Vietnam trade deficit slowed down at $3.03Bln in Q1 2011

Vietnam is estimated to have incurred a trade gap of $3.03 billion or 15.78% of the export revenue in the first quarter of this year, down 11% on-year

Vietnam is estimated to have incurred a trade gap of $3.03 billion or 15.78% of the export revenue in the first quarter of this year, down 11% on-year, the online newspaper Gafin reported on March 23, citing the General Statistics Office of Vietnam (GSO).

In the first three months of 2011, Vietnam exported $19.2 billion worth of goods, sharply up 33.7% on year while the country spent around $22.3 billion to import goods, up 23.8% from 2010, GSO said.

Major export products were rubber (+134.1%), coffee (+115.1%) and steel (+87.4) while the staples showed the highest increase in import turnover included cotton (+126.7%), followed by fabric, wheat and fuel.

However, in March alone, the deficit is expected to have increased by 17.8% on-month to $1.12 million after the country exported $7.05 billion worth of goods, up 45.4% on-month and spent $8.2 billion to import goods, up 37.6% on-month. Both export and import revenue surged this month after falling in February on a week long holiday of traditional New Year.

Garments and textile export revenue still saw the highest increase, was $1 billion, up 11.1% from February. Seafood earned $0.45 billion, up 75.8%.

On the import side, fuel posted the highest rise of $0.83 billion, up 15.56% on-month; followed by fabric with $0.57 billion, up 50.8% on-month; steel with $0.5 billion, up 21.9% on-month.

Earlier, at the cabinet on stabilizing macro economy on late February 22, Nguyen Tan Dung, Prime Minister of Vietnam ordered the related ministries to continue measures to restrict the trade deficit as intense exchange-rate volatility and an imbalance in foreign-currency supply and demand. – Stoxplus.com

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