Vietnam Posts Trade Deficit at 1.75 bln USD in First Two Months

Vietnam recorded trade deficit at 1. 75 billion U.S. dollars in the first two months of this year, about 19.6 percent of the country’s total export turnover, said a report from the Ministry of Planning and Investment’s website on Wednesday.

Vietnam targets to contain trade deficit at 14.5 billion U.S. dollars, or 20 percent of the total export value this year, according to the ministry.

In the first two months, the country raked in 8.9 billion U.S. dollars from exports, almost equal to the same period last year. Meanwhile, imports went up 39.6 percent year-on-year to 10.65 billion U.S. dollars.

The ministry said that a surge in import turnover in this period was partly because of the sharp increase in prices of goods in the world market.

The ministry forecast that Vietnam’s export turnover in the first quarter of this year will be about 14.2 billion U.S. dollars and imports will be about 16.8 billion U.S. dollars. Therefore, trade deficit is estimated at 2.6 billion U.S. dollars, about 18.3 percent of total export turnover in the first three months.

Last year, Vietnam’s trade deficit was recorded at 12.2 billion U.S. dollars, accounting for 21.5 percent of the country’s total export value in 2009, according to the General Statistics Office.

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Posted by VBN on Mar 5 2010. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry