Vietnam’s export turnover is estimated to reach US$13.8 billion in January, slightly increasing by 0.5% against the previous month, according to the General Statistics Office (GSO).

The foreign direct investment (FDI) sector contributed US$9.7 billion to the country's export revenue, an increase of 4.8%, while the domestic sector witnessed a drop of 8.7% in export value.

The exports of phones and components and computers and spare parts increased significantly this month, up by 44.3% and 7.1%, respectively.

Products which saw declines in exports included garments and textiles, with a drop of 9.4%, and crude oil, with a drop of 23% in volume and 40% in value.

The office confirmed that the US remained Vietnam's biggest export market in January, with an anticipated export value of US$3.1 billion, up by 17.3% over the same period last year.

Meanwhile, Vietnam imported US$14 billion worth of goods in the month, representing a drop of 2.1% against last December.

The imports of the FDI sector increased by 6.4% while those of the domestic sector decreased by 11.9%.

Vietnam remained largely dependent on China for imports, with an estimated import value of US$4.4 billion, up 0.4% over the same period last year.

Statistics show that the FDI sector (including crude oil) ran a trade surplus of US$1.6 billion, while the domestic sector post a trade deficit of US$1.8 billion, making a trade deficit of US$200 million overall for the month.

Vietnam has targeted export revenue of US$178 billion in 2016, rising by 10% over 2015, with a trade deficit below 5% of the export turnover.

Source: Nhan Dan Online