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Thursday, July 25, 2024

Vietnam posts record trade surplus from Jan-Aug

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HCMC – Vietnam posted a record high trade surplus of some US$11.9 billion this year to August 2020, surpassing the record figure of US$11.12 billion in 2019, with four months still to go, according to the General Statistics Office.

In August alone, exports rose by 6.5% to US$26.5 billion, while imports increased by 4.1% to US$23 billion, leading to a trade surplus of US$3.5 billion.

Between January and August, the country’s trade value reached US$336.3 billion, down 0.3% compared with the same period last year. Exports rose by 1.6% to US$174.1 billion, while imports decreased by 2.2% to US$162.2 billion. This resulted in an eight-month trade surplus of US$11.9 billion, far exceeding the figures of US$2.8 billion and US$3.4 billion in 2018 and 2019, respectively.

The domestic-invested sector’s exports and imports between January and August expanded by 15.3% and 2.9%, respectively. Meanwhile, the foreign-invested sector, including crude oil, saw exports and imports decrease by 4.5% and 6%, respectively.

There were 27 commodities whose export value surpassed US$1 billion each. The key exports comprised smartphones and spare parts with US$31.5 billion; electronic products, computers and components with US$27.6 billion; garments with US$19.2 billion; machinery and accessories with US$15.1 billion and footwear with US$10.9 billion.

In the January-August period, the United States remained Vietnam’s biggest importer, spending US$46.7 billion on Vietnamese goods, up 19% year-on-year, followed by China with US$27 billion, up 13% and the EU with US$22.9 billion, down 4%.

China was Vietnam’s largest supplier, selling goods worth US$49.3 billion to Vietnam, up 0.7% year-on-year, followed by South Korea with US$28.7 billion, down 8.3% and the Association of Southeast Asian Nations with US$19.4 billion, down 9.2%.

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