Viet Nam’s trade surplus tops $9.1 billion in Jan-Nov

Tuesday, Dec 03, 2019 18:34

Electronics components are produced at South Korean Young Poong Electronics Vina (YPE) Co in the northern province of Vinh Phuc. Exports of electronics, computers and components earned the country $32.4 billion in January-November period. — VNA/VNS Photo Hoang Hung

Viet Nam enjoyed a trade surplus of US$9.1 billion in the first eleven months of this year, thanks to the domestic sector which saw an export turnover of more than $74.72 billion, surging 18.1 per cent over the same period last year.

The sector’s export value accounted for 31 per cent of total exports during the period, the General Statistics Office (GSO) has said in a monthly report.

Meanwhile, the foreign-invested sector reaped $166.7 billion from overseas shipments, up 3.8 per cent year-on-year and accounting for 69 per cent of the total (down 2.7 percentage points year-on-year).

During the January–November period, the country’s trade turnover hit $473.73 billion. Of which its exports amounted to $241.42 billion, up 7.8 per cent year-on-year, and imports totaled $232.31 billion, up 7.4 per cent.

Up to 30 export staples recorded a turnover of more than $1 billion in the eleven-month period, making up 91.6 per cent of the total export value, according to the report.

Five of them saw a value of more than $10 billion including phones and parts with $48.7 billion, up 5.4 per cent year-on-year; electronics, computers and components with $32.4 billion, up 19.4 per cent year-on-year; garments with $29.9 billion, up 7.8 per cent, in addition to footwear with $16.5 billion, up 12.5 per cent; equipment and parts with $16.5 billion, up 9.8 per cent.

The US remained Viet Nam's biggest export market, spending $55.6 billion on Vietnamese goods, up 28 per cent year-on-year. It was followed by the EU with $38 billion, down 2.3 per cent, China with $37.4 billion, down 1 per cent and ASEAN countries with $23.4 billion, up 2.4 per cent.

Meanwhile, China retained its position as Viet Nam's largest supplier, selling $68.7 billion worth of goods to Viet Nam, a yearly rise of 15.2 per cent. That meant Viet Nam saw a $31.3 billion trade deficit with the neighbour in the period.

South Korea came next with $43.6 billion, remaining unchanged year-on-year, followed by ASEAN with $29.6 billion, up 2 per cent. — VNS

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