Việt Nam gains trade surplus at $2.5b by first half of July

July 23, 2018 - 11:56

Việt Nam maintained high trade surplus by the first half of July, according to the General Department of Customs.

Việt Nam recorded a high trade surplus in the first half of this year. — Photo
Viet Nam News

HÀ NỘI — Việt Nam recorded a high trade surplus in the first half of the year, according to the General Department of Customs.

From the beginning of this year to July 15, Việt Nam’s total export value reached US$122.5 billion, while import value stood at $120 billion, marking a trade surplus of $2.5 billion.

Three groups of goods gained export value of over $10 billion: telephones and components ($24 billion); textiles and garments ($14.9 billion); and computers and components ($14.4 billion).

However, in the first 15 days of July, Việt Nam recorded a trade deficit of about $880 million.

The Ministry of Industry and Trade (MoIT) forecasts that total export value this year will reach $236.6 billion, a year-on-year increase of 10 per cent.

However, average export value of $20.45 billion per month was a challenge in the context of the unpredictable global market, reported Công Thương newspaper.

Trần Thanh Hải, deputy head of the MoIT’s Import-Export Department, said the industry and trade sector would continue to promote reform, creating a favourable environment for exports.

It would raise awareness about free trade agreements (FTAs) and improve the quality of negotiations on signing and upgrading FTAs.

In addition, the sector would strengthen production, and increase investment in the development of support industries, while supplying raw materials for the production of export goods that meet regulations on the origin of goods. This would help to take advantage of preferential tariffs and open markets under the FTAs while cutting imports of material for production.

According to the General Department of Customs, in the first six months of this year, the total export value to the 10 biggest markets reached about $101 billion, accounting for 88 per cent of export value. The US market continued to be the largest market for Việt Nam with nearly $21.6 billion, accounting for 19 per cent of total export value. — VNS