VN runs $540 mln trade deficit in March

Vietnam runs a $540 mln trade deficit in March this year after enjoying a $900 million surplus in the previous month.

The total value of imports and exports of the country reached $22.6 billion, up 57.1 percent from the previous month, according to the latest statistics from the General Department of Customs.

Export revenues rose 54.3 percent month-on-month to $11.03 billion, while import revenues surged 59.9 percent over February to $11.57 billion, said the General Department of Customs.

Thus, in March alone, the trade deficit value was at about $ 540 million, nearly doubling the $300 million figure previously estimated by the General Statistics Office of Vietnam.

However, in the first 3 months, the country still enjoyed a trade surplus of about $ 270 million. Vietnam’s exports totaled $29.68 billion USD in Q1/2013, up 19.7 percent year-on-year.

As many as 10 export commodities, including seafood, coffee, crude oil, wood and wooden products, garment and footwear, recorded an export turnover of over $1 billion in Q1/2013.

Customs’ statistics also show that foreign direct investment (FDI) sector made up about $1.19 billion trade surplus during the period with total export and import revenue accounting for over 50 percent of that of the country.