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.

 

Only two groups of products posted an export turnover of at least 1 billion USD during the period including computers, electronics and components at some 1.5 billion USD and telephones and parts at 1 billion USD. That brought 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 were textile and garment with 828 million USD, totalling 9.47 billion USD to date this year; machinery, equipment and parts with 753.5 million USD, totalling more than 7.5 billion USD and footwear 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 May with computers, electronics and components and machinery, equipment and parts recording 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’s trade value hit about 177 billion USD. Of the total, more than 89 billion USD came from exports while the remainder of 88 billion USD from imports. That resulted in a trade surplus of more than 1 billion USD, the department noted.

 

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

 

The ministry would continue to give priority to promoting trade connections between Vietnamese enterprises and foreign partners, and the introduction 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 this year after four-year trade surplus record. Last year, the country’s trade surplus hit a record high of 9.9 billion USD, the highest level seen in the past four years.

 

Source: Vietnam News Agency

 

Leave a Reply