Việt Nam achieves $20.19b trade surplus in eight months

September 01, 2023 - 11:15
The total trade value in the period posted a year-over-year decrease of 13.1 per cent to $435.23 billion.


In August, Việt Nam's total trade value hit $60.92 billion, marking an increase of 6.7 per cent compared to the previous month. — Photo

HÀ NỘI — Việt Nam enjoyed a trade surplus of US$20.19 billion in the first eight months of this year, according to the General Statistics Office (GSO).

However, the total trade value in the period posted a year-over-year decrease of 13.1 per cent to $435.23 billion. Specifically, export value hit $227.7 billion, a fall of 10 per cent year on year and import value was down by 16.2 per cent to $207.52 billion.

In August, the country's total trade value hit $60.92 billion, marking an increase of 6.7 per cent compared to the previous month and a decline of 7.9 per cent compared to the same period last year.

In eight months, 30 items posted export turnover of over $1 billion, accounting for 91.8 per cent of the country's total export turnover. Particularly, five commodities posted an export turnover of more than $10 billion, accounting for 58.4 per cent.

The US was Việt Nam's largest export market with an estimated turnover of $62.3 billion, while China was Việt Nam's largest import market with $68.1 billion.

To further improve the trade revenue, the Ministry of Industry and Trade has planned to strengthen trade promotion activities for new and potential markets like India, Africa, the Middle East, Latin America, and Eastern Europe, and the markets less affected by inflation like ASEAN.

The ministry expected the exports to recover since the fourth quarter of this year due to many advantages such as the US market's recovery of import demand.

Besides that, the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will bring more opportunities for Vietnamese exports.

Meanwhile, the Ministry of Agriculture and Rural Development (MARD) reported that Việt Nam's total export-import turnover of agro-forestry and aquatic products in the eight months of this year was estimated at $59.69 billion.

Of which, $33.21 billion was worth of exports, down 9.5 per cent annually, but still resulting in a trade surplus of $6.72 billion.

In August alone, agro-forestry-aquatic products brought home $4.36 billion from exports, down 6.5 per cent annually.

Several commodity groups posted an increase in export value, such as fruits and vegetables, rice, and coffee.

Especially, Việt Nam earned $3.45 billion from exporting vegetables and fruits in the first eight months of 2023, up 57.5 per cent year-on-year, according to MARD.

The figure exceeded last year’s export turnover of $3.16 billion. And with that growth pace, it is expected to surpass the record of $3.81 billion set in 2018.

China remained Việt Nam’s largest veggie and fruit importer, accounting for 65 per cent of the revenue in eight months.

According to Deputy Minister of Agriculture and Rural Development Hoàng Trung, in the coming time, the Central Highlands region will enter the main durian crop, which is off-season compared to other countries. This will be an advantage in helping the export value surge.

To date, more than 300 durian growing area codes and nearly 100 packaging codes have been granted.

Đặng Phúc Nguyên, General Secretary of the Việt Nam Fruit and Vegetables Association (Vinafruit), said that with the two-digit growth rate at present, the export revenue of vegetables and fruits could hit the $5 billion mark.

Meanwhile, rubber, tea, cashew nuts, pepper, and cassava and its products saw their export prices fall by 2.6-19.6 per cent.

China, the US, and Japan remained the top three importers of Vietnamese agro-forestry and aquatic products, with China accounting for 21.9 per cent, up 9.8 per cent; the US 20.6 per cent, down 27.4 per cent; and Japan 7.6 per cent, down 10.6 per cent.

Seizing market opportunities, especially in commodity groups of strength, the ministry has instructed localities to regulate production plans and boost exports, step up negotiations and market access for official exports while expanding export markets. — VNS