Vietnam recordes trade surplus of $290m
Thursday, 26 February 2009
HANOI, Feb 25 (Reuters): Vietnam recorded a trade surplus of $290 million in the first two months of the year, due in part to steep falls in the value of fuel and steel imports, the government said Wednesday.
Total imports slumped 43.1 per cent compared to the January to February period last year, dropping to $7.73 billion, while exports dropped by just 5.1 per cent to $8.02 billion.
Last year the economy suffered from a widening trade deficit and double-digit inflation but both have been brought back under control.
Now, however, the government faces the challenge of protecting the economy from the worst of the global recession, and the authorities have taken aggressive monetary easing steps while drawing up a modest fiscal stimulus package.
Still, the trade data suggested the economy was feeling the effects of the downturn.
Vietnam imported 26.2 per cent less in oil products by volume but the value fell 60 per cent to $753 million during the first two months, the statistics department said.
Steel imports slumped, dropping 74 per cent in the period from last year's $412 million.
Electronics and computer imports fell 30 per cent. Machinery and spare parts fell 24 per cent.
Exports were buoyed by an estimated rise of more than 3,000 per cent in sales of precious metals and gemstones to $939 million.
Total imports slumped 43.1 per cent compared to the January to February period last year, dropping to $7.73 billion, while exports dropped by just 5.1 per cent to $8.02 billion.
Last year the economy suffered from a widening trade deficit and double-digit inflation but both have been brought back under control.
Now, however, the government faces the challenge of protecting the economy from the worst of the global recession, and the authorities have taken aggressive monetary easing steps while drawing up a modest fiscal stimulus package.
Still, the trade data suggested the economy was feeling the effects of the downturn.
Vietnam imported 26.2 per cent less in oil products by volume but the value fell 60 per cent to $753 million during the first two months, the statistics department said.
Steel imports slumped, dropping 74 per cent in the period from last year's $412 million.
Electronics and computer imports fell 30 per cent. Machinery and spare parts fell 24 per cent.
Exports were buoyed by an estimated rise of more than 3,000 per cent in sales of precious metals and gemstones to $939 million.