Vietnam reports a trade surplus at $2.8bln in first quarter despite public health crisis

Total trade revenue in the first quarter was estimated at over $115 billion, down 0.7% over the same period last year. Export revenue increased by 0.5% while imports decreased by 1.9%, according to data.

Trade activities of enterprises in Vietnam were significantly affected by the coronavirus pandemic when the country’s biggest trade partners including China, Korea, Japan, EU and the United States have also been seeking solutions to restrict transportations to limit the spread of the virus.

In the first quarter, export turnover was estimated at $59.08 billion, up 0.5% over the same period last year, of which the domestic economic sector gained $18.65 billion, up 8.7%, accounting for 31.6% of total exports. The FDI sector got $40.43 billion, down 2.9%, accounting for 68.4% of total exports.

Import turnover was estimated at $56.26 billion, down 1.9% over the same period last year. The domestic economic sector reported $23.08 billion, down 3.4% while FDI sector reached $33.18 billion, down 0.8%.

In first quarter, there were 8 items with export turnover of over $1 billion, accounting for 70.6% of total exports and 14 products with import revenue at over $1 billion.

In March alone, the country reported a total import-export revenue of $39 billion, of which exports was estimated at $20 billion, down 4.1% from the previous month while imports at $19 billion, up 2.3% from the previous month.

In the reported month, Vietnam has seen a trade surplus of $1 billion, lower than $1.6 billion of the same period last year.