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Trade deficit in first-half January

Released at: 14:18, 30/01/2015

Trade deficit in first-half January

Import growth of 6.2 per cent year-on-year dents trade performance.

by Minh Tuyet

Vietnam recorded a trade deficit of $522 million in the first half January, or around 9 per cent of total export-import turnover, according to Vietnam Customs.

Export turnover was $5.79 million, a decrease of 2 per cent year-on-year, or $115 million. A wide range of goods posted declines, including means of transport and accessories, at $394 million, and seafood $58 million. Crude oil exports and rice exports fell $46 million and $44 million, respectively. 

However, certain goods improved their performance year-on-year. Mobile phones and mobile phone components increased $253 million. Computers and components increased by $194 million. Footwear exports rose by $58 million.

Export value of FDI enterprises was $3.92 billion, 3.8 per cent higher year-on-year and accounting for 68 per cent of the total.

Import value in the first half of January was $6.32 billion, an increase of 15 per cent ($823 million) year-on-year. Machinery and equipment imports rose $310 million, whereas computers and electrical products increased by $174 million. Steel products increased by $118 million. Textile and leather materials and ancillary materials rose $87 million. Mobile and components were $86 million higher, while petroleum imports fell sharply, by 46 per cent ($132 million) year-on-year. 

Import value of FDI enterprises was $3.8 billion in first half of January, a 19.9 per cent decline year-on-year and accounting for over 60 per cent of total import value. 

Although the trade deficit was $522 million, FDI enterprises recorded a surplus of $1.12 billion.

Experts said that falling oil prices brought down oil exports, and foreign enterprises will enhance their business operations to take full advantage of lower energy costs.

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