Vietnam trade surplus jumps to US$3.54 billion in Jan-May

Vietnam posted a trade surplus of US$3.54 billion in the first five months of 2020, significantly higher than a surplus of US$2.78 billion recorded for the January-April period, according to the General Department of Vietnam Customs (GDVC).

Vietnam posts a trade surplus of US$3.54 billion in the first five months of 2020.

The government-run General Statistics Office last month estimated a trade surplus of US$1.9 billion for the five-month period.

In May, the country's trade turnover increased 3.46% month-on-month to US$37.35 billion, according to the customs department. Of the total, exports rose 9.1% month-on-month to US$19.19 billion, and imports slipped 1.9% to US$18.18 billion, resulting in a trade surplus of US$1.01 billion.

Overall, the country’s external trade decreased 2.8% year-on-year to nearly US$197 billion in the five-month period. Upon breaking down, exports totaled US$100.21 billion, down 0.9% year-on-year, and imports reached US$96.67 billion, down 4.6%.

Foreign-invested companies recorded a trade value of US$120.15 billion during the period, including $65.55 billion in exports, accounting for 65.4% of Vietnam’s export turnover. They spent US$54.6 billion on imports, making up 56.6% of total imports. This resulted in a trade surplus of US$10.95 billion.

Meanwhile, the domestic-invested sector recorded a trade value of US$76.85 billion, or 39% of Vietnam’s total trade volume, and a trade deficit of US$7.4 billion.

Vietnam recorded three export items with turnover of over US$10 billion during this period, including phones and parts with US$18.3 billion; computers, electronic products and parts with US$15.5 billion and textile with US$10.5 billion. Meanwhile, some key export staples suffered a sharp decline in revenue year-on-year, such as crude oil with US$622 million (-26%), petroleum products with US$509 million (-44%), and steel (-11%), among others.