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Official Gazette

Monday, May 29, 2023

Trade surplus swells to record high in 11 months amidst COVID-19

Updated: 09:32’ - 30/11/2020
Vietnam posted a trade surplus of USD 20.1 billion in the first 11 months of this year, the highest on record, despite the adverse impacts of the COVID-19 pandemic on the global economy, according to the General Statistics Office (GSO).

In a report announced on November 29, the office said the country’s total export-import revenue in the reviewed period was estimated at USD 489.1 billion, a year-on-year rise of 3.5 percent, of which export value reached USD 254.6 billion, up 5.3 percent, and import, USD 234.5 billion, up 1.5 percent.

In November alone, export turnover stood at USD 24.8 billion, a drop of 9 percent from the previous month, but up 8.8 percent as compared with the same period last year.

Between January and November, the domestic economic sector generated some USD 73 billion in export revenue, up 1.6 percent, making up 28.7 percent of the total. Meanwhile, the foreign-invested sector, including crude oil, recorded USD 181.6 billion, up 6.9 percent, accounting for 71.3 percent of the total.

Up to 31 groups of commodities joined the over one-billion-USD export club, making up 92 percent of the accumulative export value, with 10 groups posting more than USD 10 billion.

Heavy industry and mining raked in USD 138 billion, up 9.2 percent year-on-year. Light industry and handicrafts, meanwhile, reported revenue of USD 90.2 billion, up 1.5 percent; agro-forestry USD 18.7 billion, down 0.1 percent; and fisheries USD 7.7 billion, down 0.9 percent.

The US remained the largest importer of Vietnamese goods in the 11 months, with turnover of USD 69.9 billion, up 25.7 percent year-on-year.

It was followed by China, with USD 43.1 billion, up 16 percent; the EU, USD 32.2 billion, down 2.4 percent; ASEAN, USD 20.9 billion, down 10.6 percent; the Republic of Korea (RoK), USD 17.7 billion, down 2.7 percent; and Japan USD 17.3 billion, down 6.5 percent.

Total imports in November were estimated at USD 24.2 billion, down 0.5 percent month-on-month but up 13.4 percent year-on-year.

As many as 34 types of goods saw import turnover exceeding USD 1 billion, accounting for 89.4 percent of the total.

China remained Vietnam’s largest import source, with revenue standing at USD 73.9 billion, an increase of 7.9 percent against the same period last year.
It was followed by the RoK, with USD 42 billion, down 2.9 percent; ASEAN, USD 27.3 billion, down 6.9 percent; Japan, USD 18.6 billion, up 4.8 percent; the EU, USD 13.2 billion, up 4.3 percent; and the US, USD 12.6 billion, down 3.6 percent.- (VNA/VLLF) 

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