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Friday, June 14, 2024

Vietnam posts over US$4 billion in trade surplus in Q1

The Saigon Times

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HCMC – Vietnam’s export revenue in the first quarter of this year has inched down but the country has enjoyed a trade surplus of US$4.07 billion, according to the General Statistics Office.

Between January and March, the country’s import-export value has totaled an estimated US$154.27 billion. Of the amount, Vietnam has spent US$75.1 billion importing goods, down 14.7%, and gained US$79.17 billion from exports, down 11.9% over the same period last year.

It has resulted in a trade surplus of US$4.07 billion in the first quarter of this year, higher than the previous year’s figure of US$1.9 billion.

In March alone, the total import-export value has reached some US$58.49 billion, up 18.6% over the previous month.

Among those, Vietnam’s merchandise exports have grown 13.5% at US$29.57 billion while its import bill has surged 24.4% month-on-month to US$28.92 billion.

As per the report of the General Statistics Office, 17 items have recorded an import value of over US$1 billion, making up 75.1% of the overall figure. Two among them have exceeded US$5 billion in value, accounting for 37.6%.

Regarding the import commodity structure, the General Statistics Office said that the value of raw materials for production is estimated at US$70.22 billion, accounting for 93.5%.

The U.S. is Vietnam’s largest export market, with an estimated turnover of US$20.6 billion, while China is the largest importer, with an estimated turnover of US$23.6 billion.

Export and import activities have been strongly impacted by the global economic decline induced by high inflation, the tightened monetary policies in many countries and the falling consumer demand of major trading partners like the U.S. and the European Union.

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