The fast growing economy of Vietnam is forecast to bear a huge trade deficit of $1.31 billion in the first quarter this year, while the country saw a slight trade surplus of $78 million during the on-year period, said the Government’s General Statistics Office (GSO).
The situation is attributed to strong import growth during the time, double the growth rate of exports.
Vietnam is expected to earn $10.48 billion from exports in the first quarter, up 17.9% on-year. Of which, the foreign-invested enterprises contribute $5.86 billion, up 13.5% on-year, and domestic firms of $4.62 billion, up 23.9%.
In March, the nation’s goods exports were valued $3.8 billion, up 10.4% on-year and 29.91% on-month.
During the three-month span, crude oil remains the biggest cash earner with total export volume of 3.91 million tons valued at $1.73 billion, down 7.9% and 14.6% on-year, respectively.
It is followed by garments and textiles with $1.65 billion, up 30.1%; footwear, $918 million, up 13.9%; coffee, $695 million, up 133.6%; seafood, $678 million, up 11.9%; woodwork products, $584 million, up 25%; electronic and computer parts, $441 million, up 16.9%; and rubber with $250 million, down 7%.
The country ships 710,000 tons of rice in January-March, totaling $229 million, sharp on-year declines of 43.3% and 33.2%.
The first quarter also witnesses skyrocketing peanut exports, to $34 million, up 1436.7% on-year.
Vietnam imports $11.79 billion worth of goods in the first three months, up 33.6% on-year. Of the sum, foreign-invested companies spent $4.24 billion, up 23.9% on-year, while domestic ones paid $7.55 billion, up 39.8%.
This month, the country spends $4 billion on imports, up 13.67% on-year, and 18.76% on-month.
The Southeast Asian country continues spending the most on importing machinery and equipment ($2.23 billion, up 66.1% on-year), other import figures include fuels ($1.41 billion, up 13.6%), steel and iron ($842 million, up 69.3%), cloth ($712 million, up 22%), plastics ($499 million, up 26.7%), garment and textiles accessories ($393 million, down 12.7%), and chemicals ($289 million, up 22.7%).
This year, Vietnam is forecast to bag $47.5 billion in exports, up 20% on-year, and to spend $52.2 billion on goods imports, up 17.5%. (GSO Mar 2007)
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