Vietnam’s 4M trade deficit continues to rise

Last update 15:05 | 03/05/2017

The latest trade report from the General Statistics Office (GSO) shows that the trade deficit increased yet again in April, by $800 million, bringing the four-month total to $2.74 billion.

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April’s $800 million deficit brings four-month total to $2.74 billion.

Export turnover in April was estimated at $16.7 billion, down 3.2 per cent month-on-month and up 9.6 per cent year-on-year.

Import turnover, meanwhile, reached $17.5 billion, down 4.6 per cent month-on-month but up 24.9 per cent year-on-year.

Export turnover in the first four months was estimated at $61.3 billion, up 15.4 per cent year-on-year. Exports from the domestic sector stood at $17.3 billion while those of the foreign-invested sector (including crude oil) totaled $44 billion.

Some commodities recorded high growth, such as textiles, electronics, footwear, seafood, timber, vegetables, and crude oil, while agricultural products such as cassava, pepper and rice plummeted.

The US remained Vietnam’s largest export market, with the turnover reaching $11.9 billion, followed by the EU with $11.3 billion, China $8.6 billion, ASEAN countries $6.7 billion, Japan $5.2 billion, and South Korea $4.4 billion.

Import turnover in the first four months totaled $64.1 billion, up 24.9 per cent year-on-year. The domestic sector imported $25.8 billion and the foreign-invested sector $38.3 billion.

According to the GSO, import turnover for production items increased year-on-year, such as machinery parts, telephones and spare parts, steel, plastics, chemicals, animal feed, metal, and petroleum.

China remained the largest source of imports into Vietnam during the first four months of the year, with turnover of $17.6 billion, up 19.4 per cent year-on-year, followed by South Korea with $13.7 billion, up 45.3 per cent, and ASEAN countries $8.9 billion, up 20.4 per cent.

The trade deficit has headed upwards in the early months of the year, with the four-month figure of $2.74 billion representing 4.5 per cent of exports.

The domestic sector’s trade deficit was $8.49 billion while the foreign-invested sector recorded a surplus of $5.75 billion.

VN Economic Times

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This entry was posted in Economics - Kinh tế, Trade balance - Cân bằng thương mại, Trade deficit - thiếu hụt mậu dịch and tagged , , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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