Tuesday, November 20,2018 - 1:30 GMT+7  Việt Nam EngLish 

Export revenue hit over US$200 billion in ten months 

 Thursday, November 8,2018

AsemconnectVietnam - Export revenue in October reached US$ 20.8 billion, down by 1.5 per cent from the previous month, but up by 2.3 per cent compared to the same period last year, according to the Ministry of Industry and Trade.

In the month, export earnings of the domestic sector posted a 1.5 per cent increase on a monthly basis to $5.6 billion, while that of the foreign-invested sector decreased 2.6 per cent to $15.17 billion.

Meanwhile, import turnover in the month totalled $20.7 billion, up by 6.1 per cent from last month and 13.6 per cent from one year ago. The country enjoyed a trade surplus of $100 million in October. The total export revenues for the January-October period came to $200.3 billion, up by 14.2 per cent year on year.

Import value for the 10-month period stood at $193.84 billion, up by 11.8 percent from the same period of 2017, translating into a trade surplus of $6.4 billion. The domestic sector reported a deficit of $20.7 billion while the foreign-invested sector posted a surplus of $27.1 billion

Statistics revealed that export staples that continued to post increases in earnings included telephones and parts, textile-garment, electronics, computers and parts, machinery and tools, and footwear.
Export of some farm produce and aquatic products also rose, except for coffee and pepper bean which earned less compared to the same period last year despite higher shipments due to declining export prices.

The Ministry of Industry and Trade forecast that export turnover of the entire 2018 could reach $239 billion, an increase of 10-12 per cent. The manufacturing and processing sector is expected to bring home $196.18 billion, up by 12.5 per cent, while agriculture and fisheries are predicted to earn $27.5 billion, up by 5.4 per cent.

Aquatic product exports hit $ 7.24 billion in ten months
Vietnam exported $7.24 billion worth of aquatic products in the past 10 months, up 6.2 per cent year-on-year, reported the Agro Processing Market Development Authority (Agrotrade) under the Ministry of Agriculture and Rural Development.

In October alone, the country’s aquatic product exports raked in $873 million, according to Agrotrade.
The US, Japan, China and the Republic of Korea were the fourth biggest importers of Vietnamese aquatic products in the January-September period, accounting for 54.5 per cent of the country’s total export value.
Vietnam’s aquatic product export earnings from the British, Thai, Dutch, and Korean markets saw the highest growth, up 20.3 per cent, 16.9 per cent, 15.8 per cent and 13.1 per cent respectively.

During the 10-month period, the country imported $1.4 billion worth of aquatic products, an annual increase of 21.6 per cent. The figure included $141 million in October.
Agrotrade said global shrimp prices are showing signs of recovery, pushing up prices in Vietnam. Vietnamese processors have also signed big contracts serving year-end holiday demands.

Vietnam is seeing more opportunities in the US market, which has increased its shrimp purchase in preparation for Christmas since September. The US-China trade war has yet to be cooled down. The US has recently announced lower anti-dumping tariffs on Vietnamese shrimp and tra fish imports. To meet domestic demand, China also reduced its tariffs on aquatic product imports from the Association of Southeast Asian Nations, of which Vietnam is a member.

The prices of Vietnamese shrimp and Tra fish is projected to go up in line with higher export demands during the year-end period.
Source: Vietnamplus.vn


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