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Vietnam posted a record trade surplus of more than USD 20 billion

30/11/2020

Vietnam's 11-month total export and import turnover is estimated at USD 489 billion, increased by 3.5% over the same period last year. In which, export turnover reached nearly USD 255 billion and import turnover reached over USD 234 billion.

According to the General Statistics Office, amid continuing complicated developments of the COVID-19 pandemic that negatively affecting the world economy, Vietnam's goods import and export activities in the first eleven months of this year still reached a record trade surplus of USD 20.1 billion.

Specifically, the total export and import turnover of Vietnam in 11 months is estimated at USD 489 billion, an increase of 3.5% over the same period last year. In which, export turnover reached nearly USD 255 billion, increased by over 5% while import turnover reached over USD 234 billion, increased by 1.5%.

Accumulated over the first 11 months of the year, the export turnover of the foreign-invested sector (including crude oil) increased by 7% and accounted for 71% of the total turnover. The turnover of the domestic economic sector increased only less than 2%.

In terms of commodity export markets, the US is Vietnam's largest export market in 11 months with a turnover of USD 69.9 billion, an increase of 25.7% over the same period last year.

Next is China with USD 43.1 billion, an increase of 16%. EU market reached USD 32.2 billion, decresaed by 2.4%. ASEAN market reached USD 20.9 billion, decreased by 10.6%. South Korea reached USD 17.7 billion, decreased by 2.7%. Japan reached USD 17.3 billion, decreased by 6.5%.

In terms of commodity structure, Vietnam recorded an increase in exports of groups of heavy industrial goods and mineral goods or light industry and handicraft products over the same period. In which, electronics, computers and components or machinery, equipment, tools and spare parts are export items with double-digit growth. In contrast, the exports of agricultural, forestry and aquatic products decreased over the same period last year (except for rice, which reached USD 2.8 billion, an increase of 10.4% in value).

The number of international visitors to Vietnam in November 2020 is estimated at 17.7 thousand arrivals, an increase of 19.6% over the previous month and a decrease of 99% over the same period last year. Accumulated over the first 11 months of 2020, international visitors to our country are estimated at 3,821 thousand, a decrease of 76.6% over the same period last year.

 

Kylie Nguyen

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