Vietnam looks set to have trade surplus in 2016

31-Dec-2016 Intellasia | The Saigon Times | 6:00 AM Print This Post

Vietnam is poised to run a trade surplus of $2.68 billion this year after it registered a trade deficit of a whopping $3.55 billion last year, the general Department of Customs said in a report released Tuesday.

The country’s total export revenue this year is estimated to amount to $175.94 billion, up 8.6 percent over last year, and its import bill is forecast to stay at $173.26 billion, up 4.6 percent.

For export, mobile phones and phone parts are projected to register a year-on-year rise of 14.4 percent at $34.51 billion and textiles and garments with an increase of 3.3 percent at $23.56 billion.

Outbound sales of computers, electronics products and components could reach $18.48 billion, up 18.4 percent, and machinery, equipment, tools and components could amount to $10.48 billion, surging 28.4 percent.

Footwear exports have grown 7.6 percent to $12.92 billion, seafood has risen 6.9 percent to $7.02 billion, and autos and auto parts have edged up 2.4 percent to $6 billion.

Exports of crude oil have dipped 24.2 percent in volume and 36.7 percent in value to 6.96 million tonnes and $2.35 billion this year as a result of the global oil glut and price plunge.

Regarding import, enterprises in Vietnam have spent $28.09 billion buying machinery, equipment, tools and materials from other countries this year, up 1.8 percent against last year.

Imports of computers, electronics and components have climbed 20.1 percent to $27.8 billion while phones and phone components have inched down 0.3 percent to $10.56 billion.

Textile imports have hit $10.5 billion, up 3.4 percent, while iron and steel imports have grown 7.3 percent to $8.02 billion.


Category: Economy, Vietnam

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