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Vietnam earns US$6.5 billion in trade surplus from Jan-July

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HCMC – Despite the difficulties triggered by the coronavirus pandemic, Vietnam posted US$6.5 billion in trade surplus between January and July, a three-fold increase year-on-year.

A report of the Ministry of Industry and Trade indicated that the country earned some US$1 billion in trade surplus in July, contributing to the surplus trade balance over the past seven months of 2020.

The foreign direct investment sector enjoyed a trade surplus of US$17.6 billion, including crude oil revenue, in the seven-month period, while domestic enterprises suffered a trade deficit of US$11 billion.

Vietnam exported products worth US$23 billion in July, up 2% month-on-month, and earned an estimated US$145.8 billion in export revenue in the January and July period, inching up 0.2% year-on-year.

Local firms’ exports expanded 13.5% to US$50.7 billion, VietnamPlus news site reported.

The country saw as many as 23 kinds of merchandise that came with an export revenue of over US$1 billion each, accounting for 87% of the total export revenue.

The United States was Vietnam’s largest importer, with a revenue of US$38 billion, followed by China, the European Union and the Association of Southeast Asian Nations.

The seven-month period’s high trade surplus was mainly attributed to the fall in Vietnam’s import activities. The country spent US$139.3 billion on imports, down 3% year-on-year.

The imports of fabric, steel and input materials for making textiles, garments and footwear dropped by 15%, 14% and 16%, respectively, year-on-year.

China remained the country’s largest supplier of products, with turnover reaching some US$42 billion, VnExpress news site reported.

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