Trade surplus hits record of US$19.5 billion

VCN- Import and export activities in the last months of the year show positive signs and the trade surplus continues to set new records.
2023-1726-img-6617
Import and export activities have achieved a turnover of more than US$50 billion in the second consecutive month. Photo: T. Binh.

Both imports and exports achieve positive growth

According to preliminary data from the General Department of Vietnam Customs, the total import and export value of goods of the whole country in October reached US$51.36 billion, equivalent to the value of September.

Of which, the total export value reached US$27.17 billion, a slight increase of 0.1%, and the total import value reached US$24.19 billion, equal to the value of September.

In the first 10 months of 2020, Vietnam's total import and export value of goods reached $439.82 billion, a slight increase of 2.6% year-on-year.

The total export turnover was estimated at US$229.65 billion, up 4.9%, and the total import value was estimated at US$210.17 billion, up 0.3%.

Notably, after months of negative growth, by the end of October, Vietnam's merchandise import activities saw positive growth.

The merchandise trade balance in October had a surplus of US$2.98 billion. By the end of October, Vietnam had a trade surplus of US$19.5 billion higher than the surplus of US$9.3 billion of the same period last year.

Regarding major trading partners, the two largest trading partners of Vietnam are the US and China.

Specifically, Vietnam’s exports to the US market in October reached US$7.66 billion, thereby, bringing the total export value of Vietnam in the first 10 months of the year to US$62.36 billion, an increase of 24% year-on-year (or an increase of US$12.1 billion).

Vietnam’s exports to China in October reached US$5.47 billion. By the end of October, export turnover reached US$37.95 billion, a sharp increase of 15% year-on-year.

Commodity groups see fluctuation of "billion dollar"

According to data from the General Department of Vietnam Customs, by the end of October, there were three export commodity groups with an increase in turnover of US$1 billion or more.

Specifically, export turnover of computers, electronic products and components increased by US$7.3 billion; machinery, equipment and spare parts increased by US$6.4 billion; wood and wooden products increased US$1.17 billion.

However, export turnover of some major commodity groups fell in recent months.

Typically, export turnover of textiles declined US$2.58 billion; mobile phones and spare parts fell US$1.8 billion;footwear decreased by US$1.3 billion.

Export turnover of petroleum products decreased by US$940 million; camera, camcorder and spare partsdeclined US$766 million.

Import turnover of computers, electronic products and accessories increased by US$8.6 billion year-on-year.

Also, import turnover of many commodity groups sharply declined compared to the same period last year.

Notably, import turnover of the raw and auxiliary materials for the textile and garment and footwear industries fell US$2.7 billion. Followed by petroleum products, down US$2.24 billion; iron and steel of all kinds decreased by US$1.4 billion; CBU cars and auto spare parts decreased by US$1.35 billion.

If Vietnam continues to maintain a turnover of over US$50 billion/month in the last two months of the year as in September and October, we will end 2020 with an export turnover of approximately US$540 billion, an increase of more than US$20billion compared to 2019.

Although the growth rate is only 4%, much lower than the rate in recent years, this result is still a remarkable effort in the context of the Covid-19 pandemic, and Vietnam has also suffered from many difficulties due tonatural disasters such as drought, saline intrusion in the Mekong Delta and most recently historic storms and floods in the central region.

By Thai Binh/Ngoc Loan

Related News

Hai Phong Customs’ revenue rises about VND 1,000 billion

Hai Phong Customs’ revenue rises about VND 1,000 billion

VCN- In the first month of the year, Hai Phong Customs' revenue increased by nearly VND1,000 billion.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - Vietnam's total import and export turnover in the second half of January 2025 (January 16-31, 2025) reached US$28.9 billion, the latest preliminary statistics of the General Department of Vietnam Customs reported.
State revenue in first month of the year equal to 14% of the estimate

State revenue in first month of the year equal to 14% of the estimate

VCN - According to the Ministry of Finance, in January - the first month of 2025, the total state budget revenue is estimated at VND275.9 trillion, equal to 14% of the estimate; meanwhile, the total state budget expenditure is estimated at VND134.4 trillion.
Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

Ho Chi Minh City: Foreign visitors spend more than VND1,500 billion to buy goods upon exit

VCN - According to the Ho Chi Minh City Customs Department, in 2024, the unit refunded VAT on goods that foreigners and oversea Vietnamese residents brought with them when leaving the country with a value of over VND1,540 billion.

Latest News

Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

VCN - Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.

More News

Vietnam's agricultural product exports shine in 2024

Vietnam's agricultural product exports shine in 2024

The agricultural sector wrapped up 2024 with 62.4 billion USD in export turnover, marking an 18.5% increase against 2023, while achieving a record trade surplus of 18.6 billion USD, surging 53.1%.
Aiming for 16% credit growth and removing credit room allocation

Aiming for 16% credit growth and removing credit room allocation

VCN - A representative of the State Bank of Vietnam (SBV) said that the SBV is gradually innovating its credit management methods, aiming to remove the mechanism of allocating credit room to each credit institution.
Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia has announced it will initiate an anti-dumping duty investigation on the imports of galvanised iron coils/sheets or galvanised steel coils/sheets originating from or imported from Việt Nam, China and South Korea.
Coffee prices hit record highs, heightening speculation risks

Coffee prices hit record highs, heightening speculation risks

Phan Minh Thông, Chairman of Phúc Sinh JSC, called the price surge "insane," warning of continued increases as businesses are compelled to trade at elevated prices instead of following pre-set contracts.
Exports witness a rise of US$1 billion in the first 15 days of 2025

Exports witness a rise of US$1 billion in the first 15 days of 2025

VCN - Compared to the same period in 2024, exports in the first half of January 2025 increased by more than 6%, equivalent to nearly USS$1 billion.
Central industrial hub sets ambitious growth target in 2025

Central industrial hub sets ambitious growth target in 2025

The central province has targeted ambitious growth of up to 10 per cent with some key strategic industrial investment projects in 2025, contributing VNĐ25 trillion (US$1 billion) to the State budget.
Demand for dragon fruit in Tiền Giang Province continues to increase

Demand for dragon fruit in Tiền Giang Province continues to increase

Dragon fruit prices in Tiền Giang Province remain high after the Lunar New Year due to increased demand from China and domestic consumption.
Data centres are attracting investors in Asia

Data centres are attracting investors in Asia

The global data centre market reached new heights in 2024, driven by the growing demand for generative AI, which has triggered a new wave of investment.
US or China: Who will lead in Vietnamese Tra fish imports?

US or China: Who will lead in Vietnamese Tra fish imports?

VCN - Given that tra fish is a key export commodity for Vietnam's seafood industry, the question arises whether the United States will surpass China as the leading importer of this product in 2025.
Read More

Your care

Latest Most read
Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - The figure decreased by 15.6% (equivalent to a decrease of US$5.33 billion) compared to the figure in the first half of January 2025.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.
Mobile Version