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Thursday, July 18, 2024

Vietnam reports US$4 billion in trade surplus in Q1

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HCMC – Vietnam saw its import-export value exceed US$122 billion in the first quarter of the year, up 5.7% over the same period last year, and earned a trade surplus of US$3.74 billion due to strong exports of phones, computers, electronic devices and accessories, and footwear, according to data from the General Department of Vietnam Customs.

In March alone, the country exported over US$24 billion worth of products, up 15.7% month-on-month, and spent over US$22 billion on imports, inching up 19.2%, with the month’s trade surplus amounting to nearly US$2 billion.

However, the quarter’s high trade surplus was mainly attributed to the export activities of firms in the foreign direct investment (FDI) sector.

Data from the customs department showed that the FDI sector’s total import-export value exceeded US$77 billion in the first quarter, up 3.8% versus the year-ago figure.

Of this, FDI businesses generated over US$42 billion in export revenue and spent nearly US$35 billion on imports, resulting in a trade surplus of US$7.7 billion.

Among Vietnam’s key export earners in the first quarter, phones and electronic parts were mainly manufactured by FDI firms. Meanwhile, the main imports were electronic components, computers and input materials for making textiles, garments and footwear.

Further, Vietnam’s largest trade partners in the quarter were in Asia, with the import-export value accounting for almost 65% of the country’s total figure to reach over US$79 billion, up 4% against the year-ago figure.

Specifically, Vietnam exported goods worth over US$31 billion to Asian markets and purchased over US$48 billion worth of products from them.

Besides this, Vietnam’s trade with the Americas rose 18.3% at roughly US$24 billion, while its trade with the European market tumbled 2.8% at US$15 billion.

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