Trade surplus hits $1.87b as high-value exports rise

Garment products are manufactured at Garment 10 Corporation. Garments and textiles were among products with high export value. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub) — Viet Nam has recorded consecutive trade surpluses in the first 10 months of 2014, with the total now standing at US$1.87 billion, according to the General Statistics Office (GSO).

The GSO said the country had enjoyed a trade surplus since the beginning of this year, achieving a trade surplus of $1 billion in the first quarter, $1.3 billion in the first half and $2.5 billion in the first nine months.

During the first 10 months, the nation's exports earned $123.75 billion, a 13.4-per cent year-on-year increase, and its imports reached more than $121.2 billion, an 11.2-per cent year-on-year increase.

Exports of the foreign-invested sector earned $82.48 billion, or two-thirds of the country's total exports, and its imports reached $68.66 billion, thereby achieving a $13.8-billion trade surplus.

Meanwhile, the State-owned sector experienced a significant trade deficit of $11.95 billion. From January to October, its exports reached $40.59 billion while its imports reached $52.54 billion, a 12-per cent year-on-year increase.

Exports of high value include telephone and components with $19.16 billion, a 6.9-per cent year-on-year increase; garments and textiles with $17.62 billion, a 19.3-per cent year-on-year increase; and electronics, computers and components with $8.7 billion, the same figure as that of last year.

Other exports include seafood with $6.51 billion, a 20.6-per cent year-on-year increase; crude oil with $6.27 billion, a 5.4-per cent year-on-year increase; and machinery and equipment with $6 billion, a 20.3-per-cent year-on-year increase.

According to GSO, China remained Viet Nam's biggest source of imports with $35.6 billion, a 17.1-per cent year-on-year increase, followed by the ASEAN with $19 billion, a 6.6-per cent year-on-year increase; South Korea with $17.1 billion, a 2.7-per cent year-on-year increase; Japan with $10.3 billion, a 7.9-per cent year-on-year increase; and the European Union with $7.5 billion, a 3.3-per cent year-on-year increase.

The GSO advised domestic companies to expand their import-export markets to reduce dependence on the Chinese market and avoid possible risks. — VNS