Vietnam reported an estimated trade deficit of US$800 million in February, narrowing the trade surplus in the first two months of 2021 to US$1.29 billion in 2019, the General Statistics Office (GSO) has said in a monthly report.

Data: GSO. Chart: Ngoc Thuy

Overall, Vietnam's trade turnover in the January-February period is likely to rise by 24.5% year-on-year to reach US$95.81 billion, of which its export value could amount to US$48.55 billion, up 23.2% year-on-year, and imports are estimated at US$47.26 billion, up 25.9%.

According to the GSO, the foreign-invested sector made up 76.4% of the total exports with US$37.07 billion, representing an increase of 30.5% year-on-year, and the domestic-invested sector with US$11.48 billion, or 23.6% of the total.

Among Vietnam’s key export staples, phones and parts are predicted to earn the largest export turnover during the January-February period at US$9.3 billion, up 22.8% year-on-year and accounting for 19.2% of Vietnam’s total exports.

In addition, electronic products, computers and components have earned an estimated US$6.9 billion, up 27.3% year-on-year; followed by equipment and parts (US$5.5 billion and up 72.6%); garments (US$4.8 billion and down 0.01%).

Data: GSO. Chart: Ngoc Thuy

In the January – February period, the US, China, EU, ASEAN and South Korea remained Vietnam’s largest five export markets.

Meanwhile, China continued to be Vietnam's largest supplier, selling US$17.3 billion worth of goods to Vietnam, surging 85.7% year-on-year. 

South Korea claimed the second place by exporting US$8.4 billion worth of goods to Vietnam, up 6.7% year-on-year, followed by ASEAN countries with US$5.6 billion, up 18.5%.