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Vietnam exports earn $34.7 bln in Jan-May
Vietnam’s exports growth reached 32.8 percent in the first five months to a total of US$34.7 billion, the Ministry of Industry and Trade has said. Goods that experienced strong growth included garments, footwear, electronics, crude oil, rubber and coffee. During this period, garment exports topped the list of hard currency earners with over $5.1 billion, a rise of 35.6 percent year-on-year. The US remained Vietnam’s largest importer, followed by the European Union and Japan.
Except for crude oil, footwear exports ranked second in the list with $2.37 billion in revenues, enjoying a year-on-year rise of 31.8 percent. Footwear was followed by aquatic products with revenues of $2.1 billion, up 31 percent.
Export revenues of rubber and coffee were over $1 billion and $1.77 billion, respectively, more than double the same period last year.
According to the ministry, higher priced commodities, thanks to the recovery of the global economy, were the main reason for Vietnam’s export growth, especially to European markets.
By contrast, imports rose strongly. Until the end of May, the whole country imported $41.3 billion, up 29.5 percent from the same period of last year, pushing the trade deficit to $6.5 billion and accounting for 18.8 percent of the gross export value.
Exporters are urged to establish new markets, engage in trade promotion activities, make the most of free trade agreements, and to prioritize the use of domestic fuel, raw materials and equipment to gradually reduce trade deficit.
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