Automobile spare parts sector achieved trade surplus of nearly $US 700 million

Producing automobile and motor spare parts at Vietnam Stanley Electric Co., Ltd (Gia Lam district, Hanoi). Photo: T.Bình

According to the latest information of the General Department of Customs, up to 15/9, total export turnover of auto parts achieved more than $US 3.2 billion, increased by 6.8% over the same period of 2017.

This is also the main item in the commodities group of "transport vehicles and spare parts" counted by General Department of Customs.

Notably, the export turnover of automobile parts was $US 685 million higher than the imports of automobile parts and accessories at the same time (as of 15/9, the group of components and accessories for imported automobiles reached $US 2.527 billion).

However, one detail is that the imports of the commodity group includes both components and parts, while exports are just automotive parts.

The largest export markets for vehicles and spare parts (with the main items being auto parts) are the countries with the world's leading automobile industries.

In particular, Japan is the largest market with turnover of $US 1.593 billion (updated by the General Department of Vietnam Customs by the end of August - reporter); US reached $US 849 million.

In addition, there are many markets that reached hundreds of millions USD or more in the first eight months of the year, such as Thailand, China, Korea, Canada, Germany, Netherlands, Malaysia and Indonesia.

In 2017, the export turnover of automobile spare parts of Vietnam reached $US 4.443 billion. In particular, the turnover of FDI enterprises accounted for 95.5% of total turnover.