Vietnam's export surplus in the first 8 months is nearly USD 12 billion

Total import-export turnover of the first eight months of the year is estimated at more than USD 336.3 billion, down 0.3% from the same period last year, according to the Vietnam General Statistics Office report released yesterday. In which, export reached USD 174.11 billion, up 1.6%; import USD 162.21 billion, down 2.2%.

Compared to the same period last year, exports in August increased by 2.5%. The increase in exports in August widened the trade balance to USD 11.9 billion, bringing the trade surplus of eight months to 3.5 times higher than the same period last year.

Previously, the export turnover in the first seven months decreased by 1.3% over the same period last year.

Explanation, the Vietnam General Statistics Office said that the increase in the export value of goods in August was due to the Samsung company boosting the export of Note 20 phones, bringing the export value from the FDI sector increased by 8% compared to the month. before.

Export from the domestic economic sector increased by 15.3%, but only contributed about 35% to the total export; FDI sector accounted for 65% of total exports, but decreased 4.5% over the same period last year.

Among the 5 main categories with an export value of more than USD 10 billion, 3 industries fell and 2 sectors still increased. In which, the group of telephones and components, which had the highest export value, continued to decline in the previous months (-5.5%); shoes and textiles also recorded a decrease of 11.5% and 8.6%, respectively.

In the group of agricultural products, the main export items decreased, the eight agricultural commodities with the largest export value decreased by nearly half a USD billion compared to the same period last year.

The United States is still the largest partner with a turnover of USD 46.7 billion, up 19% over the same period last year. The Chinese market increased 13% to USD 27 billion. The remaining major markets such as EU, ASEAN, Korea, and Japan all declined.

Import turnover of goods in August is more than USD 23 billion, up 4.1% over the previous month. However, the total 8-month cumulative import turnover still decreased 2.2% over the same period, reaching USD 162.2 billion.

29 imported items with a value of over USD 1 billion, contributing 86.6% to total import turnover. Among key import groups, except for electronics, computers and components, which increased by 15.2% year-on-year, the rest of the imported goods mostly recorded a decrease.

Regarding the structure of goods, the group of means of production accounts for 93.5% of the total import turnover, the rest belongs to the group of consumer goods.

China continues to be the largest import market of Vietnam with a total import of USD 49.3 billion. Imports from South Korea, ASEAN, and Japan all decelerated. Particularly, imports from the EU increased by 4.7%.

Phaata (Adapted from Forbes Vietnam)