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Vietnam trade surplus reached nearly USD 4 billion in 5 months

11:10 | 15/06/2020

According to the General Department of Custom, the trade balance of Vietnam's goods in the first 5 months of the year had a surplus of USD 3.53 billion. 

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vietnam trade surplus reached nearly usd 4 billion in 5 months
The trade balance of goods in the first 5 months of the year had a surplus of 3.53 billion USD (Photo: Medium)

According to the General Department of Custom, the trade balance of goods in the first 5 months of the year had a surplus of 3.53 billion USD, nearly double the previous estimate of the General Statistics Office, reported by VnExpress.

Accordingly, the preliminary export value in the first 5 months reached more than US$ 100 billion, while imports reached US$ 96.7 billion. In terms of structure, the domestic economic sector had a trade deficit of US$ 7.4 billion, while the FDI sector had a trade surplus of US$ 10.9 billion.

In 5 months, export activities decreased by nearly 1% over the same period, among which, there are 18 items with turnover of over USD 1 billion. In particular, the three items worth more than US$ 10 billion are phones and components (US$ 18.3 billion), computers, electronic products and components (USD 15.5 billion) and textiles (USD 10.5 billion). Export turnover of Vietnam's key products decreased over the same period, such as crude oil down 26%, gasoline down 44%, textiles down 14%, iron and steel down 11%.

vietnam trade surplus reached nearly usd 4 billion in 5 months
Textile export turnover down 14% in 5 months (Photo: Import and Export Library)

In the opposite direction, import value in 5 months decreased by 4.6%. The domestic economic sector imported more than USD 42 billion, the rest belonged to the foreign invested sector.

In particular, the import value of production materials group accounts for an overwhelming proportion. Vietnam imported more than USD 22 billion of computers, electronic devices and components; nearly USD 14 billion of machinery and equipment; and over USD 6.6 billion of textile materials and cloth.

The newly released customs data is nearly US$ 1 billion higher in export value, but about US$ 800 million lower in import value than the General Statistics Office estimates.

vietnam trade surplus reached nearly usd 4 billion in 5 months
Particularly last May, Vietnam had a trade surplus of more than US$ 1 billion. (Photo: Investment Bridge)

Particularly last May, Vietnam had a trade surplus of more than US$ 1 billion. According to preliminary statistics of the General Department of Customs, in May, the total import-export turnover of the whole country reached US$ 37.35 billion.

In particular, export turnover reached USD 19.19 billion, up 9.1% compared to April 2020, however, import turnover reached USD 18.18 billion, down 1.9%.

Remarkably, there are 5 export commodity groups with turnover of USD 1 billion or more including computers, electronic products and components; phones and accessories, textile, machinery, equipment, tools and spare parts, footwear, CafeBiz reported.

During the first 5 months of 2020, the US remained the largest importer of Vietnam, with turnover reaching US$ 24.6 billion, up 8.2%. China followed the US with a turnover of US$ 16.3 billion, up 20.1%.

Meanwhile, Vietnam’s exports to the European Union (EU) and ASEAN dropped 12% and 13.4%, with turnover of US$ 12.9 billion and US$ 9.4 billion, respectively, reported by The Edge Markets.

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