Vietnam's trade turnover hits all-time high in May
In May, Vietnam`s total export-import turnover reached US$40.86 billion, an all-time high yet and up 14.9% month-on-month, according to the General Department of Vietnam Customs.
The country's exports in May stood at US$19.95 billion, up 8.6% month-on-month, and import turnover at US$20.91 billion, representing an increase of 21.5% month-on-month.
Source : Vietnam Customs. Unit: US$ billion.
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Vietnam recorded a trade deficit of US$954 million in May, however, the country still enjoyed a trade surplus of US$2.67 billion in five months.
According to the Vietnam Customs' report, trade turnover of the foreign direct investment (FDI) sector reached US$25.49 billion in May, up 13.2% month-on-month, taking the total trade turnover of the sector in the five months through May to US$120.15 billion, up 13% or US$13.8 billion against the previous year.
The FDI sector's exports in May came at US$13.73 billion, up 8.1% month-on-month, resulting in a total of US$66.34 billion in the five months, up 16.8% year-on-year.
Meanwhile, they spent US$11.76 billion on imports in May, representing an increase of 19.8% month-on-month, and a total of US$53.81 billion in five months, equivalent to an increase of 8.6% year-on-year.
This resulted in the sector's trade surplus of US$1.98 billion in May and of US$12.53 billion between January and May.
During this period, Vietnam achieved trade surpluses of over US$1 billion each with eight trading partners, including the US, the Netherlands, Hong Kong, the UAE, Austria, the UK, Germany and India.
Specifically, Vietnam's trade surplus with the US stood at US$12.98 billion, up 8.8% and accounting for 49% of the country's trade surplus to those eight markets.
Vietnam had trade deficits above US$1 billion to five trading partners, consisting of South Korea, China, Taiwan, Thailand and Malaysia, in which the largest trade deficit was recorded with South Korea at US$11.57 billion, down 11.4% year-on-year, followed by China with US$11.16 billion, down 3.7%.
The total trade deficit from these two Northeast Asian trading partners accounted for 74% of Vietnam's total trade deficit with those five countries.
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