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Domestic firms' 5M trade deficit at $9.31 billion

Released at: 16:01, 14/06/2017

Domestic firms' 5M trade deficit at $9.31 billion

Illustrative image (Source: news.zing.vn)

Result a significant factor in Vietnam's trade deficit of $2.5 billion in first five months of year.

by Luong Nhi

While foreign-invested enterprises (FIEs) continued to record a trade surplus in the first five months of this year, domestic enterprises saw a trade deficit of $9.31 billion, contributing substantially to Vietnam’s overall trade deficit of $2.7 billion in the period.

According to the General Department of Vietnam Customs, total trade turnover in May was $36.39 billion, up 4.3 per cent compared to April. Export turnover was $17.93 billion, up 2.3 per cent, while import turnover was almost $18.46 billion, up 6.4 per cent.

Trade turnover was $162.45 billion in the first five months, a 21.5 per cent increase year-on-year.

Total trade turnover among FIEs in the period was $106.5 billion, 23.7 per cent higher year-on-year. Export turnover neared $56.66 billion, up 20 per cent, or $9.45 billion, year-on-year, while import turnover was over $49.84 billion, up 28.1 per cent, or $10.94 billion, year-on-year.

While FIEs recorded a trade surplus of $6.81 billion, domestic enterprise recorded a deficit of $2.13 billion in May and $9.31 billion during the first five months.

China continued to be Vietnam’s largest trading partner, with turnover reaching $32.76 billion in the first five months, a 23.6 per cent increase year-on-year. South Korea followed, with $23.94 billion, up 45.2 per cent, then the US with $19.96 billion, up 12.9 per cent, and the EU with $19.66 billion, up 13.3 per cent.

Of Vietnam’s ten largest trading partners, it only recorded a trade surplus with three: the US ($12.07 billion), the EU ($10.03 billion), and Japan ($152 million). The trade deficit with South Korea was quite high, at $12.96 billion, and was $11.5 billion with China and $3.9 billion with Taiwan.

Export turnover of ten key goods (phones and accessories; textiles and garments; computers, electronic products and accessories; footwear; machinery and equipment; wood and wooden products; seafood; means of transport and components; coffee; and textile yarn) was $57.37 billion in the first five months, accounting for 71.7 per cent of the total. Seventeen of 46 types of exported goods recorded over $1 billion in export turnover.

Coal saw the highest increase, of 4.5-fold year-on-year. Steel and iron increased 61.9 per cent, rubber 61.6 per cent, fertilizer 51.1 per cent, and computers, electronic products and accessories 46.7 per cent. Conversely, gems and precious metal products fell 47.3 per cent and pepper 16.1 per cent.

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