Trade deficit from China rises 45.9 percent

SGGP
Vietnam saw a trade deficit of US$1.3 billion in May this year, according to the General Statistics Office of Vietnam's report on the trade balance of goods.

Trade deficit from China rises 45.9 percent

In the first five months of this year, trade deficit was at $548 million whereas a trade surplus of $2.6 billion was seen in the same period last year. Of which, domestic economic sector saw a trade deficit of $13.28 billion and foreign-invested sector (included crude oil) recorded a trade surplus of $12.73 billion.
In terms of partner market, Vietnam’s trade surplus to the EU reached $11.6 billion, down 0.9 percent over the same period last year. Meanwhile, trade deficit from China was $16.2 billion, up 45.9 percent; from South Korea was $11.3 billion, down 3.6 percent; and from the ASEAN was $3.3 billion, up 25.7 percent.
Figures showed that, import turnover in May was estimated at $22.8 billion, an increase of 8.6 percent compared to the previous month,of which, domestic economic sector hit $10.2 billion, up 8.4 percent and foreign-invested sector touched $12.6 billion, up 8.8 percent.
Therefore, in the first five months of this year, import turnover was estimated at $101.28 billion, up 10.3 percent over the same period last year, of which domestic economic sector reached $43.61 billion, up 15.2 percent and foreign-invested sector hit $57.67 billion, up 6.9 percent.
In the first five months, there were 21 products with import turnover worth above $1 billion, accounting for 80.3 percent of total imports. Of which, some products saw increases in import turnover in comparison with the same period last year, including electronics, computers and components with $19.8 billion, accounting for 19.5 percent of total imports, machineries, equipment and spare parts with $14.8 billion and fabric with $5.4 billion, up 5.8 percent.
As for import markets in the first five months of this year, China remained the largest import market of Vietnam with $29.6 billion, up 18.9 percent over the same period last year, of which, electronics, computers and components increased 82.8 percent; machineries, equipment and spare parts rose 27.8 percent; and fabric surged 12.7 percent.
South Korea followed with $19.2 billion, up 1.1 percent. Of which, cell phones and components emerged 11.8 percent and machineries, equipment and spare parts rallied 11 percent.
The ASEAN market reached $13.9 billion, up 9.3 percent. Of which, completedly-built-unit cars rocketed 601.4 percent and steel and iron climbed 339.6 percent.
Japan touched $7.4 billion, up 0.5 percent, of which completedly-built-unit cars jumped 380.1 percent, machineries, equipment and spare parts edged up 7.8 percent and fabric went up 6.8 percent.
The US market recorded $5.8 billion, an increase of 23.6 percent, of which electronics, computers and components gained 44.3 percent, cattle feed and materials soared 31.1 percent and cotton advanced 17.3 percent.
The EU market posted $5.7 billion, up 8.2 percent, of which completedly-built-unit cars shot up 396.3 percent, cattle feed escalated 91 percent and machineries, equipment and spare parts inched up 5.2 percent.

By Anh Phuong – Translated by Thuy Doan

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