Vietnam racks up US$1.29bil in trade surplus in two months

Fish being processed for export by workers of Sài Gòn Aquatic Products Trading JSC in HCM City. — VNA/VNS

HANOI (Vietnam News/ANN): Vietnam’s trade balance posted positive US$1.29 billion in the first two months of the year, the General Department of Customs has said.

The country’s trade turnover during January-February topped some $95.81 billion, a year-on-year surge of 25.4 per cent. Of the total, exports amounted to $48.55 billion, a yearly hike of 23.2 per cent, while imports were estimated at $47.26 billion, or 25.9 per cent higher than the same time last year.

Foreign-invested companies accounted for 76.4 per cent, or $37.07 billion, of Vietnam’s total export turnover. Meanwhile, the domestic sector shipped abroad $11.48 billion worth of products.

There were nine commodities joining the billion-USD export club, including telephones and parts ($9.3 billion, up 22.8 per cent year-on-year); electronics, computers and parts ($6.9 billion, up 27.3 per cent); equipment, machines and parts ($5.5 billion, up 72.6 per cent); footwear ($3.2 billion, up 15.4 per cent); and wood and wooden products ($2.4 billion, up 51 per cent). They made up 73 per cent of the country’s export turnover.

Vietnam also saw strong surge in shipments of several agricultural products, such as fruits and vegetables ($610 million, rising 14.6 per cent), rubber ($516 million, increasing 109.7 per cent), cashew ($442 million, up 21.5 per cent), and cassava ($256 million, up 78.2 per cent).

The US was Vietnam’s biggest importer as it splashed out $14.2 billion on Vietnamese products, or 38.2 per cent higher than the amount it spent the same time last year. China came second with $8.5 billion, followed by the EU with $6.3 billion, Asean $4.2 billion, South Korea $3.4 billion, and Japan $3.2 billion.

Meanwhile, the country spent big ($47.26 billion) on imports, with the foreign-invested sector purchasing $31.64 billion worth of products from abroad for production, up 31.4 per cent, while that of the domestic sector surged 16 per cent to $15.62 billion.

In the two-month period, China was the largest exporter of Vietnam, with revenue estimated at $17.3 billion, up 85.7 per cent year-on-year, followed by South Korea with $8.4 billion, Asean $5.6 billion, Japan $3.1 billion, the EU $2.3 billion, and the US $2.1 billion.

In a bid to support local firms in promoting production and exports, the Ministry of Industry and Trade said that it will work to capitalise on opportunities from the signed free trade agreements to seek measures for market development.

Additionally, it will keep a close watch on the global market to identify key export products, while paying due heed to penning measures for market development.— Vietnam News/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Vietnam , trade , surplus


Next In Aseanplus News

Pertamina ignored locals’ warning, says Indonesian Ombudsman over Balongan refinery fire
Vietnam calls for faster vaccine rollout before shots expire
Food, music and money are Singaporeans' favourite simple pleasures: poll
Opponents of Myanmar coup announce unity government
HK tycoon Jimmy Lai sentenced to 12 months for illegal assembly
Rebel groups see opportunity in post-coup Myanmar
IMF’s Berger warns China tech decoupling would slash global GDP
Thailand reports record daily increase of 1,582 Covid-19 cases
Telemedicine acts as lifeline during pandemic: Inquirer columnist
Cambodia's Hun Sen set for Asean summit, to get early Covid jab

Stories You'll Enjoy