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Trade deficit returns in May

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.

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