Business

Trade deficit at nearly US$1 million in May

SGGP
According to the General Department of Vietnam Customs, the trade balance of Vietnam saw an estimated trade deficit of US$900 million in May, but still recorded a trade surplus of $1.88 billion in the first five months of this year.
The department on June 2 announced the report on the situation of import-export and customs clearance in May this year.

According to this department, the total import and export turnover of Vietnam was estimated to reach $37.9 billion, up 5 percent compared to the previous month.

Of which, the total export turnover was estimated at $18.5 billion, up 5.2 percent, and the total import turnover was estimated at $19.4 billion, up 4.7 percent. However, in comparison with the same period last year, the export value of the country declined by 15.5 percent and the import value dropped 15.9 percent.

Therefore, the trade balance of Vietnam saw an estimated trade deficit of US$900 million in May, but still recorded a trade surplus of $1.88 billion in the first five months of this year.
Trade deficit at nearly US$1 million in May ảnh 1 In the first 5 months of this year, Vietnam's crude oil exports increased in volume but decreased in value, while crude oil imports decreased in both volume and value. (Photo: SGGP)
The first main export product was crude oil. Crude oil exports in May this year reached 486,000 tons, up 4.1 percent, worth $110 million, up 103.2 percent compared to April this year. In the first five months of this year, crude oil exports were estimated at more than 2.18 million tons, worth $689 million. Compared to the same period last year, five-month crude oil exports increased 27.7 percent in volume but decreased 22.9 percent in value.

The second one was ore with exports estimated at 250,000 tons, up 13.6 percent, worth $16 million, up 34.1 percent over the previous month. In the first five months, ore exports were more than 1.09 million tons, worth $73 million, down 17.2 percent in volume, and 25.5 percent in value over the same period last year.

Gasoline and oil imports in May were estimated at 650,000 tons, up 20.7 percent compared to last month, worth $152 million, up 7.7 percent. Five-month gasoline and oil imports were estimated at more than 3.05 million, worth above $1.27 million, down 22.3 percent in volume, and 48.1 percent in value over the same period last year.

By Van Phuc – Translated by Gia Bao

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