May trade deficit estimated at $750m

Vietnam’s export turnover is estimated to reach $6.1 billion, a year-on-year growth of 37.5 percent, bringing total figure of first five months of 2010 to $25.83 billion, up 12.6 percent. Of which, $12.02 billion was contributed by state companies and $13.8 billion (including crude oil) by foreign invested economy section, jumping 25.9 percent against the same period of 2009, Ministry of Industry and Trade’s Import Export Department reported.

In Jan-May, the agricultural and forestry product exports surged 7 percent thanks to the increases in prices of some key items, particularly rubber (up 85.3 percent in price), pepper +54.9 percent, cashew +24.7 percent, tea +19.7 percent, seafood +18 percent, vegetable and fruits +17.3 percent.

Also the export prices of industrial products soared, in details, steel price increased by 3-4 times, chemical, rubber products +91.6 percent, computer and accessories +3- percent, apparel +17 percent.

Export output of some key commodities in the period fell sharply, such as coffee down 15.2 percent, rice -10.5 percent, crude oil -49.8 percent, and fossil coal -12.3 percent, leading to a reduction of $1.5 billion in the export turnover.

In another aspect, May import spending is about $6.85 billion, a rise of 5.5 percent month on month and 19 percent year-on-year. Thus, Vietnam spent total $31.2 billion on imports during the first five months, growing by 29.8 percent against the same period of 2009, including $18.2 billion from domestic firms and $13 billion from FIEs.

Import spending surged 64.8 percent as for the group of items subjected to the specific control of the state, namely gemstone, automobile components, wheat, steel billet, tobacco.

Therefore, the trade deficit of May is at only $750 million equalling to 12.3 percent of this month’s export turnover, representing total figure of Jan-May at $5.37 billion and 20.8 percent.

Cong thuong

Tags: Vietnam trade, Vietnam trade Deficit