Việt Nam enjoys trade surplus of over $2.8 billion in two months

March 07, 2023 - 08:49
In February alone, total export revenue is estimated at $25.88 billion, up 9 per cent over January and 11 per cent year on year.
Tân Cảng Cái Mép International Terminal. Việt Nam’s trade is predicted to hit US$700 billion this year. — VNA/VNS Photo

HÀ NỘI — Total import-export revenue is estimated at US$96.06 billion in the first two months of this year, down 13.2 per cent year on year, with a trade surplus of $2.82 billion, reported the General Statistics Office (GSO).

According to the office, the country has exported $49.44 billion worth of goods so far this year, down 10.4 per cent over the same period last year, with $37.92 billion coming from the foreign-invested sector, accounting for 76.7 per cent.

In February alone, total export revenue is estimated at $25.88 billion, up 9 per cent over January and 11 per cent year on year.

In the first two months of this year, eight kinds of products recorded exports of over $1 billion, accounting for more than 69.9 per cent of the total. Particularly, three enjoyed revenue of over $5 billion.

The manufacturing-processing sector contributed $44.38 billion to the country’s total two-month export revenue, accounting for 89.8 per cent, while agro-forestry sector made up 6.9 per cent, fisheries 2 per cent and fuel and minerals 1.3 per cent.

In January and February, the country spent $46.62 billion on importing goods, down 16 per cent year on year, mostly on production materials.

In February, the figure dropped 6.7 per cent over the same period last year to $23.58 billion.

In the first two months of this year, imports of 13 groups of goods exceeded $1 billion, with two recording imports worth more than $5 billion.

So far this year, the US has remained the largest import market of Việt Nam with a revenue of $13.1 billion, while China has been the country's biggest exporter with a value of about $14.6 billion.

In the January-February period, Việt Nam’s trade surplus with the EU is estimated at $4.8 billion, up 1.8 per cent.

Meanwhile, the country has suffered a trade deficit of $6.4 billion with China, $4.7 billion with the Republic of Korea, $1.5 billion with ASEAN countries, and $237.2 million with Japan.

To meet the target of about 6 per cent growth in export revenue this year, the Ministry of Industry and Trade has asked businesses to actively improve the competitiveness of their products, while expanding their export markets.

The ministry will strengthen the exploitation of potential markets, while switching to official export channels in association with the building of trademarks. The ministry will also renovate its trade promotion activities and develop digital infrastructure to increase distribution though e-commerce platforms.

Besides, the ministry will organise training courses for businesses and support them to make full use of free trade agreements.

Agro-forestry-aquatic exports up 5.7 per cent in February

Việt Nam earned over $3.4 billion from agro-forestry-aquatic product exports last month, a year-on-year increase of 5.7 per cent, the Ministry of Agriculture and Rural Development said.

The sector’s import-export value in the first two months of this year was estimated at $11.99 billion, down 16.8 per cent from the same period last year. Its exports accounted for around $6.28 billion, a drop of 22.5 per cent.

After falling to second position among Việt Nam’s agro-forestry-aquatic importers, China returned to the top spot in the first two months of the year with $1.27 billion or 20.2 per cent of the market share. It was followed by the US with some $1.19 billion; Japan, $563 million; and the Republic of Korea, $302 million.

Items that saw hikes in export revenues included tea, up 5.1 per cent; fruits and vegetables, 17.8 per cent; cassava and cassava products, 32.7 per cent; milk and dairy products, 10.2 per cent; and meat and by-products, 14.2 per cent.

Meanwhile, staples such as coffee, rubber, rice, cashew nuts, pepper, tra fish (pangasius), shrimp, wood and wooden products, and rattan and bamboo products experienced decreases.

To promote the consumption of farm produce, the ministry said it will step up market development, remove barriers and facilitate domestic sales and exports, while utilising free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Việt Nam Free Trade Agreement (EVFTA).

The sector will also continue its coordination to support the protection of trademarks and geographical indications for Việt Nam’s potential export items abroad. It proposed the Government build a decree on the management of Việt Nam's national agricultural product brands.

Representatives from the ministry will hold working sessions with China’s Nanning and Yunnan customs forces to seek ways to promote trade and remove obstacles to agro-forestry-aquatic exports. — VNS