Việt Nam sees trade deficit in May due to higher materials and equipment production imports
Việt Nam sees trade deficit in May due to higher materials and equipment production imports
Việt Nam recorded a trade deficit for May, following surpluses over several months.
Import and export activities at Gemalink deep-water port, Bà Rịa-Vũng Tàu Province. — VNA/VNS Photo Hồng Đạt |
According to the General Statistics Office (GSO),Việt Nam had a trade deficit of US$1 billion in May.
Việt Nam's imports reached $33.81 billion, an increase of 12.8 per cent month on month and nearly 30 per cent year on year.
Exports grew by only 5.7 per cent month on month and 15.8 per cent year on year to $32.81 billion.
The return to a trade deficit was mainly due to higher imports of equipment, machinery and raw materials.
However, over the whole of the period to May this year, Viêt Nam still achieved a surplus of $8.01 billion, which is significantly lower than the trade surplus of $10.2 billion in the first five months of last year.
Of which, the foreign invested sector had a trade surplus of $19.27 billion, but the domestic economic sector had a trade deficit of $11.26 billion.
The country's total trade value was $305.5 billion in the first five months, an increase of 16.6 per cent over the same period of last year.
During this period, the total export turnover reached $156.8 billion, up 15.2 per cent over the same period last year, including more than $113.1 billion from the foreign invested sector and $43.7 billion from the domestic economic sector.
The products with high export value included electronics, computers and their components ($27.37 billion), phones and components ($22.54 billion), machinery, equipment, tools and other spare parts ($18.44 billion).
Meanwhile, import turnover over the first five months stood at $148.8 billion, up 18.2 per cent over the same period last year, including $93.8 billion from foreign investments and $55 billion from the domestic economic sector.
Notably, the import value of production materials was at nearly $134 billion, accounting for 94 per cent of the total.
In first five months of the year, China remained the biggest import market for Việt Nam to a value of $54.9 billion. Việt Nam posted a trade deficit, of $32.3 billion with China, an increase of 55.9 per cent year on year.
Meanwhile, the US was Việt Nam's largest export market to a value of $44 billion. Việt Nam gained a trade surplus of $38.1 billion with the US, up 24.2 per cent over the same period last year.
Its trade surplus with the EU was at $14.3 billion, up 18.4 per cent.
