Vietnam’s trade deficit hits US$1 billion by mid-May
Vietnam has sustained an accumulated trade deficit worth over USD 1 billion by mid-May, according to the General Department of Vietnam Customs.
During the first half of May, the country spent USD 11.542 billion on imports but earned only USD 9.694 billion from exports, resulting in a trade deficit of roughly USD 1.85 billion.
By mid-May, the combined trade deficit recorded over USD 1 billion as imports amounted to USD 89.909 billion, while exports reached only USD 88.9 billion.
Computers, electronic items and components topped the list of imports with the total value of USD 2.22 billion in the first half of May, followed by machinery, equipment, and spare parts with the total turnover reaching USD 1.688 billion.
Meanwhile, the overseas shipment of computers, electronic products and components raked in over USD 18 billion during the first 15 days of May, while machinery, equipment, and spare parts brought home USD 13.25 billion. With the combined export value of USD 31.25 billion, these categories represent some 35% of the country’s total export turnover.
A total of three categories gained export turnover worth USD 1 billion or more in the 15 – day period, including telephones and components (USD 1.711 billion); computers, electronic products and components (USD 1.247 billion); and garments and textiles (USD 1.177 billion).
The country’s trade balance saw non-periodic, unpredictable fluctuations in the first five months of the year. January saw a trade surplus of USD 815 million, but the trade balance beat a deficit worth USD 769 million in February before enjoying a surplus of USD 1.627 billion in March.
However, in April the country suffered a trade deficit of USD 554 million and the trade gap was extended to USD 1.85 billion in the first half of May.
Many economic experts warned that achieving a 10% growth rate in exports would be a difficult task during 2019 as the global economy has shown signs of slowing down. Therefore, they called for more concerted efforts by ministries, sectors, and enterprises to jointly realize the target.