Vietnam estimated Friday its trade deficit in the first five months of the year more than doubled to $3.25 billion from a year earlier, due largely to a surge in imports for the construction of state projects.
In May alone the deficit was estimated at $700 million, up more than 27% from last month's shortfall, the General Statistics Office said.
In the first five months of 2006 the deficit stood at $1.54 billion. In May 2006 the office estimated that month's deficit at $400 million.
The trade report showed imports of machinery, mainly for big government projects including Vietnam's first $2.5 billion refinery and new power plants, rose 45% in the January-May period from a year earlier.
The imports of steel and steel ingots in the first five months were also expected to jump 64.7% from a year earlier to $1.7 billion on the back of robust demand from the construction sector.
The Trade Ministry has projected the trade deficit this year would reach $4.66 billion, with exports rising 22% from last year to $47.54 billion and imports hitting $52.2 billion.
Source: Thanh Nien
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