Exports rake in US$36.68 billion during first two months

Foreign invested firms made up US$25.96 billion (including crude oil), or 70.8 per cent of the total export turnover during the first two months of 2019.

Data released by the General Statistics Office of Vietnam (GSO) indicate the domestic sector contributed US$10.72 billion to the country’s total export turnover in the two-month period, up 9.9 per cent. Meanwhile, the foreign invested sector made up US$25.96 billion (including crude oil), representing 70.8 per cent of the total.

Despite a year on year slide of 7.3 per cent, 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 US$4.9 billion.

The above-mentioned staples were followed by computers and components with the export turnover of US$4.2 billion, up 1.9 per cent; footwear at US$2.7 billion, up 18.4 per cent; machinery and spare parts at US$2.6 billion, up 19.3 per cent.

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 per cent on year to US$8.1 billion. It was followed by the EU with US$6.3 billion in value, up only 1.2 per cent.

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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 per cent. Vietnam reaped 3.8 billion from exports to the ASEAN market, US$3.2 billion from Japan, and US$3.1 billion from the Republic of Korea (RoK).

Meanwhile, goods shipped to Vietnam between January and February jumped by 7.5 per cent on year to US$36.76 billion. This forced Vietnam to record a trade deficit of US$84 million during the two-month period.

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Of the import value, US$15.29 billion was contributed by the domestic sector and the rest came from the foreign invested sector.

Vietnam spent US$10.7 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.