Saturday, October 29 2016


US$750m trade surplus in Q1

Update: March, 28/2016 - 09:00
Workers package vegetables for export at the An Phú Hưng JSC in Hà Nam Province’s Phủ Lý City. Agriculture, forestry and fishery products accounted for 14.5 per cent of total export revenues in the first quarter of this year. VNA/VNS Photo Vũ Sinh

HÀ NỘI (VNS) — Việt Nam was estimated to have a trade surplus of more than US$750 million during the first quarter of 2016, according to the General Statistics Office (GSO).

GSO experts attributed the surplus to a rise in export values, while import revenues declined. The country’s export value during the period rose 4.1 per cent year-on-year to US$37.9 billion, while its import revenues declined 4.8 per cent to $37.1 billion. If inflation is excluded, the export value would rise 9.3 per cent to $39 billion.

GSO noted some key export staples, during the first three months, included mobile phones and components being up 14.2 per cent to $7.6 billion; textile and garment up 7.6 per cent to $5.2 billion; electronic products and parts up 5.7 per cent to $3.8 billion; and footwear up 9 per cent to $2.8 billion.

A rise was also seen in the exports of seafood, rice, fruits and vegetables.  

However, due to the impact of global markets, exports of some products declined sharply in this period, with crude oil slipping 52.8 per cent to $446 million, and steel and iron down 17.7 per cent to $358 million.   

In the first three months, exports of hard industrial products and mining products topped the list, accounting for 46.2 per cent of the country’s total export value.

Light industrial products and handicrafts followed at 39.3 per cent.

Agriculture, forestry and fishery products accounted for 14.5 per cent of total export revenues.

The US remained Việt Nam’s largest export market, valued at $7.9 billion, an increase of 11.1 per cent. Việt Nam’s exports to ASEAN and Japan declined 9.9 per cent and 0.4 per cent to $4.2 billion and $3.2 billion, respectively.

As for imports, GSO reported that many imports used for local production slid sharply in Q1.

Machines, equipment, oil and gas, as well as many raw materials, which account for nearly 92 per cent of the country’s total import values, declined 4.7 per cent.

Consumer products also saw a reduction of 6.3 per cent in this period.

The drop in imports was reported in most of Việt Nam’s import markets, including China, noted the GSO.— VNS

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