Smartphone export revenue surpasses $31b in eight-month period

22-Sep-2018 Intellasia | The Saigon Times | 6:00 AM Print This Post

Revenue from exports of smartphones and their components skyrocketed in the first eight months of this year, amounting to $31 billion, shows data from the general Department of Vietnam Customs.

In particular, revenue from exports of this product group generated some $5.2 billion in August, soaring by a staggering 33.6 percent against July. The figure was higher than the monthly average of this product group, at $3.5 billion. For example, June and July saw smartphones and their components bringing in $3.32 billion and $3.86 billion, respectively.

The sharp hike in revenue from exports of this product group last month was attributed to Samsung’s launch of the Galaxy Note 9. Vietnam is one of the countries that manufacture Samsung smartphones, with many markets across the world strongly increasing their imports of the product from the country.

As such, in the year to late August, Vietnam alone had got $31.63 billion from exporting smartphones and their components, up 18.5 percent year-on-year. This marked the first time that revenue from this product group had surpassed $31 billion in the eight-month period.

Exports of this product group to the European Union, which has 28 member states, reached $8.89 billion in January-August, up 12.4 percent year-on-year. Besides this, smartphone exports to China increased threefold, reaching $4.2 billion, while the United States spent $3.54 billion importing the product from Vietnam.

The export value of this product group accounted for some 20 percent of the country’s total goods exports, outstripping the country’s second most-exported product group in terms of export revenue.

Textile and garment exports generated $19.76 billion in the first eight months, up 16.9 percent, or $2.86 billion, year-on-year. Electronics and their parts ranked third on the list of goods exports; the eight-month period saw revenue from this product group growing 17.3 percent year-on-year to $18.95 billion.

The surge in exports of smartphones and their components significantly contributed to Vietnam’s export activities, with total revenue reaching $23.48 billion in August, up a whopping 15.6 percent against the figure for July.

Meanwhile, imports in August posted $21.28 billion in value, edging up 1.6 percent, or $329 million, resulting in the goods trade balance in August reaching $2.2 billion.

The data also indicates that up to 37 out of 46 product groups showed a rise in exports in August compared with July, with 10 groups witnessing a growth rate of 20 percent. In addition, in the past eight months, 25 out of 45 product groups earned over $1 billion in export revenue, making up 89.6 percent of the country’s total export earnings.

Export revenue reached a combined $158.41 billion over the eight-month period, maintaining a fast growth rate of 16.7 percent, or rising by $22.69 billion year-on-year.

Meanwhile, import turnover amounted to $153.72 billion over the first eight months, up 12.4 percent against the same period last year.

https://english.thesaigontimes.vn/62855/smartphone-export-revenue-surpasses-us$31b-in-eight-month-period.html

 


Category: Economy, Vietnam

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