$US 100 billion cycle of Vietnam’s import and export

VCN – So far Vietnam’s import and export has hit 3 important milestones of $US 100 billion, $US 200 billion and $US 300 billion in total turnover.
us 100 billion cycle of vietnams import and export
The import and export activities set a new record but the export activities have signs of slowdown in 2016. Picture: T.Binh.

4 and 5-year cycle

According to the recent information from the General Department of Customs, Vietnam’s turnover hit $US 300 billion on 15th November 2016. Therefore, after nearly 5 years, the country’s turn-over increased by $US 100 billion.

But based on the statistics of the specialized units (such as the General Department of Customs, the General Statistics Office, or the Ministry of Industry and Trade), there is no specific information when Vietnam reached the milestone of $US 100 billion in turnover.

However, based on the statistics of the General Department of Customs, the milestone may have been reached in early December 2007.

Specifically, the statistics of the General Department of Customs show, by the end of November 2007, the total turnover in the whole country achieved $US 99.731 billion, $US 111.2 billion at the end of 2007.

Thus, in December 2007 alone, the total turnover gained $US 11.469 billion, the average per day reached nearly $US 370 million.

Based on the statistics above, in early December 2007, the whole country set a record when the turnover hit $US 100 billion for the first time ($US 99.731 billion in the November added $US370 million of the average turnover per day in the December. But the 1st and 2nd December 2007 was Saturday and Sunday, export and import activities were small).

Since the milestone, over 4 years later, on 25th December 2011, Vietnam set another milestone in international trade activities when it reached turnover value of $US 200 billion (the event was announced by the General Department of Customs).

And nearly 5 years later, Vietnam made another important record in the import and export activities when it hit $US 300 billion as mentioned above.

Notably, the time record for import and export from $100 to $200 billion was 4 years, but from $US 200 to $US 300 billion was nearly 5 years. It shows that the export growth in the previous period is better than in the past 5 years.

Continuous trade deficit.

At 15 November 2016, though the whole country’s trade surplus still remained at the level of $US 2.66 billion, the trade deficit came back in the first half of November and October previously.

Specifically, in October, exports reached over $US 15.4 billion, imports reached nearly $US 15.85 billion that led to the trade deficit of the month at $US 445 million. In the first half of November, the trade deficit coutinued to increased to $US 570 million.

The current trade deficit is due to export turnover falling slighty, meanwhile import turnover increased sharply.

In October 2016, the export turnover reduced by 0.1%, down $US 18 million compared to September 2016; while import turnover rose by 8.9%, increased by $US 1.29 billion. In the first half of November, the export turnover still declined by 2.7% compared to the second half of October, meanwhile the import turnover increased by 1%.

According to the General Department of Customs, in recent years, goods for investment, production and consumption are increasing sharply compared to the end of October such as: machinery, equipment, tools, accessories rose 10% (equivalent to $US 136 million); plastic materials increased by 13.6% (equivalent to $US 40 million); metals climbed by 16.2% (equivalent to $US 29 million).

Meanwhile, from the beginning of the year to 15th November 2016, items been imported dramatically were computers, electronic products and components worth $US 24,094 billion, rose by $US 3.7 billion (nearly 18.2%) compared to the same period in 2015. The items surpass gradually the category of “machineries, equipments, tools, accessories” to become the largest import category of our country.

By Thái Bình/ Kiều Oanh

Related News

Hai Phong Customs strives to perform tasks from the beginning of the year

Hai Phong Customs strives to perform tasks from the beginning of the year

VCN – Hai Phong Customs Department has actively and effectively implemented solutions to accomplish tasks and achieve targets.
An Giang Customs strictly controls goods moving across the border

An Giang Customs strictly controls goods moving across the border

VCN- An Giang Customs Department implements imports and exports smoothly, strictly controls smuggling and illegal transportation of goods across the border, and arrests cases.
Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

Hai Phong Customs processes more than 1,500 declarations during 2025 Lunar New Year holiday

VCN - During the 2025 Lunar New Year holiday, Hai Phong Customs Department processed 1,547 declarations.
In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

VCN - Total import-export turnover in the first half of January 2025 reached more than US$34 billion, the trade balance had a deficit of nearly US$2 billion.

