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Home / Economy / Trade - Service
Vietnam-Russia trade revenue reaches seven-year high in Jan-Jul
Nguyen Tung 07:00, 2018/09/06
Vietnam posted a trade surplus of US$265 million with Russia between January and July, down 39% year-on-year, which was due to growing number of Russian imports to Vietnam, stated General Department of Vietnam Customs (GDVC).
Trade turnover between Vietnam and Russia in the first seven months of 2018 reached a seven-year high of US$2.67 billion, up 34.2% year-on-year, according to GDVC.
 
Illustrative photo.
Illustrative photo.
Upon breaking down, Vietnam's exports to Russia in the January - July period stood at US$1.47 billion, up 21% year-on-year, while the country imported goods worth US$1.2 billion, up 55% year-on-year. 

This resulted in a trade surplus for Vietnam at US$265 million in the seven-month period, down 39% year-on-year, which was due to growing number of Russian imports to Vietnam, stated GDVC. 

In the first seven months of 2018, Russia was Vietnam's 24th export market and 15th import market of the latter. As a result, Russia remained Vietnam's 19th largest trading partner. 

The number of Vietnamese enterprises engaging in trade activities with Russia in 2017 was 2,200, while the number was 2,042 in the January - July period. 

Wheat floor was the most imported product from Russia to Vietnam during the period with import turnover of US$358 million, 32 times higher than the same period of last year and accounting for nearly 30% of total Vietnam's imports from Russia. 

Notably, Vietnam also imported coal from Russia for the first time during the seven months with value of US$145 million. Coal was Russia's second largest product imported to Vietnam. 

Additionally, other main imported products from Russia to Vietnam included steel, fertilizers, equipment and spare parts, petroleum products. Import value from those products accounted for 75% of total Russian's import turnover to Vietnam. 

Meanwhile, Russia is Vietnam's key consumption market for phones and accessories with value of US$710 million, up 15.6% year-on-year; computers, electronic devices and parts (US$120 million, up 81%); coffee (US$113 million, up 64%); garment (US$94 million, down 9.4%); footwear (US$62 million, up 6.5%); seafood (US$53 million, up 11%). 
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Overall, Vietnam's export turnover of these said products to Russia reached US$1.15 billion, accounting for 79% of the country's total exports to Russia. 
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