Trade surplus hits nearly $4 billion in 8 months

August, 31/2022 - 07:32
The total export and import turnover of goods was estimated at US$64.34 billion this month, a month-on-month growth of 5.2 per cent and a year-on-year growth of 17.3 per, reported the General Statistics Office.
Containers at Tân Cảng Sài Gòn Port in HCM City. The total import and export turnover of goods is estimated at US$64.34 billion this month. — VNA/VNS Photo Hồng Đạt

HÀ NỘI — The total export and import turnover of goods was estimated at US$64.34 billion this month, a month-on-month growth of 5.2 per cent and a year-on-year increase of 17.3 per cent, reported the General Statistics Office.

The total import and export turnover of goods is estimated at $497.64 billion in the first eight months of this year, up 15.5 per cent over the same period last year.

Exports rose by 17.3 per cent, and imports rose by 13.6 per cent.

The balance of trade in goods in the first eight months is estimated to have a trade surplus of $3.96 billion.

Export turnover of goods is estimated at $250.8 billion in the first eight months, up 17.3 per cent over the same period last year.

The domestic economic sector reached $66.14 billion, up 18.4 per cent, accounting for 26.4 per cent of total export turnover.

The FDI sector (including crude oil) reached $184.66 billion, up 17 per cent, accounting for 73.6 per cent.

There are 30 items with an export turnover of over $1 billion in the first eight months of this month, accounting for 91.8 per cent of total export turnover. There are six export items over $10 billion, accounting for 63.4 per cent.

The General Statistics Office also said that the import turnover of goods was estimated at $246.84 billion in the first eight months of this year, up 13.6 per cent over the same period last year.

The domestic economic sector reached $85.58 billion, up 12,5 per cent, while the FDI reached $161.26 billion, up 14.2 per cent.

In the eight months, there were 38 imported items worth over $1 billion, accounting for 90.8 per cent of the total import turnover.

Four imported items were over $10 billion, accounting for 45.2 per cent.

Regarding the export and import market of goods in the first eight months, the US is the largest export market of Việt Nam, with an estimated turnover of $77.7 billion.

China is the country's largest import market, with an estimated turnover of $82.1 billion.

To support export businesses, the Ministry of Industry and Trade focuses on implementing new generation FTAs ​​to assist companies in understanding commitments in FTAs ​​to apply and promote the agreement's incentives effectively, make the most of opportunities and limit challenges from these agreements.

The ministry will continue to innovate, organise trade promotion programmes, connect supply and demand both at home and abroad on the online environment and new platforms; step up trade promotion at the national level, support enterprises in exporting agricultural products; and organise regional connection activities to promote the consumption of agricultural commodities.

The ministry will simplify administrative procedures; focus on implementing managerial procedures in import and export under the ASEAN one-stop-shop and National one-stop-shop mechanism; and support domestic enterprises to develop to reduce dependence on the FDI sector in production and export.

It will also forecast the domestic and world commodity markets, policies, and trading practices needed so that the Government, ministries, branches, associations and enterprises can timely react, help businesses improve their competitiveness and effectively penetrate the market.

It is forecast that exports in the last months of the year will still face many difficulties as the global economy continues to face many problems and challenges, reducing the demand for goods. — VNS

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