Latest News

VN

VN's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Việt Nam’s efforts to diversify supply to meet industry demands.
Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Việt Nam’s export value of agro-forestry-aquatic products was estimated at US$5.08 billion in January, marking a 4.9 per cent decline compared to the same period last year.
Thailand reviews anti-dumping tax on Vietnamese steel

Thailand reviews anti-dumping tax on Vietnamese steel

TRAV recommended that the Việt Nam Steel Association (VSA) notify relevant local manufacturers and exporters to answer the investigation questionnaire within the prescribed deadline.
Pangasius fetch record price in early 2025

Pangasius fetch record price in early 2025

Currently, larger pangasius weighing over 1.2kg, are selling at VNĐ32,440 (US$1.29) per kilogram, a record high not seen since 2022.

More News

Việt Nam and India trade reached $15 billion in 2024

Việt Nam and India trade reached $15 billion in 2024

Trade relations between Việt Nam and India continue to flourish, with bilateral trade turnover reaching around US$15 billion in 2024.
Việt Nam

Việt Nam's port firms thrive in 2024

Strategic investments and expansions are expected to further enhance the sector’s performance.
Software exporter looks to new pace of growth

Software exporter looks to new pace of growth

FPT Software (F-Soft) Đà Nẵng plans to earn VNĐ3.6 trillion (US$144 million) in exports in 2025 after introducing a third campus at the FPT Complex and signing a strategic deal with the city.
Việt Nam

Việt Nam's exports to EU see impressive recovery in 2024

Việt Nam’s exports to the EU made an impressive recovery in 2024, reaching nearly US$51.7 billion, an increase of $8.08 billion compared to 2023.
Việt Nam–CPTPP trade turnover exceeds $100 billion

Việt Nam–CPTPP trade turnover exceeds $100 billion

The turnover accounts for 13.1 per cent of Việt Nam’s total import-export turnover last year.
E-commerce, a game changer for textile manufacturers

E-commerce, a game changer for textile manufacturers

According to a Việt Nam Textile and Apparel Association (VITAS) report, the proportion of textile businesses adopting e-commerce strategies has increased from 7-8 per cent in 2021, to over 20 per cent by the end of last year.
China remains the largest market for Việt Nam’s cassava and cassava products

China remains the largest market for Việt Nam’s cassava and cassava products

China accounted for 92.85 per cent of the total export volume and 91.77 per cent of the total export value, amounting to 2.43 million tonnes worth $1.06 billion.
Hải Phòng seaport system strives to handle 112 million tonnes of cargo this year

Hải Phòng seaport system strives to handle 112 million tonnes of cargo this year

The Hải Phòng Maritime Port Authority will coordinate with the municipal People’s Committee and relevant sides to find locations for dumping waste from construction, dredging, and maintenance activities.
Việt Nam’s exports stay strong during Tết holiday

Việt Nam’s exports stay strong during Tết holiday

During this period, various strategic measures have been implemented to boost exports to China.
Read More

Your care

Latest Most read
VN

VN's car industry to diversify supply chain

While China remains a significant supplier, recent trade data highlights Việt Nam’s efforts to diversify supply to meet industry demands.
Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Exports of agro-forestry-aquatic products down nearly 5 per cent in January

Việt Nam’s export value of agro-forestry-aquatic products was estimated at US$5.08 billion in January, marking a 4.9 per cent decline compared to the same period last year.
Thailand reviews anti-dumping tax on Vietnamese steel

Thailand reviews anti-dumping tax on Vietnamese steel

TRAV recommended that the Việt Nam Steel Association (VSA) notify relevant local manufacturers and exporters to answer the investigation questionnaire within the prescribed deadline.
In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

In the first 15 days of 2025, total import-export turnover reached more than US$34 billion

VCN - Total import-export turnover in the first half of January 2025 reached more than US$34 billion, the trade balance had a deficit of nearly US$2 billion.
Pangasius fetch record price in early 2025

Pangasius fetch record price in early 2025

Currently, larger pangasius weighing over 1.2kg, are selling at VNĐ32,440 (US$1.29) per kilogram, a record high not seen since 2022.
Mobile Version