The Financial Express

Vietnam posts trade deficit in five months

| Updated: June 03, 2021 11:09:04

File photo, (Collected) File photo, (Collected)

Vietnam posted an estimated two-way trade value of 262.25 billion US dollars in the first five months of this year, up 33.5 per cent year on year, with a trade deficit of $369 million, according to the country's General Statistics Office on Monday.

Specifically, the country earned $130.94 billion from exporting goods, up 30.7 per cent against the same period last year. It also recorded import revenues of $131.31 billion, surging 36.4 per cent year on year.

The foreign trade hikes were witnessed despite the negative impacts of the ongoing COVID-19 infection wave, which seriously affected production activities of some enterprises in the industrial parks, reports Xinhua citing the statistics office.

A total of 22 exporting items reported revenues of over $1.0 billion, accounting for 87.3 per cent of the total export value.

Phones and components contributed the most with a revenue of $21.9 billion, or 16.7 per cent of the total.

The United States remained Vietnam's biggest importer with turnovers of $37.6 billion, followed by China with $20.1 billion and the European Union with $16.1 billion, said the office.

Meanwhile, 27 importing items posted revenues of over $1.0 billion, accounting for 84.4 per cent of the total import value.

Electronic goods, computers, and their components led the group of largest importing items with $27.4 billion in revenue, up 24.7 per cent year on year, according to the office.

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