Vietnam's trade gap narrows in Feb: report

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Vietnam's trade deficit narrowed in February to $700 million, down for the third consecutive month, a local newspaper said on Thursday.

January's trade deficit was revised to US$945 million from $1.3 billion previously reported, online newspaper VnEconomy (vneconomy.vn) said, quoting data from the government's General Statistic Office.

February exports reached $3.7 billion while imports were $4.4 billion, it said. Both exports and imports fell 26 percent from January due to the week-long Lunar New Year holiday, it added.

Exports in the first two months reached $8.7 billion, down 2.2 percent from the same period a year earlier. Imports rose 35.7 percent to $10.3 billion.

Vietnam has been trying to narrow the trade gap, aiming to keep the deficit below one-fifth of total exports, the Customs Office said.

The trade gap was $1.9 billion in December and $2 billion in November.

The persistent trade deficit is one of the main reasons for downward pressure on the dong, which the authorities have devalued twice since November.

Source: Reuters

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