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Trade surplus of more than USD 13 billion to the EU market

24/09/2021

In July 2021, Vietnam had a trade surplus of USD 2.03 billion to the EU market, an increase of 15.25% compared to June 2021 and an increase of 3.13% compared to July 2020. Accumulated from the beginning of the year to the end of July 2021, Vietnam has a trade surplus of USD 13.02 billion of goods to the EU market.

According to data of the Ministry of Industry and Trade, two-way trade turnover between Vietnam and the EU market in July 2021 reached USD 4.73 billion, increased by 1.41% compared to June 2021 and increased by 13.03% compared to July 2020.

Accumulated over the first seven months of 2021, the total two-way trade between Vietnam and the EU market reached USD 32.09 billion, an increase of 17.42% over the same period in 2020 and equaling 8.56% of the country's total two-way trade turnover, slightly down from the proportion of 9.54% in the first seven months of 2020.

In July 2021, Vietnam had a trade surplus of USD 2.03 billion to the EU market, an increase of 15.25% compared to June 2021 and an increase of 3.13% compared to July 2020. Accumulated from the beginning of the year to the end of July 2021, Vietnam has a trade surplus of USD 13.02 billion of goods to the EU market, an increase of 15.75% compared to the trade surplus of seven months of 2020 and equal to 57.73% of Vietnam's export turnover of goods to the EU.

The Netherlands, Germany, Italy, and Belgium are the main export markets for Vietnamese goods. The items with the highest export turnover include phones and components, computers, electronic products, shoes of all kinds, machinery and equipment spare parts, textiles and garments.

According to the Ministry of Industry and Trade, the EVFTA took effect from August 1, 2020. After more than a year of implementing the agreement, bilateral trade between the two sides has seen positive growth. EVFTA brings more opportunities for Vietnamese enterprises to improve their exports to the EU market.

In particular, Vietnam is one of two countries in Southeast Asia that have implemented an FTA with the EU, so it has an additional competitive advantage in exporting to this market.

 

Kylie Nguyen

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