Vietnam's trade deficit with Asia at $56 bn during Jan-May 2022

23 Jun '22

2 min read

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Vietnam’s imports from Asia increased in the first five months of this year, resulting in the country having a trade deficit of $56 billion with the continent, according to Vietnam’s General Statistics Office. Vietnam’s exports to Asia were up 13 per cent year-on-year (YoY) to $71.4 billion, and its imports from Asia rose 17.6 per cent to reach $127.3 billion during Jan-May 2022.

Korea and China were the biggest exporters for the country during this period.

The total trade between Vietnam and the rest of Asia increased 16.1 per cent YoY, which accounts for 65 per cent of the country’s total trade value between January and May 2022, Vietnamese media reports said quoting the GSO.

The country’s total trade value stood at $306.1 billion in the first five months of the year, up 16 per cent YoY. Its trade with Europe increased by 9.8 per cent YoY to reach $32.4 billion, while that with the Americas rose by 18.4 per cent to $64.8 billion during the five-month period.

In May alone, Vietnam’s total import-export value was $63.5 billion.

The country’s overall exports in the first five months went up by 16.7 per cent YoY to $153.3 billion, while its import value for the same period increased by 15.3 per cent YoY to reach $152.9 billion, resulting in a trade surplus of $434 million.

Fibre2Fashion News Desk (KD)

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