Việt Nam records $21.68 billion trade surplus in nine months

04/10/2023    8

During the nine months, the total import-export turnover of goods hit $4497.66 billion with export turnover hitting $259.67 billion, a year-on-year fall of 8.2 per cent. 

Việt Nam posted a trade surplus of US$21.68 billion in the first nine months of this year, compared to $6.9 billion recorded in the previous year's corresponding period, the General Statistics Office (GSO) has announced.

The country's trade surplus reached $2.29 billion in September alone, it said.

During the nine months, the total import-export turnover of goods reached $449.66 billion, with export turnover at $259.67 billion, a year-on-year decrease of 8.2 per cent.

The GSO stated that 31 items recorded export turnover of over $1 billion, accounting for 92.2 per cent of the country's total export turnover. This includes fruits and vegetables at $4.2 billion, up 71.8 per cent; rice at $3.65 billion, up 40.4 per cent; and cashew nuts at $2.6 billion, up 14.3 per cent.

Specifically, six commodities registered an export turnover of more than $10 billion, accounting for 62.2 per cent. Among them were electronics, computers and components at $41.2 billion, and handsets and parts at $39 billion.

The report added that the US was Việt Nam's largest export market during the period, amounting to $70.9 billion.

Meanwhile, the country's imports over the nine months totalled $237.99 billion, down 13.8 per cent year on year. China remained its largest import market, with expenditures totalling $79.1 billion.

The Ministry of Industry and Trade attributed the decline in Việt Nam’s exports to the sluggish recovery of the global economy, reduced demand, and high interest rates in developed countries such as the US, EU nations, and China. This was compounded by a tightened monetary policy and elevated inventory levels.

The ministry mentioned it would continue to monitor the global economic landscape, particularly the policy adjustments of major importers, to provide timely alerts to enterprises and recommend appropriate response policies to the Government.

Additionally, the ministry plans to prioritise revitalising and intensifying trade promotion efforts directed at emerging and potential markets. They will also assist businesses in leveraging the benefits of free trade agreements to boost exports.

Efforts will also be made to provide early warnings regarding potential trade barriers imposed by major import markets.

The ministry anticipates that exports will rebound from the fourth quarter of this year, given favourable conditions such as the recovery of import demand in the US market.

Furthermore, the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to offer additional opportunities for Vietnamese exports. 

Source: Việt Nam News