Trade balance swings to $13.8 billion deficit in Jan–May

Trade balance swings to $13.8 billion deficit in Jan–May

Total trade turnover reached more than $445 billion in January-May, up 25 per cent year-on-year.

Containers at Saigon Port. In May alone, total trade turnover amounted to more than US$99 billion, up 3.2 per cent from April and 25.8 per cent from a year earlier. — VNA/VNS Photo

Việt Nam posted a trade deficit of US$13.8 billion in the first five months of 2026 as imports continued to outpace exports despite strong growth in overall trade activity.

Latest data released by the National Statistics Office under the Ministry of Finance showed that total trade turnover reached more than US$445 billion in January–May, up 25 per cent year-on-year.

Exports rose 19.5 per cent to nearly $215.7 billion, while imports surged 30.8 per cent to $229.5 billion. The trade balance reversed from a surplus of $5.1 billion recorded in the same period last year.

In May alone, total trade turnover amounted to more than $99 billion, up 3.2 per cent from April and 25.8 per cent from a year earlier.

The foreign-invested sector remained the main driver of exports, generating $172.2 billion in export revenue and accounting for nearly 80 per cent of total exports. Export earnings from the domestic sector rose 2.5 per cent to $43.5 billion.

Export growth remained concentrated in manufacturing, with processing and industrial products generating $193.7 billion and accounting for nearly 90 per cent of total export earnings.

Agricultural, forestry and fishery products contributed a combined $20.46 billion, while fuel and mineral exports were valued at $1.5 billion.

During the first five months of the year, 26 export categories recorded turnover of more than $1 billion, including seven with export value exceeding $10 billion.

Meanwhile, imports were driven mainly by demand for production inputs, suggesting continued expansion in manufacturing activity.

Production material imports rose to nearly $216 billion in the first five months of the year, accounting for 94.1 per cent of total import value. Machinery, equipment, tools and spare parts represented 55.7 per cent of total imports, while consumer goods accounted for just 5.9 per cent.

The United States remained Việt Nam’s largest export market with a turnover of $69.6 billion, while China was the country’s biggest source of imports at $92.6 billion.

Việt Nam recorded a trade surplus of $60.4 billion with the US and $18.1 billion with the European Union. Meanwhile, its trade deficit with China widened to $62.5 billion.

The country also posted deficits of $21.1 billion with South Korea and $8.6 billion with ASEAN.

The domestic economic sector recorded a trade deficit of $20.8 billion in the first five months of the year, while the foreign-invested sector posted a surplus of nearly $7 billion.

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