Vietnam trade gap in January estimated at US$500 million

Vietnam’s trade deficit in January narrowed to US$500 million from US$1.2 billion seen in December last year, preliminary estimates by the General Statistics Office show.

Saigon Port in Ho Chi Minh City
Saigon Port in Ho Chi Minh City

The agency said exports were at US$12.9 billion, up 0.2% from the previous month while imports were valued at US$13.4 billion, down 4.5% against December last year.

In January, revenues from oil exports shrank 30% to US$290 million due to the sharp fall in global prices while mobile phones and accessories still kept up their momentum, rising by 34.6%.

The US was the largest importer of Vietnamese goods in January with values estimated at US$2.6 billion, followed by the European Union and ASEAN, whose imports from Vietnam were worth US$2.4 billion and US$1.5 billion respectively.

On the import side, the value of goods purchased abroad in January fell against the previous month but surged 35.5% compared with the same month of 2014, mainly driven by a 41.4% increase in imports of foreign-invested enterprises.

Vietnamese shipments to China fell by 2.5% to US$1.4 billion but imports from the world’s second largest economy still made up the highest proportion of its total import value, estimated at US$4.2 billion, up 47.1% year on year.

Last year, Vietnam’s exports beat expectations and reached a record high of US$150.2 billion, outpacing imports by US$2.1 billion.