Vietnam posts trade surplus of nearly US$3 billion by mid-March

With the country’s total import-export turnover reaching nearly US$123 billion between January 1 and March 15, the nation enjoyed a trade surplus of roughly US$3 billion, according to figures released by the General Department of Vietnam Customs.

This figure represents a decline of 13% compared to the same period from last year, with exports and imports hitting nearly US$63 billion and US$60 billion, respectively.

Meanwhile, the total import-export turnover of goods during the first half of March reached US$27.15 billion, a decline of 11% on-year.

There were four export items with turnover reaching US$1 billion between March 1 and March 15. Accordingly, computers, electronic products and components took the lead with US$2.22 billion, followed by phones and components with US$1.75 billion, other machinery, equipment, tools and spare parts was at US$1.57 billion, whilst textiles and garments were US$1.23 billion.

Imports in the first half of March fell by 9% to US$13.82 billion against the same period last year, while import of raw materials for production in the first two months of the year dropped by 16.6% to US$41.2 billion on-year.

According to details given by the Ministry of Industry and Trade, the shortage of new export orders and the downward trend of commodity prices caused the country’s trade activities to slow down in the first months of the year, with this trend anticipated to continue moving forward.