Affected by COVID-19, Vietnam still had trade surplus of USD 6.5 billion in the first 7 months

According to the report of the General Statistics Office of Vietnam, the COVID-19 epidemic has spread rapidly throughout the world, continuing to cause negative impacts on export and import activities of Vietnam.

Total import and export turnover of goods in 7 months of 2020 was estimated at USD 285.12 billion, down 1.3% over the same period last year, of which exports reached USD 145.79 billion, up slightly by 0.2 %; import reached USD 139.33 billion, down nearly 3%.

However, according to the General Statistics Office of Vietnam, the domestic economic sector is a bright spot in Vietnam's import and export activities when export and import turnover in 7 months both increased over the same period last year, exports USD 50.76 billion, rising by 13.5%; import reached USD 61.86 billion, up 1.5%.

Trade balance of goods in 7 months was estimated at trade surplus of USD 6.5 billion, much higher than USD 1.7 billion in the same period last year.

Particularly, commodity export turnover in July 2020 was estimated at USD 23 billion, up nearly 2% over the previous month, of which the domestic economic sector gained USD 8.5 billion, up 2.6%; FDI sector (including crude oil) reached USD 14.5 billion, up 1.5%.

Compared to the same period last year, export turnover in July 2020 increased slightly by 0.3%, of which the domestic economic sector increased by 10.6%; FDI sector (including crude oil) decreased by 4.9%.

In the opposite direction, the import turnover of goods in July 2020 was estimated at USD 22 billion, up 6.2% over the previous month, of which the domestic economic sector gained USD 10.2 billion, up nearly 6%; FDI sector reached USD 11.8 billion, up 6.5%.

Compared to the same period last year, import turnover in July 2020 was estimated to decrease by nearly 3%, of which the domestic economic sector increased by 8.2%; FDI sector decreased by nearly 11%.

Phaata (Adapted from Economy & Consumption)

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