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Vietnam sees 3 bln USD trade deficit in first 5 months

Xinhua, June 1, 2015 Adjust font size:

Vietnam saw a trade deficit of some three billion U.S. dollars in the first five months of 2015, accounting for 4.7 percent of its export revenue, according to Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade on Monday.

During the period, the domestic sector suffered a 7.7-billion-U. S. dollar trade deficit while foreign-invested sector enjoyed a trade surplus of 4.7 billion U.S. dollars.

In the January-May period, Vietnam's export revenue hit 63.2 billion U.S. dollars, up 7.3 percent year-on-year.

Several items registered higher export revenue compared to the same period of 2014, including cell phones and accessories, electronics products, computers and accessories, footwear, bags, suitcases, hats, umbrellas, cashew nuts, cassava and its products.

Meanwhile, the country experienced decrease in exports of several items, including coffee, rice, coal, among others, reported VITIC.

Regarding markets for Vietnamese exports, the United States continued to be the largest market for Vietnamese exports with a revenue of 12.7 billion U.S. dollars, up 17.6 percent year-on-year.

The United States was followed by the European Union, while the Association of Southeast Asian Nations (ASEAN) and China ranked the third and fourth among major markets for Vietnamese exports during the five-month period.

At the same time, during the period, Vietnam spent around 66.2 billion U.S. dollars on imports, up 15.8 percent year-on-year.

Import items with climbing revenue included autos, machines, tools and spare parts, plastic products, animal feed and material, among others.

During the period, China remained the largest supplier for Vietnam's imports with a revenue of 19.5 billion U.S. dollars, up 19.1 percent year-on-year. Endi