Monday, November 19 2018

VietNamNews

VN trade surplus for 2014 hits $2b

Update: November, 26/2014 - 08:56

A shoes assembly line at the Dong An Economic Investment and Development Company's factory in Ha Noi. Footwear is one of the leading export products of Viet Nam. — VNA/VNS Photo Tran Viet

HA NOI (VNS) — Viet Nam's trade surplus in the first 11 months of 2014 has reached US$2 billion, a $100-million increase over the surplus recorded in the first ten months of the year.

The General Statistics Office (GSO) made the announcement and predicted that Viet Nam would finish 2014 with a trade surplus and a large contribution from the foreign direct investment (FDI) sector.

GSO figures showed that the country's export revenues reached $137.33 billion, a 13.7-per cent year-on-year increase, and 67 per cent came from the FDI sector, including crude oil. The FDI sector's exports increased by 13 per cent year-on-year.

Leading exports include garments and textiles, with a turnover of $19.183 billion, an 18.2-per cent increase; phones and components, $21.681 billion, an 8.3-per cent increase; footwear products, $9.181 billion, a 23-per cent increase; and computers and electronic components, $10.259 billion, a five-per cent increase.

Products with rapid export growth this year include seafood, which increased by 20.2 per cent to reach $7.272 billion; fruits and vegetables, by 39.6 per cent to $1.35 billion; and coffee, by 34.3 per cent to $3.31 billion.

However, several traditional exports witnessed declines in either volume or value or both. Coal fell by 1.8 per cent in volume to 6.812 million tonnes and 37.9 per cent in value to $506 million. Rubber reached $1.634 billion, a 26.2-per cent decline, because of the sharp fall in world prices.

The United States was the country's leading importer, with an export value in the first 11 months of this year reaching $26.2 billion, a 21.3-per cent increase.

The country's import value reached nearly $135 billion, a 12.6-per cent year-on-year increase, with the FDI sector accounting for more than 56.8 per cent.

Viet Nam mainly imported raw materials for production such as fabrics, plastics, machines and equipment.

Worth considering is Viet Nam's trade deficit with China which, in the first 11 months of this year, reached $26.4 billion, a 22.1-per cent year-on-year increase and nearly one-fifth of the country's total import turnover.

Viet Nam's imports from China reached $40 billion or nearly 30 per cent of the country's export turnover. This high rate is a serious concern, according to the GSO. — VNS



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