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Vietnam suffered a trade deficit of $1 billion in the first half of May

Thursday 21, 05 2020
According to the General Department of Customs, Vietnam’s import-export value in May reached under USD 10 billion…
Vietnam suffered a trade deficit of $1 billion in the first half of May

Specifically, in the first 15 days of May, the country’s export turnover was USD 8.22 billion. This is considered the lowest since the beginning of 2020 (excluding the second half of January which fell into Tet holiday). In the first 15 days of the month, there were 2 items with export turnover of USD 1 billion or more which are computers, electronic products and components; and phones and components. In particular, export value of computers, electronic products and components reached nearly USD 1.5 billion. Meanwhile, that of phones and components reached more than USD 1 billion USD.

Export turnover of some other export items such as textiles and garments reached USD 828 million; machinery, equipment, tools and spare parts reached USD 753.5 million; footwear reached USD 586.6 million, etc.
Import turnover, in the first 15 days of May, was nearly USD 9.2 billion. There are also 2 commodity groups with a turnover of USD 1 or more billion, which are computers, electronic products and components reaching nearly USD 2.1 billion, and machinery, equipment, tools and spare parts reaching more than USD 1.4 billion.

Thus, in the first 15 days of May, Vietnam continued to suffered a trade deficit of nearly USD 1 billion. From the beginning of the year to May 15, the import-export turnover of the country reached nearly USD 177 billion, of which export turnover was over USD 89 billion, which means Vietnam still enjoyed a trade surplus of about USD 1.4 billion in this period.

80.1% of export are to countries within Asia

Vietnam suffered a trade deficit of $1 billion in the first half of May

In terms of turnover scale, Asia is Vietnam's largest trading partner. In the first four months of the year, Vietnam's trade with Asian markets reached USD 103.61 billion, which was a slight decrease of 0.4% compared to the same period in 2019, however, it still accounted for 65.2% of total import and export turnover. In which, export value was USD 41.03 billion, up by 1.5% and import value was USD 62.58 billion, down by 1.7%. Notably, although most major markets witnessed a decline in import turnover, Asia still accounted for 80.1% of total export turnover of the country.

Among major markets in Asia, Korea is a rare partner with positive and double-digit growth. Specifically, in the first 4 months, this country spent USD 6.48 billion on importing goods Vietnam, a 11.8% increase over the same period in 2019 and accounting for 8.3% of total export turnover of the whole country. In addition, import turnover from the US or EU has also increased significantly. In which, import turnover from Vietnam of the US market reached USD 4.76 billion, up 10.5%; that of the EU market reached USD 4.81 billion, up 9.2%, etc.

Import and export relation with China worth more than USD 35 billion 

In the first 4 months, total import - export turnover between Vietnam and China reached over USD 35 billion. In which, Vietnam's export turnover was USD 12.7 billion, while its import turnover was USD 22.38 billion. Notably, while Vietnam's exports to China increased significantly compared to the same period in 2019 at 22.1%, its imports from this neighboring country decreased by 1.6%. However, China is still the largest import market, accounting for 28.7% of the country's import turnover. Meanwhile, in terms of export, China is the second largest market with a market share of 15.7% of the total turnover of the country (following the US with a market share of 24.9%).

Thanks to the high growth of exports, Vietnam's trade deficit with China was also reduced to USD 9.68 billion from more than USD 12 billion in the first 4 months of 2019 (down nearly USD 2.7 billion).

The overwhelming import from China is evident in Vietnam's major products. For example, import turnover of machinery and equipment were worth USD 4.54 billion, up 4.4%, and that of raw materials for textile, leather, shoes (cotton, fiber, fabrics, textile and leather materials, footwear) reached USD 3.11 billion, down 11.3%. compared to the same period last year but still accounted for 45% of import turnover of this item of Vietnam. With computers, electronic products and components, the Chinese market ranked second (after Korea) with a turnover of USD 3.9 billion, down 1%.

Meanwhile, in the first 4 months of the year, Vietnam had 2 commodities exported to China with a turnover of USD 1 or more billion, which were computers, electronic products and components, and phones and accessories. Export of computers, electronic products and components to China in the first 4 months reached USD 3.42 billion, up 40.9% over the same period last year. Export turnover of phones and components increased sharply by 3.3 times, reaching USD 2.73 billion USD.

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Vietnam is suffering from debt overload

Source: haiquanonline

 
Categories:
Vietnam Economy

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