March trade deficit jumps

March trade deficit jumps

Viet Nam's trade deficit last month reached US$547 million, increasing 54.3 per cent over February, according to the General Department of Customs.

The department's figures showed that the country's total trade turnover last month was $22.6 billion, including $11.57 billion worth of imports and $11.03 billion in export value.

The General Statistics Office had forecast that the trade deficit would only be about $273 million last month, but in reality the figure was double that of the forecast.

For the last two weeks of March alone, the trade deficit was at $460 million, accounting for 8.7 per cent of export earnings during the period.

Export turnover of items including jewellery fell by $236 million, crude oil by $142 million, electronics by $65 million, mobile phones by $64 million and coffee by $49 million.

Export turnover for shoes, equipment and spare parts rose by $31 million.

As a result, the country's total trade turnover during the first quarter of the year was $29.76 billion, showing a year-on-year increase of 19.8 per cent while imports totalled $29.49 billion, increasing by 17.7 per cent against the same period last year.

The country's exports therefore surpassed imports by $270 million. Foreign direct investment businesses accounted for $1.19 billion of import-export turnover during the period, accounting for a half of the country's total import-export turnover.

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