Viet Nam racks up $900m trade surplus by mid-March

Thursday, Mar 19, 2020 15:40

Hai Phong Port in the northern city of Hai Phong. From the beginning of this year to mid-March, Viet Nam posted a trade surplus of nearly $2.74 billion.— Photo

Viet Nam recorded a trade surplus of US$900 million during the first half of March, resulting in a nearly $2.74 billion trade surplus for the country by mid-March amid the development of the COVID-19 pandemic.

Statistics released from the General Department of Customs show that the country raked in $11.2 billion from exports during the first half of February while spending $10.3 billion on imports.

By mid-March, the country’s trade turnover hit $97.85 billion, up 4.4 per cent year-on-year. Of the total, exports amounted to $50.29 billion, a yearly hike of 7 per cent while imports were at $47.55 billion, 2 per cent higher than the same period last year.

Experts said that in spite of the COVID-19 pandemic, these positive figures will encourage export enterprises to continue to overcome current challenges, ensuring sufficient raw materials for production to fulfil export orders.

From the beginning of this year to mid-March, telephones and components took the lead with an export value of more than $10.2 billion, up 9 per cent. Computers, electronic items, and their components ranked second with nearly $7 billion, followed by textile and garment with $5.88 billion and machinery, equipment and parts with $3.93 billion.

Other export items posting encouraging earnings included footwear ($3.42 billion); wood and wooden goods ($2 billion); means of transport and components ($1.76 billion); seafood ($1.26 billion) and steel and iron ($815 million).

The Ministry of Industry and Trade forecast the nation's import-export activities would face many difficulties due to the development of COVID-19, which is showing signs of strong spread outside China, especially in South Korea and Japan – two leading trade partners of Viet Nam.

The prolonged epidemic might negatively affect the export growth target of the whole year, according to the ministry. VNS

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