Trade deficit returns in May
Workers process dragon fruit for export at the Cat Tuong Agricultural Processing Production Company Limited in Tien Giang Province. Vietnam incurred a trade deficit of US$2 billion in May - PHOTO: VNA
HCMC – Vietnam incurred a trade deficit of US$2 billion in May, after earning trade surplus of US$1.63 billion in Jan-April, according to the General Statistics Office.
The complicated developments of Covid-19 in some localities affected trade, transport and tourism activities in May, the local media reported.
The country earned US$26 billion from exports and spent US$28 billion on imports in May, up 35.6% and 56.4% over the year-ago period.
Despite an increase by 33% in the country’s import-export turnover in the first five months of the year to over US$262 billion, the country suffered a trade deficit of US$369 million in the period.
In the first five months, the country exported more than US$130.94 billion worth of products, surging nearly 31%.
The United States remained Vietnam’s largest buyer with a revenue of US$37.6 billion, soaring nearly 50% over the same period last year. Exports to China also rose 26% to US$20 billion.
Meanwhile, the country spent US$131.31 billion on imports in January-May, up 36.4% year-on-year.
China was the largest supplier to Vietnam with US$43.3 billion, surging 53%, followed by South Korea, ASEAN, Japan, the European Union and the United States.
- Cycles are making a comeback in Hanoi, thanks mainly to the COVID-19 pandemic.
- FIFA encourages Vietnam ahead of important World Cup qualifier against UAE
- Hong Kong Design Centre Names New Executive Director
- Vietnam capital city of Hanoi, the city of ‘tube houses’
- Cushman & Wakefield and China Real Estate Association Release 2020 Asia REIT Market Report
CAAV asks Transport Ministry for consultancy over cargo airline project
Cyber Risk | It’s time to focus and take action!
Vietnam’s Phenikaa group invests US$1.5 million in local tech startup. Here’s the reason
It has never been easier for doing business in Vietnam as a foreigner?
Businesses struggle with rising costs during COVID-19
Limitless Technology Launches a New Line of Women’s Supplement, "LYLA"
Hong Kong Design Centre Names New Executive Director
Cushman & Wakefield and China Real Estate Association Release 2020 Asia REIT Market Report
Local Support For Singapore Food Produce Encourages Move Into Agritech Careers
Africa Energy Week 2021, Taking Place in Cape Town; Will Focus on Investment, Oil and Gas, Renewables and Energy Transition