Exports increase by over 23 percent in first quarter

Vietnam’s total import-export turnover was estimated at US$50 billion in the first quarter of the year, according to the General Statistics Office.

Of the figure, exports reached US$24.5 billion, up 23.6 percent, and imports nearly US$24.8 billion, up 6.9 percent against the same period last year.

In March alone, the country earned US$17.45 billion in import-export turnover, of which exports accounted for US$9.15 billion, up 10.2 percent over the previous month.

Some major groups including electronics, computer, machine and equipment, and means of transport saw sharp increases of between 50-100 percent. Other groups such as seafood, crude oil, wood products, footwear and textile maintained stable growth. Meanwhile, exports of rice, coffee and rubber decreased dramatically compared to the same period last year.

The import of automobiles dropped to a record low of 32.4 percent while that of cotton, yarn and other fabrics also experienced a dramatic decrease that would affect the garment and textile sector’s export earnings this year.