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Trade surplus hits $1.47 billion

Tuesday 26, 04 2016
Viet Nam News -HÀ NỘI — The national balance of trade saw a surplus of about US$1.48 billion this year, reported Hải quan, the online newspaper of the Việt Nam Customs.
Trade surplus hits $1.47 billion

 

Viet Nam's exports dropped during the first half of April compared to the second half of March, due to declines in the export of major articles. — Photo vietstock.vn

Viet Nam News -HÀ NỘI — The national balance of trade saw a surplus of about US$1.48 billion this year, reported Hải quan, the online newspaper of the Việt Nam Customs.

The figure nearly doubled the US$750 million trade surplus recorded by the General Statistics Office late last month, for the first quarter of 2016.

Between the beginning of the year and April 15, Việt Nam exported goods worth US$46.11 billion, up 7.7 per cent over the same period last year.

Foreign direct investment (FDI) enterprises contributed US$32.4 billion to the total export value, accounting for 70 per cent of all exports.

Việt Nam’s exports dropped during the first half of April compared to the second half of March, due to declines in the export of major articles.

For example, telephones and components fell by $298 million, crude oil was down US$99.7 million, and garment and textile products decreased US$86 million.

Machinery and spare parts also fell by more than $60 million, iron and steel dropped by $50 million, and footware contracted by $29 million.

Some products saw an increase in exports, such as handbags, wallets, hats and umbrellas (up $19.2 million), coffee (up $18 million) and cashew nuts (up US$17 million).

Meanwhile, Việt Nam’s imports totalled US$44.63 billion as of April 15 this year, down 3.1 per cent over the same period last year.

FDI firms contributed $26.72 billion to the total import value, or 60 per cent of all imports.

With regard to April’s imports, computers, electronic products and components fell by $272 million, iron and steel dropped by $53 million, telephones and components were down US$41 million, and machinery and equipment decreased $36 million.

A few products witnessed an increase in imports, such as animal feed and materials (up $61.4 million), cloth (up $50 million) and pharmaceuticals (up $22 million).

Overall, Việt Nam’s foreign trade totalled $90.74 billion as of April 15 this year, an increase of 2.1 per cent over the same period last year. — VNS

>>> A high trade surplus is not necessarily good

Categories:
Financial News

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