Vietnam posted a trade surplus of $4.07 billion in the first quarter of this year, with exports at $79.17 billion and imports at $75.1 billion, according to the General Statistics Office (GSO).

The figures were year-on-year declines of 11.9 per cent and 14.7 per cent, respectively.

The GSO attributed the falls to the slow recovery of the global economy and tightened monetary policies resulting in lower consumption demand in Vietnam’s major trade partners.

Of total export revenue, the domestic economic sector contributed $19.26 billion.

Four types of goods earned export revenue in excess of $5 billion in the period while 14 others raked in more than $1 billion.

The US remains Vietnam’s largest export market, with revenue of $20.6 billion, while China is its biggest import source, with $23.6 billion.