Vietnam posts $1.9 billion trade surplus during the Jan.-May period
Despite impacts from coronavirus, Vietnam reported a trade surplus of $1.9 billion during the first five-month period, the General Statistics Office said in the latest data released on Friday.
by Luu Van DatFive-month total import-export revenue fell 2.8% to $196.84 billion compared to the same period of last year. The export and import turnover in the period fell 1.7% and 3.8% respectively.
However, the export revenue of the domestic sector enjoyed an increase of 10.4% to $33.3 billion, while the foreign-invested sector grossed about $66 billion, down 6.9% from a year ago.
In May, 17 product categories witnessed export turnover exceeding $1 billion, making up 82% of total export turnover. They included electronics, phones and components, computers and components, machinery, equipment and spare parts, textiles and garments, and footwear.
The export turnover of agricultural products suffered a downward trajectory in comparison with last year. The export value of fruit and vegetables fell by 10.3% to $1.6 billion, while the export of rubber and pepper dropped by 29.6% and 17.9% to $470 million and $309 million, respectively.
The United States remained as Vietnam’s largest export market during the five-month period, with turnover enjoying an annual surge of 8.2% to $24.6 billion, followed by China with $16.3 billion, representing an increase of 20%.
In the Jan.-May period, Vietnam reported $18.5 billion trade surplus with the US and $12.6 billion trade deficit with China, according to GSO data.
While the US is the country’s largest export market, China remains the largest import market in Vietnam with an estimated turnover of $28.9 billion.
In May alone, Vietnam recorded a trade deficit of $900 million, with $18.5 billion export revenue, down 15.5% on-year and $19.4 billion import turnover, down 15.9%. The domestic economic sector’s export reached $6.6 billion, up 1.1%.
► Singapore remains biggest investor in Vietnam during Jan-May
► Vietnam’s May inflation rate seen 0.03% lower from previous month
► PM Phuc says Vietnam’s 2020 economic growth could slow to 4-5%
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