HCMC posts Q1 trade deficit via ports of $2.27bln

City’s total trade turnover via local ports in Q1 estimated at $28.34 billion.

Total import and export turnover in Ho Chi Minh City via local ports reached $28.34 billion in the first quarter of 2023, a year-on-year reduction of 18.68 per cent, according to the city’s Department of Customs.

Of the total, import revenue was estimated at $15.31 billion, down 19.31 per cent year-on-year and export revenue $13.02 billion, down 17.92 per cent year-on-year.

As a result, the city recorded a trade deficit of $2.27 billion via local ports during the period.

The Department said the decline in import and export activities in the first quarter led to a decline in its State budget collections. It contributed over VND31.54 trillion ($1.32 billion) to the State budget during the period, down 5.75 per cent year-on-year.