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Wednesday, June 19, 2024

State budget revenue from trade activities grows 7.4% in Jan-May

The Saigon Times

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HCMC – State budget collections from the country’s import-export activities in the first five months of this year amounted to VND165.7 trillion, accounting for 44.2% of the full-year target and expanding by 7.4% year-on-year, according to the General Department of Vietnam Customs.

In May, total import and export turnover rose by 9.1% over the previous month to US$66.62 billion. The fruit and vegetable export sector saw robust export growth, while significant increases in imports were observed in crude oil, computers, electronics, machinery, equipment, tools, and parts.

Total exports edged up by 5.7% against the previous month to US$32.81 billion. The import bill was US$33.81 billion, up by 12.7% versus the month earlier. Therefore, the country had a trade deficit of US$1 billion in May.

In January-May, total foreign trade amounted to US$305.5 billion, up by 16.6% against the same period last year, with exports accounting for US$156.77 billion, up by 15.2% year-on-year, and imports US$148.76 billion, up by 18.2%. Therefore, the nation got a trade surplus of US$8 billion.

Between January and May, the customs handled 6,256 violations involving foreign trade, with a total estimated value of goods involved reaching VND8.4 trillion. Authorities took legal action against four cases and proposed legal proceedings against 53 others.

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