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Saturday, November 26, 2022

Vietnam reports Jan-Oct trade surplus of US$9.4 billion

The Saigon Times

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HCMC – Vietnam exported goods worth US$312 billion and spent US$303.42 billion on imports between January and October, resulting in a trade surplus of US$9.4 billion, according to the Ministry of Industry and Trade.

Statistics showed that exports and imports in the January-October period rose by 15.9% and 12.2%, respectively, over the same period last year.

In October alone, exports earned some US$30.27 billion, up 4.5% year-on-year.

The January-October period saw a considerable increase in Vietnam’s exports of several key items. Specifically, exported products of the processing industry fetched around US$269.5 billion, up 16% year-on-year and accounting for 86% of the total export revenue.

The majority of key items achieved double-digit growth, including fertilizers with a year-on-year increase of 153%, chemicals at 40.8%, textiles and apparel at 22%, footwear at 41%, and electronics and computers at 14%.

Additionally, the agro-forestry-fishery export revenue reached US$25.8 billion, surging 13.9% versus the year-ago period.

The export revenue of minerals and fuels also increased by 30% over the same period last year.

The revenue of exports to the main markets has maintained high growth, creating good momentum for the export industry in the first 10 months of this year.

Specifically, exports to the Chinese market amounted to US$46.9 billion, up 5.6%, while those to the EU gained US$39.4 billion, up 22.3% year-on-year.

To maintain good export momentum, the Ministry of Industry and Trade suggested supporting enterprises to seek materials for production activities at an affordable price and make better use of free trade agreements.

Moreover, the ministry suggested creating favorable conditions for enterprises to complete their administrative procedures, including tax refunds, and import and export clearance procedures.

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