Việt Nam's trade surplus at US$22.44 billion in 11 months

Friday, Dec 01, 2023 21:37

Hand-woven papyrus products for export from Yên Khánh District, the northern province of Ninh Bình. — VNA/VNS Photo Minh Đức

Việt Nam enjoyed a trade surplus of US$24.44 billion as of November 15 this year, according to data released by the General Statistics Office (GSO).

The office reported that the total import-export turnover of goods hit $587.68 billion, down 9 per cent year-over-year, with exports decreasing by 6.4 per cent and imports dropping by 11.7 per cent compared to last year.

The domestic sector saw a trade deficit of $19.05 billion, and the foreign-invested sector (including crude oil) posted a trade surplus of $43.49 billion.

In the first 11 months, 33 products posted an export turnover of over $1 billion each, accounting for 92.9 per cent of the country's total. Seven commodities recorded an export turnover of more than $10 billion, accounting for 66.1 per cent.

Deputy Minister of Industry and Trade Đỗ Thắng Hải said that the ministry will promote negotiations, sign new agreements, commitments, free trade agreements, and trade agreements with more potential partners in order to diversify markets, products, and supply chains.

The ministry will support businesses to take advantage of commitments in new generation FTAs to boost exports; and coordinate with the Ministry of Agriculture and Rural Development to negotiate with the Chinese side to open the market for more Vietnamese fruit and vegetable products such as green-skinned grapefruit, fresh coconut, avocado, pineapple, star apple, and lemon.

It will also focus on strengthening early warning of trade defence lawsuits, giving them consultations on how to respond to lawsuits, and providing businesses and associations timely with new market information, demand, and relevant regulations. — VNS

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