The United States was the country's largest export market in the first eight months, accounting for $18.5 billion in exports, or 22.5 per cent more than that of the same period last year.— VNA/VNS Photo Trong Dat

HA NOI (Biz Hub) — Viet Nam has gained a trade surplus of US$1.7 billion for the first eight months of 2014, figures from the General Statistics Office (GSO) show.

The figures also showed that the nation incurred a trade deficit, worth $100 million, only in January, and began earning a surplus in February, at $244 million.

The surplus reached $1 billion in the first quarter, $683 million in the first four months, $1.6 billion in the first five months and $1.3 billion in the first half. After seven months, the surplus increased to $1.26 billion.

The nation's total exports reached $97 billion in the first eight months, which was 14.1 per cent higher than that of the same period of last year. The nation's total imports reached $95.3 billion, which was 12 per cent higher than that of the same period of last year. It mainly imported materials and sub-materials for production.

The United States was the country's largest export market in the first eight months, accounting for $18.5 billion in exports, or 22.5 per cent more than that of the same period last year.

Other significant export markets include the European Union with $17.9 billion in exports, or a 13.3 per cent rise from that of last year; ASEAN with $12.4 billion, or a 0.5 per cent rise; Japan with $9.9 billion, or a 12.7 per cent rise; and China with $9.8 billion, or a 15.2 per cent rise.

Foreign direct investment (FDI) enterprises exported products worth $65.2 billion, or 15.6 per cent more than in the same period of last year, while domestic enterprises exported products worth $31.8 billion, or 11.1 per cent more than in the same period last year.

A number of key exports achieved high growth in the first eight months of the year, including seafood with $5 billion, a 23.6 per cent rise from that of last year; textiles and garments with $13.65 billion, a 19.7 per cent rise; telephone and telephone components with $15.23 billion, a 13.7 per cent rise; and crude oil with $5.59 billion, a 14.3 per cent rise.

However, a number of agricultural exports suffered a decline, including rice with $2.46 billion, a 3.7 per cent fall from that of last year; rubber with $992 million, a 31.7 per cent fall; and tea with $140 million, a 0.6 per cent fall.

The GSO also reported that the largest import market was China with $27.6 billion, a 17.3 per cent rise from that of the same period last year. Viet Nam achieved a $17.8-billion trade deficit with China in the first eight months, a year-on-year surge of 18.5 per cent.

FDI enterprises imported $53.4 billion worth of equipment and products, or 12 per cent more than in the same period last year, while domestic enterprises imported $41.9 billion worth of equipment and products, or 13.4 per cent more than in the same period last year. — VNS