Vietnam enjoys trade surplus of over 2.8 billion USD in two months

Illustrative image (Source: VNA)

Total import-export revenue in the first two months of this year is estimated at 96.06 billion USD, down 13.2% year on year, with a trade surplus of 2.82 billion USD, reported the General Statistics Office (GSO).

According to the office, so far this year, the country has exported 49.44 billion USD worth of goods, down 10.4% over the same period last year, with 37.92 billion USD coming from the foreign-invested sector, accounting for 76.7%.

In February alone, total export revenue is estimated at 25.88 billion USD, up 9% over January and 11% year on year.

In the first two months of 2023, eight kinds of products recorded exports of over 1 billion USD, accounting for more than 69.9% of the total. Particularly, three enjoying revenue of over 5 billion USD.

The manufacturing-processing sector contributed 44.38 billion USD to the country’s total export revenue, accounting for 89.8%, while agro-forestry sector made up 6.9%, fisheries 2% and fuel and minerals 1.3%.

In January and February, the country spent 46.62 billion USD on importing goods, down 16% year on year, mostly on production materials. In February, the figure dropped 6.7% over the same period last year to 23.58 billion USD.

In the first two months of this year, imports of 13 groups of goods exceeded 1 billion USD, with two recording exports of more than 5 billion USD.

So far this year, the US has remained the largest export market of Vietnam with a revenue of 13.1 billion USD, while China has been the biggest import market with a value of about 14.6 billion USD.

In the January-February period, Vietnam’s trade surplus with the EU is estimated at 4.8 billion USD, up 1.8%. Meanwhile, the country has suffered a trade deficit of 6.4 billion USD with China, 4.7 billion USD with the Republic of Korea, 1.5 billion USD with ASEAN countries, and 237.2 million USD with Japan.

To meet the target of about 6% growth in export revenue this year, the Ministry of Industry and Trade has asked businesses to actively improve the competitiveness of their products, while expanding their export markets.

The ministry will strengthen the exploitation of potential markets nearby, while switching to official export channels in association with the building of trademark. The ministry will also renovate its trade promotion activities and develop digital infrastructure to increase distributions though e-commerce platforms.

Besides, the ministry will organise training courses for businesses and supporting them to make full use of free trade agreements./.