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Vietnam’s seven-month trade value surges 18.2% PDF Print
Saturday, 19 August 2017 12:37

VIETRADE – Vietnam’s total import-export turnover reached approximated US$234 billion in the first seven months of this year, up 18.2% over same period last year, according to the latest data released by the General Statistics Office (GSO).


During the reviewed period, export turnover rose by 18.7% year-on-year to US$115.2 billion. Of the sum, exports by the domestic sector topped US$32.2 billion, an increase of 14.6%, while those of the foreign-invested sector reached US$83.1 billion, a 20.3% rise.


Among major exports recording steady turnover growths included phones and components, up 15% to US$22.6 billion; textile and garment, up 8.1% to US$14.2 billion and footwear, up 13% to US$8.4 billion.


The United States remained the largest importer of Vietnamese goods with a turnover of US$23.4 billion, up 10%. It was followed by the European Union with US$21.5 billion, up 13%; China with US$15.5 billion, up 43% and ASEAN countries with US$12.3 billion, up 27%.


Meanwhile, import value experienced a yearly rise of 24% to US$118.3 billion in six-month period, with imports by the domestic sector touching US$46.9 billion, up 18.4%, while those of the foreign-invested sector were US$71.4 billion, up 24%.

Products registering significant import value increases were machines, equipment, tools and components with 37.4% to US$21.4 billion; telephone and components with 30.6% to US$7.3 billion; electronic products, computer and parts with 27.4% to US$19.2 billion and steel with 16.7% to US$5.2 billion.


GSO said that China still accounted for the lion share of Vietnam’s six-month imports at US$31.7 billion, a year-on-year surge of 15.8%. The Republic of Korea ranked second with US$26.7 billion while ASEAN nations came third with US$16 billion.


According to GSO, the country’s trade deficit was estimated at US$3.08 billion from January to July, equaled 2.7% of the country’s export revenue in the period. During the period, the trade deficit incurred by the domestic sector hit US$14.7 billion while the foreign-invested sector recorded a trade deficit of US$11.69 billion.


The Ministry of Industry and Trade’s Export-Import Department forecasts that the nation’s export value would likely to reach US$195 billion in the whole year of 2017, up 10-11% compared with 2016 and 6-7% higher than the target set previously by the Prime Minister.


Meanwhile, economists also foresaw a brighter picture for export in the time to come thanks to positive export performance of the key export such as agro-fishery and industrial products like garment-textiles, footwear and timber products in seven months. 


They took seafood as an example. The country’s seafood export hit US$714 million in July, raising the total in the first seven months of this year to US$4.32 billion, up 17% and 15% year-on-year, respectively. Exports of seafood products were forecast to bring home US$8 billion by the year-end, up 14% year on year.


Exports of farm produce and forestry products also witnessed encouraging export turnovers with US$10.89 billion, up 18% and US$4.41 billion, up 10.8%, respectively, they said./. 


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