Gold export helps May trade deficit slow down

General Statistic Office on Tuesday reported that the country’s export turnover reached about $6.1 billion, surging 14.4 percent month on month while the import spending totalled at $6.85 billion, up 5.5. The figures closed the record performance of both import and export activities since the beginning of 2010.

Thus, in the first five months of 2010, the country earned $25.83 billion dong from exports, a year-on-year increase of 12.6 percent.Imports totalled $31.2 billion, up 29.8 percent against 2009. So Vietnam’s trade deficit in the period was estimated at $5.342 billion, equalling to 20.72 percent of the export earnings.

Thanks to the group of gemstone, precious metals, exports in May surged. The group of export items contributed $800 million to the export turnover of May, lifting total figure of Jan-May to $906 million. Hence, May trade deficit was helped slow down to $750 million, representing the lowest level since 2010 early.

As estimated, about 20 tonnes of gold was exported in this month for $750 million because the domestic gold price was lower than the world’s.

In the first half of May, the export earnings of gemstone and precious metals attained over $517 million vs total $624 as from the start of 2010, reported general Department of Customs.

If excluding gold export in May, Vietnam’s first-5-month export turnover would be $5.35 billion only against April’s $5.33 billion. Similarly May trade deficit would be $1.5 billion and Jan-May trade gap will be $6.1 billion, or 23.6 percent of export turnover.

TBKTVN

Tags: vietnam gold, Vietnam gold exports, Vietnam gold market