April declined 9.3 percent over the previous month to USD8.6 billion, bringing the total turnover in the first four months to USD33.4 billion, up 22.1 percent over the same period last year.
In the first four months, exports of foreign invested enterprises surged sharply by 36.4 percent to USD20.65 billion, while the export growth of Vietnamese firms was only 4.3 percent to USD12.8 billion.
GSO attributed the decrease of export value in April to difficulties faced by exporters in both the market and prices. Sharp declines in export value affected electric products and computers with a slide of 20.9 percent, coffee by 25 percent, textile and garments by 7.3 percent, timber and woodwork products by 16.7 percent, and seafood by 7.4 percent.
In the first four months, the EU was the largest import market of Vietnamese goods with an import value of USD5.7 billion, accounting for 17.1 percent of the country’s total export turnover. The US followed with an import value of USD5.6 billion.
The country, meanwhile, spent USD9 billion on imports in April, down 0.6 percent over the previous month. April’s result raised the first four months’ import value to USD33.6 billion, up 4.4 percent year-on-year.
Among the import value in January-April period, USD7.9 billion was from China while USD6.6 billion was from ASEAN countries.
Economist Pham Chi Lan was concerned that April’s decline of import value or a low demand of imported materials at this time showed signs that the domestic industrial production will continuously slowdown in the next months.
As domestic industrial production depends mainly on imported materials, local producers often have to import materials in the early months of the year to be able to churn out products by the middle or end of the year, she explained.
Meanwhile, domestic and foreign enterprises operating in the capital have recorded a total export revenue of USD780.4 million this month, up 4.4 percent against last month and 10.4 percent compared with the same period last year.
Of the total, the export turnover of local businesses rose by 4.6 percent and 10 percent, respectively.



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