Vietnam posted a trade surplus of US$2.8 billion in July, the highest since the beginning of the year and far exceeding the previous estimate of US$1 billion from the General Statistics Office, according to the General Department of Vietnam Customs (GDVC).
|Data: GDVC. Chart: Ngoc Thuy.|
This came as the country’s trade turnover in July stood at US$47 billion, the highest monthly figure year to date and was nearly US$7 billion higher than the average number recorded in the first half of this year.
In July, Vietnam’s exports rose 10.2% month-on-month to US$24.87 billion, while imports increased 6.7% to US$20.10 billion.
Overall, between January and July, Vietnam’s total export value topped US$147.6 billion, up 1.5% year-on-year, and total import value was US$139.2 billion, down 3%. As a result, Vietnam’s trade surplus during the period stood at US$8.4 billion, significantly higher than a surplus of US$1.8 billion in the same period last year.
Bao Viet Securities Company (BVSC) suggested amidst the influence of the pandemic on trade of countries worldwide and declines of 20-40% in exports in various ASEAN countries such as Singapore, Thailand, and Malaysia, Vietnam’s 1.5% export growth the seven-month period is encouraging.
As Vietnam’s major exporting markets, such as the US and EU, are reopening the economy, BVSC expects that Vietnam’s exports will increase positively in the last two quarters of the year and grow of 3-5% in 2020.