Vietnam posts trade deficit of $396m

1 June, 2021 12:00 AM printer

HANOI: Vietnam reported a trade deficit of $369 million in the first five months of 2021 as both exports and imports grew.

Imports were up 36.4 percent year-on-year to $131.3 billion, 65 percent of them by foreign companies, according to the General Statistics Office of Vietnam, report agencies.

Inputs and equipment for manufacturing accounted for nearly 94 percent of the total imports, and consumer goods for the rest.

Vietnam imported $43.3 billion worth of goods from China, up 53 percent, with other major sources being South Korea, ASEAN, Japan, E.U., and the U.S.

Exports grew by 31 percent to $130 billion, with foreign firms accounting for three-fourths.

Exports of heavy industrial products and minerals were worth $70.7 billion, up 33 percent. Light industrial goods and handicrafts grew at the same rate to $47 billion.

Agricultural and forestry product exports were up 13.5 percent to $9.69 billion. Seafood exports increased 12 percent to $3.24 billion.

The U.S. was the main market, accounting for 29 percent, with China, E.U., ASEAN, and South Korea being the other major buyers.

In 2020, exports had risen by 6.5 percent to $281.5 billion and imports by 3.6 percent to $262.4 billion.

 


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