Trade surplus reaches $1.3b in five months

08-Jun-2016 Intellasia | VGP | 6:00 AM Print This Post

Vietnam gained $14.6 billion from exporting in May, up 1.74 percent compared to the previous month, raising the total export value in five months of the year to $67.7 billion, a year-on-year increase of 6.6 percent, according to the statistics the Ministry of Industry and Trade released on June 6.

Of the figure, the State sector contributed $19.44 billion, up 3.9 percent while the foreign-invested sector made up $48.3 billion, up 7.7 percent.

Some key export items of the foreign-invested sectors witnessed sharp increases in turnover such as phones and spare parts $14.4 billion, up 20.6 percent, garment $8.6 billion, up 6.1 percent, electronics, computers and accessories $6.3 billion, up 5.4 percent.

Vietnam’s import turnover in May reached $15 billion, up 6.6 percent against the previous month, which contributed to the total import value in five months to $66.3 billion, a year-on-year increase of 0.9 percent.

The State and foreign-invested sectors made up $27.2 billion and $39.1 billion (including crude oil), up 0.7 percent and down 1.9 percent, respectively.

Vietnam bought the largest amount of goods from China in five months with $19.2 billion, down 2.9 percent, then Asean $9.4 billion, down 4.2 percent, Japan $5.7 billion down 6.4 percent, the EU $3.8 billion, down 3.7 percent and the US $3.2 billion, up 4.4 percent.

May witnessed an estimated trade deficit at $400 million, however, a trade surplus of $1.36 billion was recorded for five months.

Minister of Industry and Trade Tran Tuan Anh asked functional agencies to review administrative procedures in exports and imports to help businesses reduce expenditures and improve competitiveness.

He also required communicating free trade agreements for businesses to fully tap benefits brought by them. billion-in-five-months/20166/27528.vgp


Category: Economy, Vietnam

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