Vietnam Suffers $0.1b Trade Deficit In January 2012: MoIT

Vietnam’s state budget deficit is estimated to have been narrowed to $0.1 billion in January 2012, a sharp fall from that of $0.27 million in December 2011, the Ministry of Industry and Trade (MoIT) said.

Vietnam is estimated to have earned a total of $6.5 billion from exports in January, making a decrease of 11.1 percent on year and 28.5 percent on month.

Meanwhile, the country spent $6.6 billion to import goods, falling 29.5 percent from a year earlier and 18.7 percent from December 2011.

Export products which suffered the highest on-month decline in January are electronics, computers and spare-parts (down 34.5 percent), textile and garments (down 26.9 percent), wood and wood products ( down 27.5 percent) and rubber ( down 31.3 percent).

In term of imports, vehicles and spare-parts recorded the highest on-month fall with 94 percent, followed by metals with 58 percent and animal fat and vegetable oil ranked third with 52 percent.

The MoIT said that the long holidays of the New Year and Lunar New Year which fell on January is a reason causing the slump both in import and export revenues.

 

Category: Economy