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Vietnam earns trade surplus of nearly US$1.8 billion in Jan-July
The Saigon Times Daily
Tuesday,  Jul 30, 2019,10:15 (GMT+7)

Vietnam earns trade surplus of nearly US$1.8 billion in Jan-July

The Saigon Times Daily

Rice is being loaded onto a vessel. Vietnam recorded a trade surplus of nearly US$1.8 billion in the January-July period - PHOTO: VNA

HCMC - Vietnam exported US$145.13 billion worth of products and spent US$143.34 billion on imports in the January-July period, resulting in a trade surplus of US$1.79 billion during the period, according to data from the General Statistics Office.

Statistics showed that exports in the seven-month period rose 7.5%, while imports were up 8.3% over the same period last year, according to the Vietnam News Agency.

Domestic enterprises suffered a trade deficit of US$16.8 billion, while the foreign direct investment (FDI) sector recorded a trade surplus of US$18.6 billion, including crude oil revenue.

Specifically, local firms’ exports expanded 12.2% to more than US$44 billion, while FDI businesses generated US$101.13 billion from exports, including crude oil, up 5.6% year-on-year.

Thus, the export revenue growth of domestic firms was higher than that of FDI companies.

Among 24 kinds of merchandise with export revenue of over US$1 billion each, there were four items posting export revenue of more than US$10 billion each: phones and phone parts (US$27.3 billion), accounting for 18.8%, followed by computers, electronic products and accessories (US$18.6 billion); textiles and garments (US$18.3 billion); and footwear (US$10.4 billion).

During the period, the United States was Vietnam’s largest import market, with revenue of US$32.5 billion, up more than a quarter over the same period last year.

The European Union came in second with US$24.3 billion, followed by China with US$20 billion, the ASEAN with US$15.2 billion and South Korea with US$10.7 billion.

Meanwhile, China remained the country’s largest supplier of products in the period with import turnover reaching US$42 billion, marking a year-on-year increase of 16.9%.

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