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Trade surplus at $2.45 billion in 8M

Released at: 11:15, 31/08/2016

Trade surplus at $2.45 billion in 8M

Photo: Duc Anh

Export turnover up 5.5% year-on-year while import turnover down 0.3%.

by Luong Nhi

Vietnam recorded a trade surplus in the first eight months estimated at $2.45 billion against a deficit of $3.6 billion in the same period last year, according to the General Statistics Office (GSO).

The domestic sector recorded a deficit of $12.73 billion while the foreign-invested sector (including crude oil) saw a surplus of $15.18 billion. Export turnover in the period was estimated at $112.19 billion, up 5.5 per cent year-on-year.

The domestic sector’s export turnover was about $32.62 billion, up 4 per cent, while the foreign-invested sector (including crude oil) earned some $79.57 billion, an increase of 6.1 per cent.

The US remained Vietnam’s largest export market in the period, with $24.6 billion, 13 per cent higher year-on-year. The EU followed, with $21.9 billion, up 8.8 per cent, then China with $12.6 billion, 15 per cent higher.

Japan and South Korea took fourth and fifth places, with $9.3 billion, up 0.2 per cent, and $7 billion, up 30.7 per cent, respectively. Exports to ASEAN totaled almost $11.1 billion, down 10 per cent due to the sharp declines in the global crude oil price.

Export turnover in August was estimated at $15.2 billion, a 2 per cent increase against July. The domestic sector earned about $4.54 billion, up 2.8 per cent, while the foreign-invested sector (including crude oil) earned about $10.66 billion, up 1.6 per cent.

Goods with higher export turnover compared to July included fruit and vegetables, up 10.5 per cent, computers and electronic items 11.7 per cent, rice 39.5 per cent, and cassava and cassava products 37.1 per cent.

Export turnover in August increased 5.6 per cent year-on-year. The domestic sector increased 11 per cent and the foreign-invested sector (including crude oil) 3.4 per cent. Machinery, equipment and tools increased 29.7 per cent, computer and electronic items 20.2 per cent, and footwear 17.6 per cent.

Import turnover in the first eight months was estimated at $109.74 billion, down 0.3 per cent year-on-year. The domestic sector imported about $45.35 billion worth, up 0.5 per cent, and the foreign-invested sector $64.39 billion, down 0.8 per cent.

Vietnam imported less from its main import markets. Those from China totaled $31.6 billion, down 2.8 per cent year-on-year, while ASEAN imports were $15.2 billion, down 3.4 per cent.

Imports from Japan were about $9.5 billion, a 2.5 per cent decline, from the EU $6.9 billion, down 0.2 per cent, and from the US $5.2 billion, down 3.3 per cent. South Korean imports totaled $20.3 billion, up 9.3 per cent up due to dramatic increases in the importation of gasoline, computers and electronic items.

In August the country’s trade surplus was about $200 million, compared to $564 million in July.

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