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Vietnam records trade deficit in first half of May as exports drop

Vietnam reported a trade deficit of nearly 1 billion USD in the first half of May as exports reached only 8.22 billion USD – the lowest level since the beginning of this year (excluding the first half of January when the Tet holiday fell on), the General Department of Customs announced has announced.
Vietnam records trade deficit in first half of May as exports drop ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) - Vietnam reported a trade deficit ofnearly 1 billion USD in thefirst half of May as exports reached only 8.22 billion USD – the lowest level since the beginning ofthis year (excluding the first half of January when the Tet holiday fell on),the General Department of Customs announced has announced.

Only two groups of products posted an export turnover of atleast 1 billion USD during the period including computers, electronics and components at some 1.5billion USD andtelephones and parts at 1 billion USD. Thatbrought export earnings of these products total to 13.6 billion USD and 16.4 billion USD, respectively so far this year.

Several other staples with an encouraging export value weretextile and garment with 828 million USD, totalling 9.47 billion USD to date this year; machinery, equipmentand parts with 753.5 million USD,totalling more than 7.5 billion USD andfootwear with 587 million USD,totalling 5.94 billion USD. 

Meanwhile, the country imported nearly 9.2 billion USD worth of goods in the first half of Maywith computers, electronics and components and machinery, equipment and partsrecording respective earnings of 2.1 billion USD and 1.4 billion USD, according to the department.

Since the beginning of this year to mid-May, the nation’strade value hit about 177 billion USD. Of the total, more than 89 billion USD came from exports while the remainder of 88billion USD fromimports. That resulted in a tradesurplus of more than 1 billion USD, thedepartment noted.

The Ministry of Industry and Trade predicted that Vietnam’sexport value would increase again in the second half of this year if thepandemic was controlled in the second quarter.

The ministry would continue to give priority to promotingtrade connections between Vietnamese enterprises and foreign partners, and theintroduction of made-in-Vietnam goods to domestic and international consumers.

Vietnam has set a goal of reaching 300 billion USD export value target by the end of thisyear after four-year trade surplus record. Last year, the country’s tradesurplus hit a record high of 9.9 billion USD, the highest level seen in the past four years./.
VNA
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