Trade deficit returns in May

Workers process dragon fruit for export at the Cat Tuong Agricultural Processing Production Company Limited in Tien Giang Province. Vietnam incurred a trade deficit of US$2 billion in May - PHOTO: VNA

Vietnam incurred a trade deficit of US$2 billion in May, after earning trade surplus of US$1.63 billion in Jan-April, according to the General Statistics Office.

The complicated developments of Covid-19 in some localities affected trade, transport and tourism activities in May, the local media reported.

The country earned US$26 billion from exports and spent US$28 billion on imports in May, up 35.6% and 56.4% over the year-ago period.

Despite an increase by 33% in the country’s import-export turnover in the first five months of the year to over US$262 billion, the country suffered a trade deficit of US$369 million in the period.

In the first five months, the country exported more than US$130.94 billion worth of products, surging nearly 31%.

The United States remained Vietnam’s largest buyer with a revenue of US$37.6 billion, soaring nearly 50% over the same period last year. Exports to China also rose 26% to US$20 billion.

Meanwhile, the country spent US$131.31 billion on imports in January-May, up 36.4% year-on-year.

China was the largest supplier to Vietnam with US$43.3 billion, surging 53%, followed by South Korea, ASEAN, Japan, the European Union and the United States.