VN to see trade surplus in Q1

VN to see trade surplus in Q1

Viet Nam was estimated to have a trade surplus of more than US$750 million during the first quarter of 2016, according to the General Statistics Office (GSO).

GSO experts attributed the surplus to a rise in export values, while import revenues declined. The country's export value during the period rose 4.1 per cent year-on-year to $37.9 billion, while its import revenues declined 4.8 per cent to $37.1 billion. If inflation is excluded, the export value would rise 9.3 per cent to $39 billion.

A rise was also seen in the exports of seafood, rice, fruits and vegetables.

However, due to the impact of global markets, exports of some products declined sharply in this period, with crude oil slipping 52.8 per cent to $446 million, and steel and iron down 17.7 per cent to $358 million.

In the first three months, exports of hard industrial products and mining products topped the list, accounting for 46.2 per cent of the country's total export value.

Light industrial products and handicrafts followed at 39.3 per cent.

Agriculture, forestry and fishery products accounted for 14.5 per cent of total export revenues.

The US remained Viet Nam's largest export market, valued at $7.9 billion, an increase of 11.1 per cent. Viet Nam's exports to ASEAN and Japan declined 9.9 per cent and 0.4 per cent to $4.2 billion and $3.2 billion, respectively.

As for imports, GSO reported that many imports used for local production slid sharply in Q1.

Machines, equipment, oil and gas, as well as many raw materials, which account for nearly 92 per cent of the country's total import values, declined 4.7 per cent.

Consumer products also saw a reduction of 6.3 per cent in this period.

The drop in imports was reported in most of Viet Nam's import markets, including China, noted the GSO.

bizhub