Export turnover of six months increased by nearly 19%
According to the Ministry of Planning and Investment, in the first six months, the total import and export turnover of the country had impressive growth. Export reached nearly USD 98 billion, increased by 18.9%, imports also increased by 24% over the same period last year. However, overall, we are still in a state of trade deficit.
According to General Statistics Office (Ministry of Planning and Investment), accumulated in the first six months, export turnover is estimated at USD 97.8 billion, increased by 18.9% compared to the same period last year, in which domestic economic sector gained USD 27 billion, up 13.8%; FDI sector (including crude oil) gained USD 70.8 billion, up 21%. If excluding the price factor, export turnover of goods in the first six months increased by 12.9% over the same period in 2016.
Export turnover of some key products continued to increase over the same period last year: Phones and components reached USD 20.1 billion, up 18.3%; electronics, computers and components reached USD 11.3 billion, up 42.3%; timber and timber products reached USD 3.6 billion, up 13.5%; Aquatic products reached USD 3.6 billion, up 15.6%; coffee reached USD 1.9 billion, up 9.9% (volume decreased by 15.5%). Notably, vegetables and fruits are still among the top export products with a turnover of USD 1.7 billion, increased by 50.4% over the same period last year.
Regarding the export markets, the United States is the biggest market of Vietnam with USD 19.6 billion, up 9.5% over the same period in 2016 followed by the EU with USD 18.2 billion, up 12, 6%, etc.
Exports from Vietnam to 9 other ASEAN member countries also improved, all with positive growth.
Regarding imports, accumulated for the first 6 months, total import turnover reached USD 100.5 billion, up 24.1% over the same period last year, of which: Domestic economic sector reached USD 39.9 billion, up 18.2%; FDI sector reached USD 60.6 billion, up 28.3%.
Regarding the structure of imported goods in the first six months, the group of production materials is estimated at USD 92.2 billion, up 24.6% and accounting for 91.7% of the total import turnover, of which: Machinery, equipment, tools and spare parts reached USD 43.8 billion, up 27% and accounted for 43.6%; raw materials, fuels and materials reached USD 48.4 billion, up 22.6% and accounting for 48.1%.
One of the positive points is that the import of consumer goods tends to decrease. Estimated import turnover of these products is of only USD 8.3 billion, accounting for 8.3%.
Regarding the import markets, China is still the largest import market of Vietnam with a turnover of USD 27.1 billion, up 16.8% over the same period in 2016, in which import turnover of some items for production, processing and assembly increased: Machinery, equipment, tools and spare parts increased by 28%; electronics, computers and components increased by 29.2%; phones and components increased by 13.8%.
The Korean market ranked second with USD 22.5 billion, up 51.2%, of which: Machinery, equipment, tools and spare parts increased by 123.5%; electronics, computers and components increased by 46.1%; phones and components increased by 37.7%. Followed by ASEAN market with USD 13.6 billion, increased by 17.6%, of which: gasoline increased by 11.9%; machinery, equipment, tools and spare parts increased by 2.7%.
- Experts identify two factors that help Vietnam recover its economic growth
- Export turnover of six months increased by nearly 19%
- Oxford Economics: Vietnam would recover faster than other countries in the region
- Exports to China and the United States saw double-digit growth in June
- Vietnam has basically accomplished its dual task
- Despite the Covid-19 pandemic, Vietnam maintained a trade surplus
- Vietnam’s trade in goods with the Americas increased in the first five months of the year
- Vietnam’s National Assembly ratifies EVFTA and EVIPA
- Positive signs emerging for exports
- Five months: 17 items with export turnover of over USD 1 billion, accounting for 82% of total export turnover