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Trade deficit drops in early 2012
Vietnam’s exports, imports and trade deficit decreased dramatically in the first month of 2012, according to the General Statistics Office (GSO).
January’s export revenues are estimated at about US$6.5 billion, a 28.5 drop from the previous month. The figure for imports stood at US$6.6 billion, meaning the trade deficit fell from US$270 million in December 2011 to about US$100 million this month.
As this year’s Tet (Lunar New Year) holiday is prolonged, the time for customs clearances was actually only 15 days, a much period shorter than in previous months, which resulted in a sharp drop in trade revenues, said Le Thi Minh Thuy, an official from the GSO.
However, these strong declines were found mainly in Vietnam’s major export sectors such as garments and textiles, seafood, electronics, computers and spare parts, rubber, timber and wooden furniture.
Meanwhile, imports that recorded a drop in revenues included transport, spare parts, and animal and plant oils.
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