Vietnam records trade surplus over two months

The export and import revenues respectively rose 23.2% and 25.9% year on year, said the statistics office. (File pic shows a .Vietnamese garment factory.)

HANOI: Vietnam recorded export turnovers of nearly US$48.6bil and import turnovers of roughly US$47.3bil in the first two months of this year, with a trade surplus of around US$1.3bil, according to the General Statistics Office.

The export and import revenues respectively rose 23.2% and 25.9% year on year, said the office.

Specifically, Vietnam gained US$9.3bil from exporting phones and components, up 22.8%; US$6.9bil from electronic goods, computers and components, up 27.3%; and US$4.8bil from garments and textiles, down 0.01%.

The United States remained Vietnam’s biggest importer with turnovers of US$14.2bil, tailed by China with US$8.5bil and the European Union with US$6.3bil, said the office.

In the same period, Vietnam spent US$10.9bil importing electronic goods, computers and components, up 23.9% and accounting for 23% of total import turnovers; US$6.8bil on machines, equipment and spare parts, up 30.8%, and US$3.6bil on phones and components, up 74.6%.

Meanwhile, China was Vietnam’s largest exporter with turnovers of US$17.3bil, followed by South Korea with US$8.4bil and the Association of Southeast Asian Nations with US$5.6bil, according to the office.

Meanwhile, the Vietnamese manufacturing sector ended February with modest improvement in business conditions, supported by growth in new orders, output and employment, a report compiled by the London-based global information provider IHS Markit revealed.

The Vietnam Manufacturing Purchasing Managers’ Index (PMI) went up to 51.6 in February from 51.3 in January, signalling a modest improvement in business conditions. The health of the sector has now strengthened in three successive months, according to the report.

The sustained growth of new orders was recorded, helping to drive the improvement in overall business conditions. Total new orders were supported by a return to growth of new export business amid some signs of improving international demand. — Xinhua