Vietnam achieves trade surplus of nearly $12 billion in eight months

The complex development of the Covid-19 pandemic in the country and the world has caused a serious impact on the import – export activities of Vietnam. The trade balance of goods in the first eight months of 2020 is estimated to reach $11.9 billion according to the General Statistics Office of Vietnam.

Accordingly, the total import – export turnover of goods in the first eight months in 2020 is estimated to reach $336.32 billion, decreasing 0.3% over the same period last year.

The domestic economic sector still continues to be the bright spot in the import – export activities when the import – export turnover in eight months increased over the same period last year.

In term of exports, in the first eight months of 2020, the export turnover is estimated to reach $174.11 billion, up 1.6% over the same period last year, of which the domestic economic sector continues to be the highlight with export turnover reaching $60.80 billion, up 15.3%; the foreign investment sector (including crude oil) reached $113.31 billion (accounting for 65.1% of total export turnover), down 4.5%.

In the eight months, there were 27 items with an export turnover of over $1 billion, accounting for 89.7% of total export turnover, of which phones and components reached $31.5 billion, accounting for 18.1% of the total export turnover, down 5.5% over the same period last year.

Regarding the export market, the United States was the largest export market of Vietnam in eight months with a turnover of $46.7 billion, up 19% over the same period last year.

In terms of imports, for eight months of 2020, import turnover is estimated at $162.21 billion, down 2.2% over the same period last year, of which the domestic economic sector reached $72.05 billion, up 2.9%; foreign investment sector reached $90.16 billion, down 6.0%.

In eight months, there were 29 items reaching an import turnover of over $1 billion, accounting for 86.6% of the total import turnover, of which, electronics, computers and components reached $38.6 billion.

China was the largest import market of Vietnam with an estimated turnover of $49.3 billion, up 0.7% over the same period last year.

Generally, in the first eight months of 2020, the trade balance of goods is estimated to have a trade surplus of $11.9 billion, of which the domestic economic sector suffered a trade deficit of $11.2 billion; the foreign invested sector (including crude oil) had a trade surplus of $23.1 billion.

Source: Customs News