Trade turnover hits a deficit as exports fall back in May

Saturday, May 24, 2014 11:08

A worker at Tien Thuan Garment Company in Ninh Thuan Province on agarment production line. The country earned US$12 billion from exports in May. — VNA/VNS Photo Danh Lam
HA NOI  (Biz Hub) — After making a trade surplus of US$810 million last month, the country reported a trade deficit of $400 million in May due to the decline of many export staples.

The General Statistics Office (GSO) estimated that the country exported $12 billion worth of goods in May, down 8 per cent from April, while its import value inched up $100 million to touch $12.4 billion.

The foreign direct investment (FDI) sector reported $1.1 billion in trade surplus this month.

The month of May saw a fall in the export revenue of many export staples against last month. The exports of cassava, machinery, equipments and spare parts reported the highest fall.

In the same month, the exports of mobile phones and accessories reported the highest value at $2.5 billion, followed by garments and textiles with nearly $1.5 billion and footwear with $800 million.

The office also reported that in the January-to-May period, the country's export value surged 15 per cent year over year to reach $58.5 billion, while the import value increased 10 per cent to touch $56.8 billion, making a trade surplus of $1.6 billion. The FDI sector had a $15-billion trade surplus in the period.

Cell phones and accessories topped the list of Viet Nam's exports in the first five months with $10.5 billion, making a year-on-year increase of 30 per cent; followed by garment and textiles, footwear and crude oil.

The imports of machinery and equipment in the January-to-May period hit $8.6 billion and the value of imported clothes and accessories, and footwear reached nearly $5.5 billion. — VNS

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