VN has trade surplus of about $1.6 billion in H1

Saturday, Jul 20, 2019 08:59

Shirmp is one of Viet Nam's key export commodities. The nation gained a trade surplus of $1.59 billion in the first half of this year. — Photo

Viet Nam gained a trade surplus of $1.59 billion in the first half of this year, according to the latest statistics from the General Department of Customs.

During the six months of the year, Viet Nam’s total export value reached $122.53 billion, a year on year increase of 7.2 per cent.

The growth in export value in the first six months was mainly due to development of exports in the processing and manufacturing sector that had an export value of $102.2 billion, up 9.1 per cent over the same period of 2018.

The good performance in the second half of June was behind the trade surplus, according to the general department.

The export value in the period from June 16-30 reached $11.23 billion, up 10.4 per cent compared to the first 15 days of June. The goods with strong growth in export value included telephones and components, computers, electronic products and components, textile, steel, machinery, equipment, tools and spare parts, the Cong thuong (Industry and Trade) newspaper reported.

However, the total export value at $122.53 billion in the first six months was lower than the target at $123.5 billion, according to the Ministry of Industry and Trade (MoIT).

Thus, to achieve the target of $263 billion in total export value this year, the nation needs to gain an average of $23.4 billion in monthly export value in the second half of the year.

This is a very difficult task because the global economy that is declining at present will not be a favourable environment for Viet Nam to accelerate exports in the remaining months of 2019. The last time that Viet Nam gained $23 billion in export value a month was August 2018.

The ministry expects by year end, many industries of Viet Nam will continue to replace Chinese goods exported to the US market due to the US-China trade war that has not shown signs of cooling down.

Exports of many commodities such as textiles, wood and wood products will accelerate in the second half of the year due to high demand for those goods during the year-end holidays. This is a good opportunity for Viet Nam to continue promoting its exports.

At present, Viet Nam has signed 12 free trade agreements (FTAs), including the Viet Nam-European Union Free Trade Agreement (EVFTA), which is expected to help Viet Nam expand export markets for local products in the future.

The ministry also said local enterprises should pay attention to origin of goods while the State agencies should focus on controlling export goods on this issue. That would help local export products take full advantage of tariffs from FTAs.

With efforts in expanding markets and implementing trade promotion programmes from the Government, ministries and business community, the ministry expects the nation could achieve the target in total export value for this year. — VNS

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