VINACHEM

Vietnam’s trade deficit neared US$2.8 billion in the first four months this year, approximating 4.5 percent of export import turnover, reported the Ministry of Industry and Trade.

Specifically, export turnover was estimated to reach $61.3 billion, up 15.4 percent over the same period last year while import reached $64.1 billion, up 24.9 percent.

China was still the largest import market of Vietnam with the turnover of $17.6 billion, a year on year increase of 19.4 percent; followed by South Korea with $13.7 billion, up 45.3 percent and ASEAN with $8.9 billion, up 20.4 percent.

Reason for the trade deficit was the high increase in the import of some items serving local production. Of these, machines, equipment and components reached $11.3 billion, up 38.9 percent.

Electronic items, computers and accessories hit $10.5 billion, hiking 24.7 percent; phone and parts touched $4 billion, up 22.2 percent and steel reached $3.3 billion, rocketing 45.4 percent.

Petrol import volume neared 3 million tons worth$1.6 billion during the first three months. Singapore was the biggest supplier with 1.1 million tons worth $555.2 million, accounting for 38 percent in the country’s petrol import volume and 35 percent total turnover.

South Korea was the second largest market providing Vietnam 731,341 tons worth $446.8 million, increasing 190 percent in volume and 342.5 percent in value. - SGGP -