Wednesday,  Sep 26, 2018,00:21 (GMT+7) 0 0
Trade surplus reaches US$2.18 billion
Hung Le
Tuesday,  Nov 14, 2017,20:48 (GMT+7)

Trade surplus reaches US$2.18 billion

Hung Le

Jan-Oct exports to China surge 53%

A worker checks a machine producing tires at the company Casumina. Vietnam enjoys a trade surplus of nearly US$2.2 billion in Jan.-Oct. - PHOTO: HUNG LE

HCMC – Vietnam saw its trade surplus surging to US$2.18 billion as of the end of last month, as exports expanded in the month while imports tumbled, according to statistics of the General Department of Vietnam Customs.

The country’s trade volume of US$38.4 billion rose 2.2% in October over September. Exports edged up 4.9% month-on-month to US$20.29 billion while imports inched down 0.7% to US$18.11 billion.

Mobile phones and phone components remained the biggest export earner with US$5.26 billion in October, growing 8.4% over the previous month.

Vietnam enjoyed a trade surplus of US$2.56 billion in the first ten months of the year, which is an impressive result as Vietnam faced monthly trade deficits in the first half of this year, leading to a trade deficit of nearly US$3 billion as of end-June.

The country may continue gaining a trade surplus in the rest of the year.

In January-October, the country’s trade volume reached US$346.54 billion, up 21.5% over the year-ago period, with US$174.55 billion from exports and US$171.99 billion from imports, rising 21.3% and 21.6% year-on-year respectively.

China was Vietnam’s biggest trade partner with two-way trade amounting to US$73.3 billion, followed by South Korea with US$50.46 billion, the European Union (EU) with US$41.62 billion, and the U.S. with US$40.12 billion.

* In related news, data from the General Department of Vietnam Customs show Vietnamese exports to China posted the highest growth compared to exports to other Asia-Pacific Economic Cooperation (APEC) member economies in January-October, at 52.9%.

China was Vietnam’s second largest export market among other APEC economies in the period with revenue of US$26.47 billion, making up 22% of Vietnam’s total exports to other APEC members.

Vietnam’s trade with APEC members amounted to US$265.31 billion in the ten-month period, up 17.4% year-on-year and nearly equal to revenue in all of last year. The country shipped US$120.48 billion worth of goods and spent US$144.83 billion on imports, rising 23.9% and 22% year-on-year respectively.

Thus, Vietnam had a trade deficit of US$24.36 billion with APEC members in the year to end-October. This trade gap is on a par with recent data, as Vietnam suffered from an annual average trade deficit of US$23.73 billion with APEC between 2010 and October this year.

In January-October, the U.S. remained Vietnam’s largest export market with revenue of US$34.53 billion, growing 9.6% versus the year-ago period and accounting for 28.7% of total exports of Vietnam to APEC.

While China was the second largest buyer of Vietnam’s goods, Japan ranked third with US$13.85 billion and South Korea came fourth with US$12.15 billion, representing 11.5% and 10.1% respectively.

According to the customs, Vietnam’s main exports to other APEC economies were cell phones and phone parts (up 48%), textile products (up 9.3%), computers, electronic products and their components (up 41.1%), machinery, equipment and accessories (up 25%), footwear (up 15.2%) and wood and wooden products (up 12.6%).

On the supply side, China remained the biggest exporter of goods to Vietnam with turnover of US$46.83 billion, up 16.1% year-on-year and accounting for nearly one-third of Vietnam’s total imports from APEC. It means Vietnam suffered a big trade deficit with China in the first ten months, at US$20.36 billion, the second biggest trade gap after South Korea.

Although South Korea was Vietnam’s second largest supplier with revenue of US$38.3 billion, soaring 46.7%, Vietnam’s trade deficit with South Korea amounted to US$26.15 billion.

Japan came third with US$13.27 billion worth of products shipped to Vietnam, a rise of 7.6%.

In the first ten months of 2017, Vietnam mainly imported computers, electronic products and components (up 35.5%), machinery, equipment and accessories (up 24.4%), phones and phone parts (up 49.2%), fabrics (up 8.6%), and iron and steel (up 6.4%) from other APEC members.

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