Vietnam posts five-month trade deficit with Israel
Vietnam recorded a trade deficit of 101.4 million USD with Israel in the first five months of this year due to declines in the export of key commodities and the resumed import of items of high value.
Workers produce face masks at a factory of a member company of the Vietnam National Textile and Garment Group - Vinatex (Photo: VNA)
Tel Aviv (VNA) - Vietnamrecorded a trade deficit of 101.4 million USD with Israel in the first fivemonths of this year due to declines in the export of key commodities and theresumed import of items of high value.
According to Vietnamese Trade Counsellor inIsrael Le Thai Hoa, bilateral trade stood at 649.4 million USD during the five-monthperiod. Vietnam’s exports were down 17.9 percent year-on-year while its importssurged 419.3 percent.
He attributed the import growth primarily toVietnam resuming its import of commodities from Israel with high value, likecomputers, electronic products, and components.
Apart from textiles, garments, and coffeeproducts, which saw shipments grow, most of Vietnam’s key exports to Israel werelower year-on-year, including aquatic products, footwear, cashew nuts, andmobile phones.
Such a situation has become common in manycountries around the world, Hoa explained, as a result of the COVID-19pandemic.
Of note, tuna exports to Israel reached 11.09million USD during the first five months, accounting for 4.6 percent ofVietnam’s total tuna exports, Hoa said, adding that Israel is currently one ofthe ten largest importers of Vietnamese tuna.
In May alone, bilateral trade stood at 136.15million USD, excluding machinery, vehicles, equipment, and protective gear inthe security and defence sectors. Vietnam’s exports to Israel regained their stronggrowth while imports rose slightly against the previous month.
He also noted that some Israeli businesses haveshown an interest in tra fish fillets, canned food, and apparel from Vietnam,and have been in discussions with Vietnamese partners to boost imports.
Given COVID-19, many Israeli companies have alsoinked contracts with Vietnamese companies to import medical supplies such as medicalgloves and protective gear, Hoa added./.
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Workers produce face masks at a factory of a member company of the Vietnam National Textile and Garment Group - Vinatex (Photo: VNA) 
