Việt Nam records $1.8b trade surplus YTD

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Workers of An Giang Agriculture and Food Import and Export JSC process pineapples for export. — VNA/VNS Photo Vũ Sinh.

GSO experts attributed the surplus to a rise in export values, while import revenues declined. The nation’s export turnover during the period rose 5.3 per cent year-on-year to $96.83 billion, while its import value saw a modest reduction of 1 per cent to more than $95 billion.

Of export turnover, foreign-invested businesses generated $68.9 billion, up 6.5 per cent year-on-year, while the remainder of $27.93 billion came from domestic firms, surging 2.5 per cent on-year.

Some key export staples, during the first seven months, included mobile phones and components up 13.5 per cent to $19.5 billion; textile and garments up 5.4 per cent to $13.2 billion; electronics and components up 9.5 per cent to $9.4 billion; and footwear up 8 per cent to $7.53 billion.

Encouraging export growth was also seen in handbags, wallets, suitcases, hats and umbrellas, seafood, cashew nuts as well as fruit and vegetables.

However, exports of some products declined in this period, with crude oil slipping 44.5 per cent to $1.4 billion, cassava and cassava products slumping 28.5 per cent to $614 million, rubber down 10 per cent to $679 million and steel and iron sinking 3 per cent to $988 million.

As for imports, machines, equipment, oil and gas, as well as many raw materials, which account for nearly 92 per cent of the country’s total import values, dropped 5.8 per cent year-on-year to $15.4 billion in seven months. Petroleum, animal feed also saw yearly reductions of 17 per cent and 5 per cent, respectively.

GSO said China remained Việt Nam’s largest import market. From January to July, Việt Nam imported $27.4 billion worth of goods from China, nearly four times and five times higher than figures from Japan and the EU. That has resulted in a trade deficit of $16.7 billion Việt Nam recorded with the neighboring country.

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Việt Nam was striving to fetch a total of $178 billion from exports by year-end, up 10 per cent from a year ago, and control trade deficit at 5 per cent.