Viet Nam’s import-export value in the first five months of this year was estimated at US$262.54 billion, down 14.7 per cent year-on-year, with a trade surplus of $9.8 billion, the General Statistics Office (GSO) announced on Monday.

In the period, Viet Nam exported about $136.17 billion worth of goods, a year-on-year drop of 11.6 per cent, while imports totalled $126.37 billion, down 17.9 per cent year on year.

As many as 23 export items joined the more than one-billion-US dollar club, making up 87.4 per cent of the total export turnover.

Regarding the structure of exports, processed commodities earned $120.24 billion (88.3 per cent); agro-forestry products, $10.79 billion; aquatic products, $3.37 billion; and fuel and minerals, about $1.77 billion.

As for imports, the domestic economic sector imported $43.95 billion worth of goods, down 18.5 per cent year-on-year while the foreign-invested sector imported $82.42 billion worth of goods, down 17.5 per cent.

Of the import revenue, $118.31 billion was spent on production materials and $8.06 billion on consumer goods.

The US was the biggest importer of Vietnamese products with $37.2 billion, while China was the largest import market with $43.4 billion.

Given unpredictable developments in import and export activities, the Ministry of Industry and Trade is continuing to closely monitor developments in the world market and propose co-operation frameworks and solutions to develop traditional markets and diversify export markets. It will also continue supporting businesses to take advantage of signed free trade agreements (FTAs) to effectively exploit markets and boost exports.

The ministry will continue diversifying export markets and products, focusing on developing exports through cross-border e-commerce, and foreign distribution systems, promoting brand development for Vietnamese goods, and increasing the export of highly-processed goods and those made with high technology, having a high localisation rate.

The ministry considers e-commerce an important distribution channel, especially for agricultural products and consumer industrial goods. — VNS