Vietnam trade surplus widens to US$6.5 billion in 7 months

Hai Yen 15:46, 2020/07/29

Vietnam's trade turnover is likely to have reached US$285.12 billion in the first seven months, down 1.3% year-on-year.

Vietnam reported an estimated trade surplus of US$1 billion in July, widening the trade surplus to US$6.5 billion in the January – July period, the General Statistics Office (GSO) has said in a monthly report.

On breaking down, the domestic-invested sector is estimated to post a trade deficit of US$11.1 billion in the seven-month period while foreign-invested firms recorded a surplus of US$17.6 billion.

Data: GSO. Chart: Hai Yen.

The domestic-invested sector's exports are expected to expand 13.5% year-on-year to US$50.76 billion during the period, accounting for 34.8% of the country's exports. Meanwhile, FDI firms reaped US$95.03 billion from overseas shipments, down 5.7% and accounting for 65.2% of the total.

In July, Vietnam exported goods worth an estimated US$23 billion, up 1.9% inter-monthly, while imports are estimated to have increased by 6.2% to US$22 billion.

The complicated progression of the Covid-19 pandemic in Vietnam’s major markets continued to exert negative impacts on the country’s trading activities, noted the GSO.

Overall, Vietnam's trade turnover is likely to have slipped 1.3% year-on-year to reach US$285.12 billion in the January – July period, of which its export value could amount to US$145.79 billion, up 0.2% year-on-year, and imports are estimated at US$139.33 billion, down 2.9%.

Among Vietnam’s key export staples, phones and parts are predicted to earn the largest export turnover during the January-July period at US$25.7 billion, down 6.6% year-on-year and accounting for 17.6% of Vietnam’s total exports.

Data: GSO. Chart: Hai Yen.

In addition, electronic products, computers and components earned an estimated US$23.1 billion, up 24.3% year-on-year; followed by garments (US$16.2 billion and -12.1%); equipment and parts (US$12.4 billion and +27.1%); footwear (US$9.5 billion and -7.9%); wood and wooden products (US$6.1 billion,+6.2%); transportation vehicles (US$4.4 billion and -12.3%); fishery (US$4.4 billion and-6.4%), among others.

In the January – July period, the US remained Vietnam's biggest export market, spending US$37.9 billion on Vietnamese goods, up 15% year-on-year, followed by China (US$23.5 billion, up 18.4%), and the EU (US$19.5 billion, down 5.9%).

Meanwhile, China continued to be Vietnam's largest supplier, selling US$41.6 billion worth of goods to Vietnam, down 1.8% year-on-year.

South Korea claimed the second place by exporting US$24.3 billion worth of goods to Vietnam, down 9.2% year-on-year, followed by ASEAN countries with US$16.7 billion, down 11.3%.