Vietnam exports and imports

Vietnam’s 2020 export revenue as of August 15 rose 1.8% , reaching US$160.2 billion while imports were estimated at US$150.2 billion, latest customs data has shown. Vietnam has recorded a trade surplus of US$10 billion. That means the country registered a trade surplus of US$10 billion. In the first half of August, Vietnam exported US$12.7 billion worth of goods and imported US$10.8 billion, according to the General Department of Customs. It is worth noting that Vietnam’s export activity has seen signs of a rebound recently. With US$24.87 billion worth of exports, July was the second best-performing month, behind August of 2019, and Vietnam’s exports continues to maintain momentum this month. Top export earners in the first half of August include mobile phones (US$2.58 billion), computers and electronics (US$1.9 billion), textiles (US$1.36 billion), machinery (US$1.11 billion) and footwear (US$652 million). Conversely, Vietnam’s main … [Read more...] about Vietnam’s exports recover as trade surplus hits US$10 billion

Computers, electronic products, and parts have been the group of products with the highest import value since 2017. China for the first time has surpassed South Korea as Vietnam’s largest supplier of electronic products, parts, and computers for the past five months with a turnover of US$8 billion, a surge of 54.6% year on year. Data: GSO. Chart: Hai Yen With such a result,  South Korea was relegated to second place with a turnover of US$7.3 billion during the period, or an increase of 11% year on year, according to the General Department of Vietnam Customs (GDVC). In May, Vietnam imported US$5.6-billion worth of computers, electronic products, and parts, down 1.4% against last month. This accumulated a total of US$27.83 billion in imported such products for the five-month period, representing an increase of 26.5% year-on-year. “Computers, electronic products, and parts have been the group of products with the highest import value since 2017,” stated the … [Read more...] about China surpasses South Korea as Vietnam’s largest supplier of electronic products

Vietnamese lychees put on sale in France (Photo: VNA) Hanoi (VNA) - Trade in goods between Vietnam and the European Union (EU) has seen positive growth since the beginning of 2021, despite the impact of the COVID-19 pandemic. According to statistics of the General Department of Customs, Vietnam exported 16.1 billion USD worth of goods to the EU during January-May, while importing commodities worth 6.7 billion USD from the bloc, up 20.1 percent and 16.8 percent compared to the same period last year, respectively. The EU is currently Vietnam ’s fifth largest trade partner and second biggest importer of Vietnamese goods, following the US. Last year, two-way trade reached 49.8 billion USD, down 0.1 percent year-on-year, and accounting for 9.13 percent of Vietnam's total foreign trade. With the EU-Vietnam Free Trade Agreement, Vietnam’s export to the bloc has bounced back since the end of 2020, said Tran Thanh Hai, deputy head of the Ministry of Industry and … [Read more...] about Vietnam’s exports to EU surge amidst COVID-19

Vietnam has exported 4.91 million tonnes of iron and steel with a value of $3.6 billion Data from the General Department of Customs shows that in the past five months Vietnam exported 4.91 million tonnes of iron and steel with a value of $3.6 billion, a sharp increase of 61.6 per cent in volume and 117 per cent in value over the same period last year. In May particularly, iron and steel exports reached 980,000 tonnes, with a value of $833 million, down 4 per cent in volume and 8.2 per cent in value over the previous month. The EU, China, Cambodia, Malaysia, and Mexico are the five largest markets that import Vietnam's iron and steel products also recorded high growth rate. Specifically, iron and steel exports to China doubled at 1.1 million tonnes, to the EU it increased five times to 713,000 tonnes, and to Mexico it went up 2.5 times to 293,000 tonnes. Meanwhile, exports to Malaysia increased slightly by 12.8 per cent to 322,000 tonnes and to Cambodia decreased by 1.5 per … [Read more...] about Vietnamese steel exports recorded high growth

It is likely that the trade balance would return to positive in the coming months as exports normally go up in the final months of the year. Vietnam’s US$2-billion trade deficit in May would not be a concern as the majority of goods and products imported are for production or export. Deputy Minister of Industry and Trade Do Thang Hai made the statement in a press conference on May 17. Overview of the press conference. Source: MoIT Data from the Ministry of Industry and Trade (MoIT) revealed in the first five months of this year, Vietnam’s exports surged by 31% year-on-year to US$131 billion, while imports also rose by 37% to US$131.6 billion. A trade deficit of US$2 billion in May has resulted in a deficit of US$370 million for the five-month period, which is a stark contrast of a surplus of US$1.63 billion recorded in the January-April period. “There is no abnormality in these figures, as up to 90% of products imported to Vietnam are input materials for … [Read more...] about Deputy trade minister refutes concern over Vietnam trade deficit