Vietnam’s export turnover up 21.5 percent in eight months

Garment production for export to the US at Tien Thuan Garment Co., Ltd. in the south central province of Ninh Thuan. (Photo: VNA)

Vietnam’s export turnover in the first eight months of 2021 rose by 21.5 percent year on year to 212.5 billion USD , despite a decline of 5.4 percent in August, the General Statistics Office (GSO) reported on August 29.

The domestic sector contributed 55.6 billion USD, accounting for 26.2 percent of the total and representing a year-on-year increase of 10.5 percent. The foreign-invested sector (including crude oil) made up 73.8 percent of the total, or 156.8 billion USD, up 25.5 percent.

During the period, 30 export items recorded revenue of over 1 billion USD each and together they accounted for 91.8 percent of the total shipments.

The group of industrial processing goods reeled in a largest share of total export earnings, with nearly 189.3 billion USD, up 22.5 percent year on year. Meanwhile, agricultural and forestry products brought home 15.4 billion USD (up 14.9 percent) and of aquatic products 5.58 billion USD, up 7.1 percent.

The US remained the biggest export market of Vietnam from January-August, buying 62 billion USD of Vietnamese goods, a year-on-year rise of 32.5 percent. China came second with 32.7 billion USD, up 19.8 percent. The EU and ASEAN followed with 26 billion USD and 18.4 billion USD, increasing by 14.5 percent and 23.3 percent, respectively.

Meanwhile, the country spent 216 billion USD on imports in the eight-month period, an annual growth of 33.8 percent, with China being the biggest source of imports.

The country posted a trade deficit of 3.71 billion USD during the period./.