Vietnam posts $4B trade surplus in Q1

By Dat Nguyen March 30, 2023 | 05:29 am PT

Vietnam’s trade surplus hit $4.07 billion in the first quarter with $79.17 billion in export revenue and $75.1 billion in imports, according to the General Statistics Office.

Among the major trade partners, Vietnam recorded a trade surplus of $17.5 billion with the U.S., down 23.4% year-on-year.

It also recorded a trade surplus with the E.U. at $6.9 billion, down 10.1%.

Vietnam posted a trade deficit of $12.1 billion with China, down 15.4%.

Other countries and regions that it posed a trade deficit with included South Korea, ASEAN and Japan.

Vietnam’s total trade, comprising export and import values in the first quarter, declined by 13.3% year-on-year to $154.27 billion.

Exports dropped 11.9% to $79.17 billion, with smartphones and parts falling by 15% and electronics, computers and parts dropping 10.9%.

Imports fell 14.7% to $75.1 billion, with a 12.4% fall in electronics, computers and parts and a 15.4% decrease in machines and equipment.

The U.S. was the biggest export market at $20.6 billion and China was the largest import market at $23.6 billion.