Five-month trade deficit with RoK sees 38.3% fall
VOV.VN - Vietnam slipped into a trade deficit of US$10.8 billion with the Republic of Korea (RoK) in the first five months of this year, marking a decrease of 38.3% compared to the same period from last year.
Two-way trade turnover between the two countries fetched US$30 billion in total over five months.
Of the total, Vietnam spent US$20.4 billion on importing goods from the RoK, a decline of 26.8% year on year, while it earned US$9.6 billion from exports to the RoK, a 7.1% reduction against the same period last year.
For many years, the RoK has represented a large market providing machinery and equipment to FDI enterprises with 100% Korean capital in Vietnam. However, Vietnamese imports from the RoK have decreased sharply due to the lack of export orders over the past five months.
Last year saw bilateral trade turnover rise 10.4% to US$86.4 billion. Of the total turnover, exports reached US$24.3 billion, up 10.7%, while imports hit US$62.1 billion, up 10.3%. As a result, Vietnam’s trade deficit from the RoK was worth US$37.8 billion, up 10% compared to 2021.