70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam’s trade surplus continues strong growth to hit US$3.7 billion in Q1
Ngoc Thuy 14:44, 2020/04/16
Vietnam's exports rose 7.5% year-on-year to US$63.23 billion in the January-March quarter, and imports reached US$59.49 billion, representing an increase of 3.7%.

Vietnam’s trade surplus continued its strong growth to US$3.74 billion in the first quarter (Q1), more than double the surplus of US$1.82 billion recorded in the January-February period and higher than the General Statistics Office’s projected US$2.8 million for Q1, according to the General Department of Vietnam Customs (GDVC).

A positive external balance in the three-month period was thanks to a trade surplus of US$1.12 billion in the second half of March.

 Data: GDVC. Chart: Ngoc Thuy. 

Some of Vietnam’s major export staples soared in revenue in the second half of March compared to the first half. They included computers, electronic devices and parts with an increase of 34.4% year-on-year; machinery, equipment and parts, up 44.2%; transportation vehicles and accessories, up 41.5%; seafood, up 29.3%; footwear, up 10.3%, vegetables, up 37.7%, among others.

In the January – March period, the country’s external trade rose 5.7% year-on-year or US$6.57 billion to US$122.73 billion. Upon breaking down, exports totaled US$63.23 billion, up 7.5% year-on-year, and imports reached US$59.49 billion, representing an increase of 3.7%.

 Data: GDVC. Chart: Ngoc Thuy. 

Foreign-invested companies recorded a total import-export value of US$77.37 billion during the period, up 3.8% year-on-year. This included $42.55 billion in exports, up 3.6% year-on-year, accounting for 67.3% of Vietnam’s export turnover, and US$34.82 billion in imports, up 4.1% and making up 58.5% of total imports. As such, they posted a trade surplus of US$7.73 billion.

Meanwhile, the domestic sector recorded a trade value of US$45.35 billion, or 37% of Vietnam’s total trade volume, up 9% year-on-year.

TAG: trade surplus Vietnam first quarter smart phones electronic products export import FDI
Other news
13:16, 2024/05/28
World Bank ready to lend Vietnam US$11 billion in 5 years
Funds should be allocated to major transformative projects to maximize the efficiency of the investment and streamline procedures.
13:09, 2024/05/28
Central bank stops gold auction
As a long-term solution, experts urged the State Bank of Vietnam (SBV) to consider revising Decree 24 on gold market management and ending the monopoly on SJC gold bars.
17:54, 2024/05/27
Vietnamese Gov't urged to cut business working week to 44 hours
The Labor Code stipulates that workers should not work more than eight hours per day and 48 hours per week under normal conditions.
10:24, 2024/05/25
Vietnam, Japan continue to expand comprehensive strategic relations
Vietnam considers Japan a first-rate and long-term partner.
11:23, 2024/05/24
Vietnam continues to promote political stability for long-term growth: Deputy PM
The Vietnamese Government remains committed to helping investors overcome challenges, turn risks into opportunities, and achieve rapid and sustainable development.
16:29, 2024/05/23
Japan to support Vietnam in developing highly skilled workforce in emerging fields
The Japan Business Federation (KEIDANREN) considers Vietnam one of its most important partners and is committed to cooperation in digital and green transformation.