Wednesday, September 19 2018

VietNamNews

VN posts $2.92b trade surplus by mid-August

Update: August, 22/2018 - 15:00
Telephones and components brought a turnover of $28.4 billion from the beginning of this year to mid-August. - Photo kinhtedothi.vn
Viet Nam News

HÀ NỘI — Việt Nam gained a trade surplus of US$2.92 billion to August 15, according to the latest statistics from the General Department of Customs.

During the reviewed period, the nation’s total trade value experienced a positive increase of 14 per cent to $286.3 billion. The foreign-invested sector remained the major contributor to the country’s trade with a turnover of $186 billion, up 14 per cent year-on-year.

From the beginning of this year to mid-August, export turnover stood at $145 billion in the period, representing a 16 per cent increase over the same period last year.  

Among staples posting strong export turnover included telephones and components ($28.4 billion); textiles and garments ($18 billion); computers and components ($17.3 billion); machinery, equipment and parts ($9 billion), in addition to footwear ($9.84 billion); wood and wooden goods ($5.21 billion); seafood ($5.1 billion); means of transport and parts ($4.95 billion) and steel and iron ($2.7 billion).

Meanwhile, imports topped $141.7 billion in the period, surging 12 per cent year-on-year with major import items including computers, electronics and parts with a value of $25.04 billion; machinery, equipment and components ($20.3 billion); telephones and components ($8.23 billion) and clothes ($7.9 billion). Other key import products were plastic materials ($5.41 billion); petroleum ($5.38 billion); metal ($4.92 billion), and raw materials for the garment and footwear industries ($3.6 billion).

However, in the first 15 days of August, Việt Nam recorded a trade deficit of $47 million due to an 18 per cent slump in export value compared to the same period of July.

From now until year-end, the industry and trade sector would continue to promote reforms, creating a favourable environment for exports, according to the Ministry of Industry and Trade’s Import-Export Department.

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. — VNS

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