As a result of Tet (Lunar New 12 months) vacation, Vietnamese commerce fell sharply in February.

Vietnam’s commerce slowed considerably in February in comparison with January, as financial exercise got here to a halt at first of the month as a result of week – lengthy TET (Lunar New 12 months) vacation.

Exports fell 24.1 p.c to US $ 23.42 billion in January-February, in keeping with official customs figures launched on Monday.

Imports fell 13.8 p.c to US $ 25.38 billion in February, in keeping with the Customs Division. Consequently, the commerce imbalance for the month was $ 1.96 billion.

For the primary two months of this yr, Vietnam’s exports grew by 11.7% to US $ 54.52 billion from the earlier yr, whereas its imports elevated from 16.7% to US $ 55.10 billion, leading to a deficit of US $ 580 million.

Imports of refined petroleum merchandise in the course of the January-February interval rose 2.6% to 1.35 million tonnes from the earlier yr, as native petroleum merchants elevated their purchases to exchange the run minimize on the nation’s largest refinery, the report mentioned.

The highest exports this month have been smartphones, electronics and clothes, the report mentioned. Necessary imports embrace computer systems, electronics and equipment.

Vietnam espresso exports in February additionally fell 14.7% to 139,371 tonnes from January, whereas rice exports fell 7.3% in comparison with the earlier month, in keeping with authorities customs knowledge launched on Monday.

For the primary two months of 2022, Vietnam exported 370,874 tons of espresso, a rise of 30.8% over the earlier yr, Vietnam Customs mentioned in a press release.

Through the January-February interval, espresso export earnings elevated by 65.5% to almost $ 823.1 million. In the meantime, Vietnam rice exports in February fell by 7.3% to 468,925 tonnes in comparison with the identical month final month.

Within the first two months, rice exports grew by 49.2% year-on-year to 974,556 tonnes.

Information abstract:

  • As a result of Tet (Lunar New 12 months) vacation, Vietnamese commerce fell sharply in February.
  • Take a look at all of the information and articles from the most recent area information updates.
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