HA NOI (VNS)— Exports reached more than US$104 billion in the first 11 months of this year, up 18.4 per cent over the same period last year, while imports hit $103.998 billion, an increase of 6.8 per cent, creating a trade surplus of $14 million.
|Workers of Phong Phu Textile and Garment Co in the central province of Quang Tri produce garments for export. — VNA/VNS Photo Ho Cau
The General Statistics Office said the trade improvements followed dozens of years in trade deficit and was due to the rapid increase in exports.
Garment and textile, and phones were the two biggest export sectors of Viet Nam with turnovers of nearly $13.8 billion (up 8.2 per cent) and $11.413 billion (up 101.6 per cent), respectively over the same period last year.
Nineteen groups of export commodities recorded a turnover of more than $1 billion each in the first 11 months.
Many of them had turnovers of more than $4 billion, such as footwear products ($6.469 billion, up 11 per cent), electronics, computers and appliances (6.902 billion, up 67.1 per cent), seafood products ($5.632 billion, up 1.8 per cent), crude oil ($7.769 billion, up 15 per cent) and transport vehicles ($4.106 billion, up 31 per cent).
Viet Nam mainly imported petrol and oil, raw materials, equipment, plastics and chemicals.
Many imported commodities reported decreased values, including petrol and oil with $8.385 billion (down 9.3 per cent); fertilisers, $.15 billion (down 8.6 per cent); automobiles, $1.851 billion (down 34.3 per cent); and motorbikes, $569 million (down 25.6 per cent).
The US remained the biggest trade partner of Viet Nam.
Despite the trade surplus, GSO experts said the manufacture of the domestic sector were showing signs of decline, stating that while the domestic sector suffered a deficit of $10.642 billion, the foreign direct investment sector posted a trade surplus of $10.656 billion.
The export and import of the FDI sector increased by 31.8 per cent and 24.3 per cent respectively. Meanwhile, the domestic sector's export increased by only 0.88 per cent but its imports were 7.8 per cent compared to the same period last year. — VNS