Home » Statistics, Trade » Trade deficit hits US$830 million in May’s first half

The first two weeks of May haveTrade deficit hits US$830 million in May’s first half seen Vietnam earn US$5.11 billion from exports, but spend US$5.94 billion on imports.

According to the latest Vietnam General Department of Customs statistics, trade turnover from May 1–15 totalled US$11.06 billion, up 5.4% from two weeks earlier.

It has brought Vietnam’s trade value to US$89.94 billion thus far this year, a year-on-year increase of 16.8%. Exports contributed US$44.21 billion, up 16.4%, while imports increased 17.1% to nearly US$45.73 billion.

At the end of May’s first fortnight, Vietnam faced a US$1.51 billion trade deficit equivalent to 3.4% of its total import-export turnover.

Some export commodities declined in value, including vehicles, machinery, and steel. Key exports like garments and footwear enjoyed sharp increases of up US$50 million and US$33.5 million respectively.

Foreign direct investment (FDI) businesses contributed US$3.14 billion to the reviewed period’s export revenue, 6.5% percent lower than in the second half of April 2013. Over five months, they have earned US$26.36 billion from exports, representing a year-on-year increase of 27.9% and accounting for 59.6% of Vietnam’s total export value.

The FDI sector imported goods worth US$3.37 billion in May’s first half, increasing its five-month import value by 26.4% from a year earlier to US$25.4 billion. This constituted 5% of the country’s total import spending.

(VOV)

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