Vietnam earns trade surplus of nearly $1.8 billion in Jan-July

01-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Vietnam exported $145.13 billion worth of products and spent $143.34 billion on imports in the January-July period, resulting in a trade surplus of $1.79 billion during the period, according to data from the general Statistical Office.

Statistics showed that exports in the seven-month period rose 7.5 percent, while imports were up 8.3 percent over the same period last year, according to the Vietnam News Agency.

Domestic enterprises suffered a trade deficit of $16.8 billion, while the foreign direct investment (FDI) sector recorded a trade surplus of $18.6 billion, including crude oil revenue.

Specifically, local firms’ exports expanded 12.2 percent to more than $44 billion, while FDI businesses generated $101.13 billion from exports, including crude oil, up 5.6 percent year-on-year.

Thus, the export revenue growth of domestic firms was higher than that of FDI companies.

Among 24 kinds of merchandise with export revenue of over $1 billion each, there were four items posting export revenue of more than $10 billion each: phones and phone parts (US$27.3 billion), accounting for 18.8 percent, followed by computers, electronic products and accessories (US$18.6 billion); textiles and garments (US$18.3 billion); and footwear (US$10.4 billion).

During the period, the United States was Vietnam’s largest import market, with revenue of $32.5 billion, up more than a quarter over the same period last year.

The European Union came in second with $24.3 billion, followed by China with $20 billion, the Asean with $15.2 billion and South Korea with $10.7 billion.

Meanwhile, China remained the country’s largest supplier of products in the period with import turnover reaching $42 billion, marking a year-on-year increase of 16.9 percent.$18 billion-in-jan-july.html


Category: Economy, Vietnam

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