Vietnam had a trade deficit of some US$56 billion with Asia in the first five months of 2022 as imports jumped, according to the General Statistics Office.

 

China and South Korea were among Vietnam’s biggest exporters during the January-May period.

 

The country shipped goods worth US$71.4 billion to Asia between January and May, up 13% year-on-year, while spending US$127.3 billion buying goods from the region, a year-on-year increase of 17.6%.

 

Two-way trade between Vietnam and Asia reached over US$198.6 billion, up 16.1% year-on-year, accounting for nearly 65% of the former’s total import-export value in the first five months.

 

Vietnam’s trade with other regions made gains during the five-month period, with an 18.4% increase in trade with the Americas at US$64.8 billion. In addition, the country’s two-way trade with Europe amounted to US$32.4 billion, up 9.8% year-on-year.

 

The country’s import-export value in May stood at US$63.5 billion, sending the total value between January and May to US$306.1 billion, up 16% year-on-year.

 

Vietnam exported goods worth US$153.3 billion in the first five months, a 16.7% increase against the same period last year, while spending US$152.9 billion importing goods, up 15.3% year-on-year. As such, Vietnam enjoyed a trade surplus of US$434 million during the five-month period.