Exports nosedive in first half of February, trade deficit hits US$4 bln
Vietnam slipped into a trade deficit of nearly US$4 billion in the first half of February due to a fall in exports, according to the General Department of Vietnam Customs.
Customs statistics show between February 1-15 businesses shipped goods overseas worth US$8.75 billion, but spent US$12.66 billion on importing major industrial products and raw materials.
Experts attributed the fall in exports to a nine-day lunar New Year holiday during which most of production lines came to a grinding halt.
Now when businesses have resumed operations, imports and exports are likely to increase in the second half of February and the coming months. In addition, the trade balance is also expected to experience the reverse in the coming months.
Overall, Vietnam’s total import-export turnover from January 1 to February 15 reached US$81.68 billion, and the country endured a trade deficit of more than US$2.5 billion.
This year, the Ministry of Industry and Trade is set to fully exploit opportunities from free trade agreements (FTAs), develop markets and remove barriers to penetrate new markets.
It will closely monitor the development of the COVID-19 pandemic in the world to take timely response measures. Priority will be given to boosting export promotion activities and focusing on export markets that are strongly recovering from the pandemic.
In addition, it will diversify the structure of export products, improve the competitiveness of the products, and develop brands.
