Vietnam racks up USD1.3 billion trade deficit by mid-February

Statistics released from the General Department of Vietnam Customs show that the country raked in USD4.246 billion from exports during the first half of February while simultaneously spending USD6.332 billion on imports, thus leading to a trade deficit of USD2.086 billion.

By mid-February, the total exports amounted to USD26.319 billion while imports were seen at USD27.596 billion, leading to a USD1.3 billion deficit in trade.

Experts said that trade deficit figures reflect transient fluctuations in the market which occurred throughout February with a large number of enterprises restricting or halting their operations to mark the Tet (Lunar New Year) holidays.

Telephones and computers remained key exports in the first 15 days of February, with a value of USD263 million, or 68% of the country’s total export turnover.

Notably, the export value of telephones and components were recorded at USD1.144 billion in the first half of February, increasing the total export of such products to USD4.4 billion by mid-February.

They were followed by computers, electronic items, and their components with the combined export value of USD622 million in the first half of February, doubling that of garment and textile exports.

By mid-February, garments and textiles were ranked 2nd in terms of export turnover, with a trading value amounting to USD3.613 billion, nearly USD600 million higher than that of computers, electronic items, and their components.

Vietnam had four key export categories reaching over USD1 billion in value by mid-February, including footwear, machinery, wood and wooden products, and means of transport.