news Published on March 1, 2019

Exports rake in USD36.68 billion during first two months

VOV

Exports brought home a combined US$36.68 billion during the first two months of this year, surging by 5.9% against the corresponding period last year, according to a State statistics office.

Data released by the General Statistics Office of Vietnam (GSO) indicate the domestic sector contributed USD10.72 billion to the country’s total export turnover in the two-month period, up 9.9%. Meanwhile, the foreign-invested sector made up US$25.96 billion (including crude oil), representing 70.8% of the total.

Despite a year on year slide of 7.3%, telephones and components still topped the list with an export value of US$6.8 billion, while garments and textiles experienced an upward curve with the export turnover increasing by 19 per cent to USD4.9 billion.

The above-mentioned staples were followed by computers and components with the export turnover of US$4.2 billion, up 1.9%; footwear at US$2.7 billion, up 18.4%; machinery and spare parts at USD2.6 billion, up 19.3%.

Notably, a string of farm produce exports inched up and even dropped slightly against the same period last year. They include aquatic products, vegetables and fruits, coffee, cashew nuts, rice, rubber, and pepper.

The United States became the largest importer of Vietnamese products with the import turnover rising by 34.4% on year to USD8.1 billion. It was followed by the EU with USD6.3 billion in value, up only 1.2%.

China was the third largest importer of local products as the neighboring country spent US$5.1 billion on buying goods from Vietnam, up 9.3%. Vietnam reaped 3.8 billion from exports to the ASEAN market, USD3.2 billion from Japan, and USD3.1 billion from the Republic of Korea (RoK).

Meanwhile, goods shipped to Vietnam between January and February jumped by 7.5% on year to USD36.76 billion. This forced Vietnam to record a trade deficit of USD84 million during the two-month period.

Of the import value, USD15.29 billion was contributed by the domestic sector and the rest came from the foreign invested sector.

Vietnam spent USD10.7 billion on importing goods from China in the two-month period, making the neighboring country the largest source of imports. Other major overseas providers came from the RoK, ASEAN member countries, Japan, and the US.