Vietnam’s trade deficit reaches US$3 bil.: statistics office
The total merchandise export turnover for Vietnam was recorded at US$63.2 billion in the first five months of this year, an increase of 7.3 percent over last year’s figure.
Meanwhile, the total import turnover reached US$66.2 billion, recording an increase of 15.8 percent from last year.
The FDI sector was overwhelmed by import-export activities, according to the Vietnamese General Statistic Office (GSO). The export surplus of the FDI sector kept the nation’s trade deficit at US$3 billion.
The FDI sector exported US$44.4 billion in the first five months, increasing by 12 percent, and imported US$39.7 billion, rising by 23.2 percent, to make a trade surplus of US$4.7 billion.
The domestic sector exported US$18.8 billion, nearly a half of the FDI sector, and imported US$26.5 billion turnover, making a trade deficit of US$7.7 billion.
According to GSO, the export products that have large values and high growth rate belonged to the FDI sector.
Telephones and components exported US$11.8 billion, increasing by 18.5 percent; electronic products, computers and spare parts exported US$ 6 billion, increasing by 59.7 percent, while footwear exported US$4.6 billion, increasing by 19.5 percent.
Some agricultural products in the domestic sector recorded fairly high growth rates: cashew nuts earning US$817 million and increasing 25.6 percent; cassava and its products earning US$740 million, increasing by 47.5 percent.
GSO economic experts expressed their concerns about the export of some key products in the domestic sector, including agricultural and seafood products.