Trade surplus reaching US$2.7 billion in first quarter
Trade activity has been the spotlight of the economy, assessed in the latest report of the General Department of Vietnam Custom (GDVC).
Vietnam's trade surplus in the first quarter has gone up to US$2.7 billion, exceeding the previous figure of US$1.3 billion, informed GDVC.
Trade surplus reaching US$2.7 billion in first quarter.
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In the first quarter, it is estimated that around 10 categories of goods recorded export turnover of over US$1 billion.
Top of the list is phones and phone components with US$12.6 billion, up US$5 billion or equivalent to growth rate of 62.3% year on year. Followed by textile with US$6.425 billion, increasing 14.9%; computer, electronics and components reached US$6.334 billion, up 14.1%; footwear is recorded at US$3.444 billion, up 10.6%.
Agro-forestry - fishery also experienced high growth rate after the first quarter. Despite being imposed high tariffs from the US and European Union (EU), as well as a yellow card from EU for illegal, unreported and unregulated (IUU) fishing, fishery export turnover in the first quarter is estimated at US$1.768 billion, increasing 17.6%; vegetable and fruits of US$970 million, increasing 38.5%; rice of US$745 million, up 38.1%.
On the opposite direction, import turnover in the first quarter is posted at US$52.87 billion, resulting in a trade surplus of nearly US$2.7 billion in the first quarter, more than double the estimated figure of US$1.3 billion.
In 2017, Vietnam's total trade turnover exceeded US$425 billion, up 21% compared to the 2016's figure, stated in 2017 trade report of the Ministry of Industry & Trade.
Adding up to the high turnover was the all-time high trade surplus recorded at US$2.92 billion.
The impressive growth rate in trade relation between Vietnam and its trading partners in 2017, according to the report, were thanks to a series of measures to facilitate trade, such as administrative reform, improved business environment, removing business conditions, and the implementation of national single window.
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