Vietnam's exportation sees 21% rise
According to a General Department of Vietnam Customs report, Vietnam recorded a trade surplus of 2.8 billion USD in the first 11 months of 2017, mainly contributed by the foreign-invested sector.
Vietnam exported goods worth 193.8 billion USD in the first 11 months of this year, surging 21.1 percent year-on-year.In the reviewed period, the country exported goods worth 193.8 billion USD, surging 21.1 percent year-on-year. Of the sum, 140.7 billion USD came from the foreign-invested sector, up 22.8 percent, while export turnover of the domestic sector witnessed a yearly rise of 16.8 percent to reach only 53.1 billion USD.
Other staples with positive export turnover included machinery, equipment and parts with 11.5 billion USD, up 27 percent; seafood with 7.6 billion USD, up 18.7 percent; wood and wooden goods with 6.9 billion USD, up 10.5 percent; and fruits and vegetables with 3.2 billion USD, up 43.1 percent.
According to the department, the US retained its position as the leading consumer of Vietnamese goods with a value of 38.1 billion USD. The EU came next with 35 billion USD, while China and ASEAN countries ranked third and fourth with 30.3 billion USD and 19.8 billion USD, respectively. Japan and the Republic of Korea were also among the largest export markets for Vietnam with values of 15.2 billion USD and 13.6 billion USD, respectively.
Meanwhile, the nation spent 191 billion USD on imports in 11 months, up 21 percent year-on-year, with 114.5 billion USD contributed by the foreign-invested sector, up 23.2 percent, and the remainder of 76.5 billion USD coming from the domestic sector, up 17.9 percent.
Among major import products, computers and electronic devices and components posted the largest import turnover of 34 billion USD, 34 percent higher than the same period last year. Machinery, equipment and parts came second at 30.7 billion USD, up 20.7 percent, while phones and various devices, and cloth were the runners-up with 14.4 billion USD, up 50.2 percent, and $10.3 billion, up 8 percent, respectively.
Other items were steel and iron with a value of 8.3 billion USD, surging 14.3 percent year-on-year; petroleum (6.3 billion USD, up 39.3 percent); chemical (3.7 billion USD, up 27 percent); and cotton (2.2 billion USD, up 44.6 percent).
From January to November, China remained the largest goods supplier of Vietnam with its exports worth 52.1 billion USD, following by the Republic of Korea, ASEAN, Japan, the EU and the US. GSO statisticians, however, said the Republic of Korea overshot China to become the country with which Vietnam recorded the highest trade deficit in the 11-month period with the Republic of Korea’s exports at 28.8 billion USD, marking a yearly rise of 54.8 percent. Trade deficit with China slumped 14.3 percent year-on-year to 21.8 billion USD.
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