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Monday, June 17, 2024

Vietnam’s trade surplus soars to five-year high in Jan-Oct

The Saigon Times

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HCMC – Vietnam gained a trade surplus of US$24.6 billion in the first 10 months of this year, the highest in five years, according to the Ministry of Industry and Trade.

The January-October trade surplus was 2.5 times greater than in the same period last year.

The trade surplus in October alone was US$3 billion, primarily driven by a decrease in imports rather than an increase in exports. Imports in October grew by almost 3% to US$29.3 billion, taking to nearly US$267 billion the total in January-October, which was more than 12% lower than in the same period in the previous year.

China continues to be Vietnam’s top trading partner, accounting for nearly US$90 billion of its exports. However, its share has decreased by over 10% compared to the same period last year.

Vietnam’s imports from South Korea also slid by 19% year-on-year and those from Southeast Asian markets inched down by 15% to US$33.5 billion.

On the export front, agricultural products, rice, and fruits have played a pivotal role in the recovery, benefiting from rising prices and expanded market access opportunities. Notably, 33 groups of items brought export revenue of US$1 billion or above.

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