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Vietnam Today

Jan-May trade deficit at $3 billion

Released at: 16:13, 01/06/2015

Jan-May trade deficit at $3 billion

Foreign enterprises dominate trade picture yet again in first five months.

by Thu Hoàng

Total export turnover was estimated at $63.2 billion for the first five months of the year, an increase of 7.3 per cent compared with the same period last year, according to the General Statistics Office (GSO). 

Total import turnover, meanwhile, was estimated at $66.2 billion, 15.8 per cent higher year-on-year, for a trade deficit of $3 billion.

Trade was dominated by the FDI sector, which exported $44.4 billion and imported $39.7 billion in the first five months.

The domestic sector, in contrast, exported $18.8 billion and imported $26.5 billion.

Export turnover increased significantly for certain items from January to May. Phones and components exports reached $11.8 billion (up 18.5 per cent), electronic products, computers, and spare parts $6 billion (59.7 per cent higher) and footwear $4.6 billion (up 19.5 per cent).

Imports of some items recorded large values and high growth in the period, such as automobiles ($2.3 billion, up 94.4 per cent), electronic products, computers and spare parts ($9.4 billion, up 36.9 per cent), and phones and components ($4.3 billion, up 27 per cent).

Regarding markets, the US continued to be the largest importer of Vietnamese goods, with $12.7 billion, a 17.6 per cent increase over the same period of 2014. China remained the largest source of imports to Vietnam, with $19.5 billion, a rise of 19.1 per cent.

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