VN records trade deficit in first half of May as exports slump

Thursday, May 21, 2020 13:13

Computers, electronics and components reaped some $1.5 billion in exports in the first half of May. — Photo

Viet Nam reported a trade deficit of nearly US$1 billion in the first half of May as exports reached only $8.22 billion – the lowest level since the beginning of this year (excluding the first half of January when the Tet holiday fell on), the General Department of Customs announced on Wednesday.

Only two groups of products posted an export turnover of at least $1 billion during the period including computers, electronics and components at some $1.5 billion and telephones and parts at $1 billion. That brought export earnings of these products total to $13.6 billion and $16.4 billion, respectively so far this year.

Several other staples with an encouraging export value were textile and garment with $828 million, totalling $9.47 billion to date this year; machinery, equipment and parts with $753.5 million, totalling more than $7.5 billion and footwear with $587 million, totalling $5.94 billion.

Meanwhile, the country imported nearly $9.2 billion worth of goods in the first half of May with computers, electronics and components and machinery, equipment and parts recording respective earnings of $2.1 billion and $1.4 billion, according to the department.

Since the beginning of this year to mid-May, the nation’s trade value hit about $177 billion. Of the total, more than $89 billion came from exports while the remainder of $88 billion from imports. That resulted in a trade surplus of more than $1 billion, the department noted.

The Ministry of Industry and Trade predicted that Viet Nam’s export value would increase again in the second half of this year if the pandemic was controlled in the second quarter.

The ministry would continue to give priority to promoting trade connections between Vietnamese enterprises and foreign partners, and the introduction of made-in-Viet Nam goods to domestic and international consumers.

Viet Nam has set a goal of reaching $300 billion export value target by the end of this year after four-year trade surplus record. Last year, the country’s trade surplus hit a record high of $9.9 billion, the highest level seen in the past four years. — VNS

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