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Wednesday, October 20, 2021

Vietnam posts US$86 million trade surplus with CPTPP countries in Jan-Jul

The Saigon Times

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HCMC – Vietnam posted a trade surplus of over US$86 million with other member states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) from January to July 2021, according to the latest data of the Ministry of Industry and Trade.

Two-way trade between Vietnam and other CPTPP members in January-July amounted to US$52 billion, up 23.36% compared with the same period last year. 

Vietnam imported goods worth US$25.96 billion from other CPTPP members in the seven months, picking up 24.21% year-on-year and accounting for 13.75% of the country’s total import bill.

On the other hand, the country exported goods worth US$26.04 billion to CPTPP members, soaring 22.52% year-on-year and accounting for 13.98% of the country’s total exports.

Vietnam’s exports to eight of the other 10 CPTPP members grew strongly, while exports to Japan slowed down and Brunei declined. 

The Ministry of Industry and Trade said most export commodities to CPTPP countries posted strong growth. Some products with lower growth rates were textiles and garments, while exports of crude oil, handbags, suitcases, umbrellas, rice and animal feed declined. 

In July alone, Vietnam imported goods worth US$3.92 billion from CPTPP members, increasing 0.3% from June and 22.7% from the same period last year. The country’s exports to CPTPP members increased 0.79% month-on-month and 21.64% year-on-year to US$3.98 billion.

This resulted in a trade surplus of nearly US$60 million with CPTPP countries in July. Compared with the same period last year, Vietnam’s exports to all CPTPP countries grew strongly. 

However, exports to Japan, Singapore, Canada and Malaysia fell compared with the previous month. 

The critical export commodities to CPTPP countries included machines and accessories and phones and phone parts. 

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The 11 countries signed the CPTPP on March 8, 2018, in Santiago, Chile.

The CPTPP members represent 13.5% of global gross domestic product, and have a combined population of nearly 500 million.

The United Kingdom and China have recently applied for accession to the CPTPP.

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