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Vietnam trade surplus reaches US$1.8 billion in Jan-Jul

  • Jul 31, 2019
The Hanoitimes – The domestic sector reported a trade deficit of US$16.8 billion in the period, while foreign-invested firms posted a trade balance of US$18.6 billion.
Vietnam reported an estimated trade surplus of US$200 million in July, leading to a surplus of US$1.8 billion in the seven-month period, significantly lower than the surplus of US$2.6 billion in the same period last year, the General Statistics Office (GSO) has said in a monthly report.
On breaking down, the domestic sector reported a trade deficit of US$16.8 billion in the period, while foreign-invested firms posted a trade surplus of US$18.6 billion. The former’s export expanded 12.2% with a value of US$44 billion during the period, accounting for 30.3% of total exports (the rate of the same period last year was 29%), higher than the growth rate of 5.6% of the FDI sector with US$101.13 billion.In July, Vietnam exported goods worth US$22.6 billion, up 5.5% month-on-month, while imports reached US$22.4 billion, up 14.9%.

Overall, Vietnam’s trade turnover reached US$288.47 billion in the January – July period, of which its export value amounted to US145.13 billion, up 7.5% year-on-year, and imports totaled US$143.34 billion, up 8.3%.

According to the report, Vietnam’s export staples during the January – July period were electronic products, computers and components with US$18.6 billion, up 14.9% year-on-year; garment with US$18.3 billion, up 10.5%; footwear with US$10.4 billion, up 13.8%; equipment, parts with US$9.7 billion, up 7.2%; wood and furniture with US$5.7 billion, up 16.4%; vehicles and parts with US$4.9 billion, up 5.9%.

Phones and parts recorded the highest export turnover of US$27.3 billion, accounting for 18.8% of total exports and up 3.1% year-on-year.

In the January – July period, the US remained Vietnam’s biggest export market, spending US$32.5 billion on Vietnamese goods, up 25.4% year-on-year, followed by the European Union with US$24.3.2 billion, up 0.4%, and China with US$20 billion, up 0.1%.

Meanwhile, China remained Vietnam’s largest import market during January-July with turnover of US$42 billion, a 16.9% climb year-on-year.

South Korea claimed the second place by exporting US$26.6 billion worth of goods to Vietnam, down 0.8% year-on-year, followed by ASEAN with US$18.8 billion, up 5.2%.

Source: http://www.hanoitimes.vn/economy/2019/07/81E0DA13/vietnam-trade-surplus-reaches-us-1-8-billion-in-jan-jul/