Vietnam reports trade surplus of nearly $4 billion in eight months

Vietnam has enjoyed a trade surplus of 3.96 billion USD in the first eight months of 2022, the General Statistics Office (GSO) announced on August 29.

According to the office, the country’s import-export turnover is estimated to reach 64.34 billion USD in August, up 5.2% month-on-month and 17.3% year-on-year.

The figure raised the country’s total value during the January-August period to 497.64 billion USD, up 15.5% y-o-y, of which exports reached 250.8 billion USD, up 17.3% and imports were estimated at 246.84 billion USD, up 13.6%.

In the reviewed period, 30 commodities reported their export value of more than 1 billion USD, with that of six surpassing the 10 billion USD benchmark.

Meanwhile, 38 commodities see their import value of over 1 billion USD, with four surpassing the 10-billion-USD mark.

Vietnam reports trade surplus of nearly 4 billion USD in eight months hinh anh 2
Tra fish processing for export (Photo: VNA)

During January-August, the US was Vietnam’s biggest importer, buying 77.7 billion USD worth of goods, while China was Vietnam’s largest exporter, selling 82.1 billion USD worth of products.

Vietnam saw a trade surplus of 21.6 billion USD with the European Union, and a trade deficit of 47.8 billion USD with China in the period, up 46.4% and 21.9% y-o-y, respectively.

To assist exporters, the Ministry of Industry and Trade has helped them grasp contents of new-generation free trade agreements (FTAs) to make most of opportunities and minimise challenges brought about by these deals.

Attention has also being paid to bettering trade promotions, simplifying administrative procedures, and providing enterprises with both domestic and international market forecasts./.

Source: VNA