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Wednesday, October 5, 2022

Vietnam gains trade surplus of over US$3.9 billion in Jan-Aug

The Saigon Times

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HCMC – Vietnam exported goods worth US$250.8 billion and spent US$246.84 billion on imports between January and August, resulting in a trade surplus of US$3.96 billion, according to data released by the General Statistics Office today, August 29.

Statistics showed that during the eight-month period, exports and imports gained 17.3% and 13.6%, respectively, year-on-year, the local media reported.

Domestic firms caused a trade deficit of US$19.4 billion, while foreign enterprises enjoyed a trade surplus of US$23.4 billion.

From January to August, as many as 30 items fetched export revenue of over US$1 billion each, while there were six product groups whose export revenue hit over US$10 billion each.

Meanwhile, there were 38 items whose import turnover surpassed US$1 billion each during the period.

The United States was Vietnam’s biggest importer during the January-August period, with a value of US$77.7 billion, while China was the country’s largest supplier, with a value of US$82 billion.

Between January and August, Vietnam posted US$21.6 billion in trade surplus with Europe, up 46.4% year-on-year, while suffering a trade deficit of US$47.8 billion with China, up 22%.

Statistics also indicated that in August, Vietnam exported goods worth an estimated US$33.4 billion, up 22% year-on-year, while the country’s August import turnover was estimated at US$31 billion, up 12% year-on-year.

The Ministry of Industry and Trade has adopted multiple measures to help local exporters take the advantages of free trade agreements and ramp up exports, apart from organizing numerous online and in-person trade promotion programs and activities.

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