Vietnam posts trade deficit over five-month period

Monday, June 7, 2021  10:02

VOV.VN - The country recorded a trade deficit of US$369 million during the past five months of the year despite enjoying a trade surplus, according to data released by the General Department of Vietnam Customs.

In relation to the figure, the domestic economic sector recorded a trade deficit of US$12.74 billion, while the foreign-invested (FDI) sector, including crude oil, enjoyed a trade surplus of US$12.37 billion.

According to the figures, the nation’s trade balance of goods throughout the reviewed period had a deficit of approximately US$370 million, although the country maintained a trade surplus of US$1.63 billion.

Information compiled by the General Statistics Office indicates that the production group was able to achieve a high proportion of 93.8% as import turnover climbed to US$123.15 billion, up 36.8% against the same period from last year.

Furthermore, the group of machinery and equipment, tools, means of transport, and spare parts posted an import turnover of US$58.8 billion, an increase of 33% and accounting for 44.8% of the total, while imports of groups of raw materials, fuel, and materials surged by 40.5% to US$64.35 billion, accounting for 49%.

Elsewhere, imports of consumer goods were estimated to stand at US$8.16 billion, a rise of 29.5% and accounting for 6.2%.

Economist Le Dinh An said that with regard to the structure of imports, this represents a positive sign for the national economy.  

This increase in terms of imports of production materials can also be attributed to a high trade surplus in recent times, An said, adding that the move has proved that industrial production has bounced back.

The nation witnessed the largest trade deficit with China during the course of the five-month period with US$23.2 billion, marking an annual rise of 87.3%

Industry experts believe that the trend of trade deficit will be not maintained for a long period of time due to the new wave of the COVID-19 pandemic hindering the development of the Vietnamese manufacturing sector, thereby leading to a decline in imports in general, including those from the Chinese market.