Leap in exports pushes trade deficit to $5.4b in five months

The country’s trade deficit reaches US$5.4 billion in the first five months of the year, according to experts from the General Statistics Office (GSO).

The trade deficit was equivalent to 20.93 per cent of Viet Nam’s total export turnover, slightly higher than the 20-per-cent target set by the Government for the year.

They said production for both domestic consumption and exports had been highly dependent on imported materials.

GSO figures showed that the country imported $31.2 billion worth of products, an increase of 29.8 per cent over the same period last year.

Of the total imports, domestic businesses accounted for $18.2 billion while the foreign invested sector accounted for the remaining $13 billion, coming to 18 and 50.5 per cent higher than the corresponding period last year, respectively.

Imports of raw materials ranked first, followed by cotton, fibres, steel and other metals.

Exports reached $25.8 billion in the first five months of the year, 12.6 per cent higher than the same period last year.

Steel exports reached $427 million, a 244-per- cent increase against the same period last year. Accessories, rubber, wood, electronics, computers, garments and textiles, shoes and rice exports also saw increases in the period. — VNS

Tags: Vietnam exports, Vietnam trade, Vietnam trade Deficit