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In the first eight months of the year, Vietnam saw a trade surplus of nearly USD 12 billion

03/09/2020

After the first eight months of the year, the US is Vietnam's largest export market. While China is the largest import market.

According to a report from the General Statistics Office, the import-export turnover in August is estimated at USD 49.5 billion. In which, export turnover is estimated at USD 26.5 billion, and import turnover is estimated at USD 23 billion. Thus, in August 2020, Vietnam saw a trade surplus of nearly USD 3.5 billion.

According to the General Statistics Office, the growth of export turnover in August is mainly due to the Samsung Company promoting the export of the new version of Galaxy Note 20.

Accumulated for the first eight months of the year, the total export and import turnover of our country is estimated at USD 336.32 billion. In which, export reached USD 174.11 billion, an increase of 1.6%; import reached USD 162.21 billion, a decrease of 2.2% (compared to the same period last year).

So after the first 8 months of the year, Vietnam had a trade surplus of nearly USD 12 billion.

The domestic economy continued to be a bright spot with an increase in the eight-month export turnover of 15.3% and an increase in import turnover of 2.9%. The export value of the foreign-invested sector (including crude oil) decreased by 4.5%, import value decreased by 6%.

In eight months, there were 27 items with export turnover of over USD 1 billion, accounting for 89.7% of total export turnover, of which: Phones and accessories reached USD 31.5 billion, accounting for 18.1% of the total export turnover, down 5.5% over the same period last year; electronics, computers and components reached USD 27.6 billion, up 24.8%; textiles and garments reached USD 19.2 billion, down 11.6%; machinery, equipment, tools and spare parts reached USD 15.1 billion, up 31.9%; footwear reached USD 10.9 billion, down by 8.6%, etc.

Regarding the structure of imported goods in eight months, the group of materials for production is estimated at nearly USD 152 billion, a decrease of 1.7% over the same period last year and accounting for 93.5% of the total import turnover. Consumer goods imported more than USD 10 billion, down 9.2%.

The US is still the largest export market with a turnover of USD 46.7 billion in eight months, an increase of 19% over the same period last year. Next is China with USD 27 billion USD, an increse of 13%, EU market with USD 22.9 billion, a decrease of 4%.

In the opposite direction, China is the largest import market of Vietnam with a turnover of about USD 49.3 billion, South Korea ranks second with an import turnover of USD 28.7 billion, ASEAN reached USD 19.4 billion, Japan reached USD 12.8 billion and the US reached USD 9.4 billion.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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