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Sunday, July 14, 2024

Trade deficit returns

By Le Hoang

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Vietnam’s economy returned to a trade deficit in May, ending a 23-month streak of trade surplus. However, researchers and experts view this development as positive. Exports on the rise Data from the General Department of Vietnam Customs showed that the country’s exports had amounted to around US$156.77 billion by the end of May, up 15.2% versus the same period last year. Of this sum, nearly US$43.7 billion came from the domestic sector, rising by 20.5% year-on-year and accounting for 27.9% of the total. Meanwhile, the foreign direct investment (FDI) sector, including crude oil, made up around US$113.08 billion, up 13.3%. In May alone, Vietnam fetched US$32.81 billion from export operations, up by 5.7% from the same period last year. Various industries recorded an improvement in export revenue. For instance, seafood exports in May were estimated to expand by over 7% compared to the same period last year to US$870 million, according to updated data from the Vietnam Association of Seafood Exporters and Producers (VASEP). Specifically, tuna and crab exports grew by 36% and 92% year-on-year, respectively. The export value of fruit and vegetable products in May picked up by 10.3% versus the previous month to US$665 million. Overall, in the […]
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