Seven-month trade surplus tops $1.8 billion

Thursday, Aug 01, 2019 08:00

A graphic shows Viet Nam's trade value in the first seven months of 2019. — Source: VNA
Viet Nam posted a trade surplus of US$1.8 billion in the first seven months of the year, much lower than $2.6 billion trade surplus seen in the same period last year, the latest report from the General Statistics Office (GSO) revealed.

The positive figure was partly thanks to the export turnover of the domestic sector which expanded 12 per cent to $44 billion during the period, accounting for 30.3 per cent of total exports, higher than the growth rate of 5.6 per cent of the foreign-invested sector with $101.13 billion, GSO statisticians said.

Despite the encouraging export performance, the domestic sector still encountered a trade deficit of $16.8 billion while the foreign-invested sector recorded a trade surplus of $18.6 billion, they noted.

During the period, the country earned $145.13 billion from shipping goods abroad, a year on year surge of 7.5 per cent.

The growth in export value was mainly contributed to by 24 goods with a turnover of more than $1 billion. These staples accounted for 88.1 per cent of the nation’s total export revenue. Of them, telephones and spare parts were the largest earners with $27.3 billion, surging 3 per cent year-on-year and making up 19 per cent of total value. Electronics, computers and components came next with $18.6 billion, up 15 per cent while garment and textiles ranked third with $18.3 billion, up 11 per cent.

Other staples recording a significant export turnover were footwear ($10.4 billion, up 14 per cent); machinery, equipment and spare parts ($9.7 billion, up 7.2 per cent) and wood and wooden products ($5.7 billion, up 16 per cent).

Meanwhile, shipments of vegetables and fruits, coffee and rice experienced a fall compared to the same time last year with respective earnings of $2.3 billion; $1.8 billion and $1.7 billion.

According to GSO, the US was the largest importer of Vietnamese goods in the period with a turnover of $32.5 billion, 25 per cent higher than last year’s corresponding period. The EU and China came second and third with $24.3 billion and $20 billion, respectively.

From January to July, Viet Nam splashed out $143.34 billion on imports, up 8.3 per cent year on year. Of the sum, some $61 billion was contributed by the domestic sector, up 13 per cent and nearly $83 billion by the foreign-invested sector, growing 5.3 per cent.

There were 28 goods seeing import value of more than $1 billion, making up 85.8 per cent of total purchases from foreign countries, including computers and spare parts with $28.2 billion; machines and equipment ($21 billion); cloth ($7.8 billion) and automotive ($4.3 billion).

China remained Viet Nam's largest import market during the seven month period with turnover of $42 billion, a 17 per cent climb year-on-year. That resulted in a trade deficit of $22 billion Viet Nam had to face with the neighbouring market in the period, up 38 per cent year-on-year, GSO said.

South Korea claimed second place by exporting $26.6 billion worth of goods to Viet Nam, down 1 per cent year-on-year, followed by ASEAN with $18.8 billion, up 5 per cent. — VNS

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