Slower export growth

Vietnam’s exports in February were estimated at US$22.95 billion, down 25.6% month-on-month due to the long Tet holiday.

According to the General Statistics Office, compared with the same period last year, February exports still increased 13.2%, bringing exports in the first two months to US$53.79 billion, up 10.2% year-on-year.

Manufactured and processed goods accounted for 89.4% of the total exports, agro- and forestry products 6.9%, fisheries 2.7% and fuels and minerals 1%.

Meanwhile, imports in February were recorded at US$25.28 billion, down 14.2% month-on-month but up 21.9% year-on-year. Overall, imports in the first two months were US$54.73 billion, up 15.9% from the same period last year. Machinery and equipment made up 46.6% of total imports, raw materials and fuels 47.2% and consumer goods 6.2%.

The United States was the largest market for exports in the first two months with some US$18.3 billion, while China was the largest supplier for imports with US$20.8 billion. Vietnam enjoyed a trade surplus of US$5.5 billion with the EU in the period, and US$566 million with Japan. Meanwhile, the country incurred a deficit of US$13.4 billion in trade with China, US$6.5 billion with South Korea and US$1.5 billion with ASEAN.

Overall, Vietnam suffered a trade deficit of US$2.34 billion in February and US$937 million in the first two months. The domestic sector incurred a trade deficit of US$3.96 billion while the foreign investment sector enjoyed a trade surplus of US$3.02 billion.