Estimated trade deficit of 1 billion USD in May

The growth rate of goods imports outpaced exports, causing the trade deficit to return in May, after many months without recording this.

Goods exports and imports in the first 5 months of 2024

Specifically, data recently released by the General Statistics Office shows that merchandise exports in May 2024 were estimated at US$32.81 billion, an increase of 5.7% compared to the previous month and a 15.8% increase compared to the same period last year. Meanwhile, merchandise imports in May 2024 were estimated at US$33.81 billion, an increase of 12.8% compared to the previous month and a 29.9% increase compared to the same period last year. Therefore, the merchandise trade balance in May is estimated to have a deficit of US$1.0 billion.

However, overall for the first five months of 2024, the trade balance for goods is estimated to still have a surplus of US$8.01 billion (compared to a surplus of US$10.2 billion in the same period last year). Of this, the domestic economic sector had a trade deficit of US$11.26 billion, while the foreign-invested sector (including crude oil) had a trade surplus of US$19.27 billion.

The trade surplus was achieved because merchandise exports in the first five months of 2024 were estimated at US$156.77 billion, an increase of 15.2% compared to the same period last year. Of this, the domestic economic sector accounted for US$43.69 billion, an increase of 20.5%, representing 27.9% of total exports; the foreign-invested sector (including crude oil) accounted for US$113.08 billion, an increase of 13.3%, representing 72.1%.

In the first five months of 2024, 26 product categories achieved export turnover exceeding $1 billion, accounting for 90.0% of total export turnover (including 7 product categories with export turnover exceeding $5 billion, accounting for 65.3%).

Regarding the structure of export product groups in the first five months of 2024, the fuel and mineral group is estimated to reach US$2.06 billion, accounting for 1.3%; the processed industrial goods group is estimated to reach US$137.39 billion, accounting for 87.7%; the agricultural and forestry products group is estimated to reach US$13.82 billion, accounting for 8.8%; and the aquatic products group is estimated to reach US$3.5 billion, accounting for 2.2%.

Meanwhile, merchandise imports in the first five months were estimated at $148.76 billion, an increase of 18.2% compared to the same period last year. Of this, the domestic economic sector accounted for $54.95 billion, an increase of 24.2%; and the foreign-invested sector accounted for $93.81 billion, an increase of 14.9%.

In the first five months of 2024, 27 imported items reached a value of over $1 billion, accounting for 84.5% of total import turnover (including 4 imported items exceeding $5 billion, accounting for 47.0%) .

Import commodity structure in the first 5 months of 2024

Regarding the structure of import groups in the first five months, the group of production materials is estimated at $139.89 billion, accounting for 94%; the group of consumer goods is estimated at $8.87 billion, accounting for 6%.

Thus, in May, the total value of goods exports and imports is estimated at 66.62 billion USD, an increase of 9.1% compared to the previous month and an increase of 22.6% compared to the same period last year. For the first five months of the year, the total value of exports and imports reached 305.53 billion USD, an increase of 16.6% compared to the same period last year, with exports increasing by 15.2% and imports increasing by 18.2%.

Major export and import markets in the first 5 months of 2024

In the first five months of 2024, the United States was Vietnam's largest export market with an estimated turnover of US$44.0 billion. China was Vietnam's largest import market with an estimated turnover of US$54.9 billion. During the first five months of 2024, the trade surplus with the United States was estimated at US$38.1 billion, an increase of 24.2% compared to the same period last year; the trade surplus with the EU was estimated at US$14.3 billion, an increase of 18.4%; the trade surplus with Japan was US$290 million, a decrease of 61.8%; the trade deficit with China was US$32.3 billion, an increase of 55.9%; the trade deficit with South Korea was US$11.1 billion, an increase of 1.3%; and the trade deficit with ASEAN was US$4.2 billion, an increase of 39.1%.

Source: https://thoibaonganhang.vn/thang-5-uoc-tinh-nhap-sieu-1-ty-usd-152142.html