With positive recovery, exports reached over US$229 billion in 10 months

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Vietnam has consecutively had a trade surplus since 2016, higher year after year. Photo: N.Linh

According to the information that the Ministry of Industry and Trade announced on October 30, Vietnam's total merchandise import and export turnover in October is estimated at US$51.2 billion, down 0.3% compared to September 2020 but still recovered quite well compared to the same period in 2019 with an increase of 9.98%.

Of which, export turnover was estimated at US$26.7 billion, down 1.7% compared to September 2020, but up 9.9% over the same period in 2019.

According to the Ministry of Industry and Trade, this is an encouraging result in the context of global trade facing difficulties due to the Covid-19 pandemic, and many economies in Asia declined due to the impact of the pandemic.

On further analysis of exports, according to the Ministry of Industry and Trade, the domestic economic sector increased by 0.7%, accounting for nearly 28.7% of total export turnover within 10 months; the foreign invested sector (including crude oil) increased by 6.5%, accounting for 71.3%.

In 10 months, there were 31 items with an export turnover of over US$1 billion, accounting for 91.76% of total export turnover.

About commodity perspective, the group of industrial products continued to play a major role in the growth rate in October 2020 with a turnover of US$22.53 billion, up 9% over the same period last year.

Regarding the export market, the United States is Vietnam's largest export market with a turnover of US$62.3 billion, up 24% over the same period last year; followed by China, EU, ASEAN, Korea and Japan.

Regarding the export results, Deputy Minister of Industry and Trade Do Thang Hai said that the Ministry has carefully reviewed each sector and commodity industry to update the operating process, consider solutions to remove difficulties, pushing production and exports for the last months of the year.

The assessment shows that the possibilities that can be achieved in the fields of industrial production, export and domestic trade for the whole year 2020 are more positive than the assessment in July 2020. Based on the current situation, it is expected that Vietnam's merchandise exports for the whole 2020 will be able to increase by 3-4%.

In the last months of the year, to continue promote exports, Deputy Minister of Industry and Trade Do Thang Hai stated that the Ministry of Industry and Trade will continue to research, propose and take more drastic measures in exploitation, further access to key markets, maintain and expand, not to reduce market share, lose export markets, especially for key export products.

At the same time, focusing on reviewing administrative procedures on imports and exports in order to promote exports, facilitate and effectively support businesses.

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"In addition, one of the important solutions that the Ministry of Industry and Trade focuses on is increasing the implementation of trade promotion forms using online tools to maintain the market, relationships with partners, supporting businesses to quickly find customers for agricultural products, essential goods, products for epidemic prevention,” said Deputy Minister Do Thang Hai.