Vietnam enjoys growing trade surplus of over USD 6.8 billion
Vietnam recorded a trade surplus of over USD 6.8 billion between the beginning of the year and October 15 with total import-export turnover reaching over USD 403 billion, according to statistics released by the General Department of Vietnam Customs.
Of the overall figure, total export turnover hit USD 205 billion, while import turnover stood at over USD 198 billion.
During the first half of October, the country’s total import-export turnover hit close to USD 21 billion, resulting in the nation suffering from a trade deficit of USD 369 million.
Throughout the reviewed period, three main categories of export goods recorded a turnover of over USD 1 billion, including telephones and components, computers, in addition to electronics and components.
By early December, import and export turnover is forecast to reach USD 500 billion. This figure has been calculated in the context of both the growth rate and the scale of import and export turnover being higher during the final few months of the year.
This can largely be attributed to businesses preparing goods for large global shopping events such as Christmas, New Year, and the Lunar New Year festivals in Vietnam and other Asian countries.
In 2017, Vietnam’s import and export turnover of goods racked up USD 400 billion for the first time, a two-fold in value after six years the country touched the USD 200 billion mark.
Most notably, import-export value has recorded strong growth since 2015 with the nation signing a number of free trade agreements with the Republic of Korea, the Eurasian Economic Union, and ASEAN.
Aside from dramatic changes witnessed in the overall data, the structure of import and export of goods has also undergone positive chances, mainly focusing on industrial goods.
With regard to export turnover, the country has about 30 categories of export products which reach an annual turnover of USD 1 billion, including a few high-value items such as textiles, footwear, coal, and crude oil.