Vietnam sees $700 million trade deficit in April

By Hung Le   May 2, 2019 | 06:26 pm PT
Vietnam sees $700 million trade deficit in April
A machine places imported containers on a truck at a port in Hai Phong City. Photo by Reuters/Kham
A sharp increase in imports dragged April’s balance of trade down to $700 million deficit from a $1.63 billion surplus in March.

According to the General Statistics Office, April exports grew 7.5 percent year-on-year to $19.9 billion, but imports rose 17.6 percent to $20.6 billion.

Items that generated the most export revenue in April were electronics, computers and components; textiles and garments; footwear; and machinery. Phones and phone components generated the largest proportion, nearly 20 percent of export revenue. 

On the other hand, the biggest import items were electronics, machinery, fabric, as well as cars which saw a 95.6 percent surge over the same period last year.

The U.S. became Vietnam’s biggest customer in the first four months of the year, with a total export value of $17.8 billion, up 28.4 percent year-on-year. 

The territories that Vietnam exported to the most were the EU, China and ASEAN. The EU was Vietnam’s biggest customer in April 2018.

Vietnam imported the most from China, which accounted for 28 percent of all imports, followed by South Korea, ASEAN, and Japan. 

The country’s four-month balance of trade still stood at a $712 million surplus, with exports having risen by 5.8 percent to around $78.76 billion, and imports up 10.4 percent to around $78.05 billion.

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