Vietnam’s trade balance in March showed a deficit of US$0.3 billion, equivalent to 1.2% of the country’s total export- import turnover, according to the General Statistics Office (GSO).
GSO statistics show exports rose 26% to US$12 billion and imports jumped 22% to US$12.3 billion.
Major export items which experienced a sharp increase compared to last month included garment and textiles (US$1.6 billion, up 53%), mobile phones and spare parts, (US$2 billion, up 16%), and electronic products (US$850 million, up 37%).
Other export products like rubber and chemicals maintained stable growth. Several traditional export commodities, namely rice, seafood, and coffee, saw relative high growth.
The sharp rise testifies to the fact that Vietnam grasped opportunities available from its main export markets, such as the US, Japan, and the European Union that have started recovering from the crisis.
Electronic components and machinery equipment topped the list of import items, with over US$1 billion spent on each group. Fabrics and petroleum imports increased by 24% and up 31% respectively.
The country’s total export earnings were estimated at US$33.346 billion in the first quarter of the year, and imports were US$32.339 billion.
Thus, Vietnam enjoyed a trade surplus of US$1 billion, accounting for 1.53% of the country’s total import-export revenue.
The foreign business sector still plays a pivotal role with a trade surplus of nearly US$4 billion, while domestic enterprises faced a trade deficit of nearly US$3 billion.