August trade surplus hits US$176m

Thursday, Sep 19, 2013 07:33

Goods for export are loaded at Vung Tau Port. The country earned US$85.16 billion from exports while spending $84.99 billion on imports in the first eight months of the year. — VNA/VNS Photo Ha Thai
HA NOI (Biz Hub) — Viet Nam's balance of trade hit a US$176 million surplus in the month of August, according to the General Department of Customs.

The result marks the third consecutive month of a trade surplus for Viet Nam.

Figures released by the department showed that the country's total import and export revenue reached $170.1 billion in the first eight months of this year, increasing 14.8 per cent on last year's figures and achieving 67.6 per cent of the year's target.

The country earned $85.16 billion from exports, accounting for a 15 per cent increase on the same period last year. Meanwhile, Viet Nam imported $84.99 billion in the in the first eight months of the year, representing a 14.4 per cent increase.

Last month, the country reaped $11.92 billion and imported $11.32 billion, increasing 2.8 per and 0.9 per cent increase against the previous month.

Key export items including telephone and spare-parts earned a revenue of $13.39 billion, garment and textile $11.45 billion, computer and electricity products $6.78 billion, shoes $5.47 billion, machinery and equipment $3.87 billion, and $3.38 billion from wooden products.

Foreign direct investment (FDI) enterprises remained a driving force in import-export activity as the sector recorded export revenue of $51.55 billion from the beginning of the year, surging 26.7 per cent against the same period last year and accounting for 60 per cent of the country's total export value.

FDI brought in $48 billion in import revenue between January and August, up 24.3 per cent from last year and accounting for 56.5 per cent of total imports.

The department said the trade balance's return to surplus was due to a surge in exports in the second half of last month, reaching $755 million, an increase of 18.5 per cent over the first half.

Viet Nam's import staples including machinery and equipment, spare parts and crude oil saw a decrease of 3.3 per cent from the same period last year, according to the official data.

It added that the trade surplus would help the country improve its balance of payments, increase foreign reserves and help stabilise the foreign exchange rate.

The department said the result was encouraging given the economic downturn and high inventories. — VNS

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