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Trade surplus returns in September


Accumulated in the past 9 months, commodity exports maintained a positive growth and increased in most key markets. Notably, the trade balance returned to the "position" of trade surplus in September with USD 0.5 billion.

According to the General Statistics Office, the total export and import turnover of goods in September 2021 reached USD 53.5 billion, decreased by 2% compared to August 2021, but increased by 4.2% over the same period last year. In which, exports reached USD 27 billion, imports reached USD 26.5 billion.

Accumulated over nine months, the total import and export turnover of goods maintained a high growth rate, reaching USD 483.17 billion, an increase of 24.4% over the same period last year, of which exports increased by 18.8%.

In which, the export turnover of goods from the beginning of the year until now reached USD 240.52 billion, increased by 18.8% over the same period last year, of which the domestic economic sector reached USD 62.72 billion, increased by 8.5%, accounting for 26.1% of total export turnover; FDI sector (including crude oil) reached USD 177.8 billion, an increase of 22.8%, accounting for 73.9%.

The whole country has 31 products with export turnover of over USD 1 billion, accounting for 92.5% of total export turnover (6 export items of over USD 10 billion, accounting for 63.2%).

Another positive point is that commodity exports have grown in most key markets, from the US, EU, Japan, ASEAN, etc. The United States is Vietnam's largest export market with a turnover of USD 69.8 billion, an increase of 27.6% over the same period last year. Next is China with USD 38.5 billion, an increase of 18.3%. The EU market reached  USD 28.8 billion, an increase of 11.6%. The ASEAN market reached  USD 20.6 billion, an increase of 21.2%. Next was South Korea and Japan, reaching USD 16.1 billion and USD  11.4 billion respectively, increased by 11.4% and 5.1% respectively.

Regarding the structure of export products, fuel and minerals are estimated at USD 2.66 billion, increased by 9% over the same period last year; processing industry is estimated at USD 214 billion, increased by 19.5%; agricultural and forestry products reached USD 17.7 billion, increased by 17.6%; seafood reached USD 6.17 billion, increased by 2.4%.

For the third quarter of 2021 alone, export turnover reached USD 83.89 billion, increased by 5.2% over the same period last year and increased by 7.2% compared to the second quarter of this year.

Commenting that exports will be one of the important drivers for growth in the fourth quarter, the representative of the General Statistics Office expect that exports can accelerate when the policy of easing social distancing is applied in many localities, especially the South, and vaccination coverage for workers is expected to increase.


Kylie Nguyen

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