Việt Nam sees trade deficit of US$500 million in January

VIETNAM, January 30 - Goods are handled at Cát Lái Port in HCM City. VNA/VNS illustrative photo 

HÀ NỘI — Việt Nam posted a trade deficit of US$500 million in the first month of 2022, according to the General Statistics Office (GSO).

The country's imports expanded 11.5 per ent year on year to $29.5 billion while

exports 1.6 per cent

Việt Nam’s export-import turnover in the month was estimated to value at $58.5 billion, down 11.7 per cent month on month but up 6.3 per cent compared to the same period last year.

The domestic sector earned $8.2 billion from exports, up 20.1 per cent against the same period last year. The foreign-invested sector (including crude oil) raked in $20.8 billion, a decrease of 4.2 per cent.

Seven items recorded export turnover of more than $1 billion each. They represented 63.3 per cent of the total. Industrial and processing products held a lion’s share of 88.5 per cent.

Four products posted import turnover of more than $1 billion each, together they represented 46.8 per cent of the total. Input materials accounted for the largest share of the total imports, or 93.7 per cent year on year.

The US remained the biggest export market of Việt Nam in January, buying an estimated amount of $9 billion of Vietnamese goods.

China was Việt Nam’s biggest source of imports, shipping $10.2 billion worth of goods to the Southeast Asian country. In January, Việt Nam enjoyed a trade surplus of $2.1 billion with the European Union. — VNS