Vietnam’s total trade turnover reached US$445.12 billion during the January-May period, up 25.0 percent year-on-year. Exports increased 19.5 percent to US$215.66 billion, while imports rose 30.8 percent to US$229.46 billion, resulting in a trade deficit of US$13.80 billion. A year earlier, Vietnam had recorded a trade surplus of US$5.1 billion, according to the latest release from the National Statistics Office.
The deterioration accelerated in May. Exports rose 2.1 percent month-on-month to US$46.93 billion, but imports increased 4.3 percent to US$52.14 billion, producing a monthly deficit of US$5.21 billion.
Foreign-invested firms continued to dominate Vietnam’s export sector. During the first five months of the year, the foreign-invested sector accounted for US$172.16 billion in exports, representing 79.8 percent of the national total and growing 24.7 percent year-on-year. The domestic sector generated US$43.5 billion in exports, up just 2.5 percent.
Electronics remained Vietnam’s largest export category. Exports of electronics, computers and components surged 46.2 percent to US$56.19 billion, making it the country’s biggest export earner by a considerable margin. Machinery and equipment exports reached US$26.97 billion, while phones and components generated US$26.37 billion.
Traditional export sectors were comparatively subdued. Textile and garment exports increased just 0.4 percent to US$15.13 billion, while footwear exports rose 0.2 percent to US$9.78 billion. Wood and wood product exports increased 2.9 percent to US$7.02 billion.
Manufactured goods continued to underpin Vietnam’s export profile, accounting for 89.8 percent of total export value. Agricultural and forestry products contributed 7.3 percent, seafood 2.2 percent and fuel and mineral products 0.7 percent.
On the import side, electronics and computer components were again the largest category, rising 57.1 percent to US$88.22 billion. Imports of machinery and equipment reached US$27.81 billion, while imports of automobiles increased 36 percent to US$5.44 billion.
The composition of imports highlights the investment-driven nature of Vietnam’s economy. Production materials accounted for 94.1 percent of all imports, with consumer goods making up just 5.9 percent.
The United States remained Vietnam’s largest export market, with exports reaching US$69.6 billion during the first five months of the year. China continued to dominate as Vietnam’s largest source of imports, supplying US$92.6 billion worth of goods.
Vietnam’s trade surplus with the United States expanded 21.1 percent year-on-year to US$60.4 billion, while its trade deficit with China widened 36.4 percent to US$62.5 billion. Trade deficits with South Korea and ASEAN also increased significantly, reaching US$21.1 billion and US$8.6 billion, respectively.