Vietnam’s exports of goods in first 10 months of 2019Saturday, November 16,2019
AsemconnectVietnam - Vietnam’s exports of goods saw year – on – year increase in the first ten months of this year, according to the Ministry of Industry and Trade.
The U.S, EU, China, ASEAN, Japan, and the RoK were the leading export markets of Vietnam in the period.
Vietnam’s exports of goods in the first ten months of 2019
Overseas shipment of made – in - Viet Nam projects was on the decline but closely followed the preset goal of 7-8 per cent.
In the first ten months, export turnover valued 217.05 billion USD, representing a year – on - year growth of 7.4 per cent, but was lower than the rates of 21.8 per cent and 15.3 per cent in 2017 and 2018, respectively.
Noticeably, export turnover of the domestic sector hit 66.63 billion USD, up 16.2 per cent, accounting for 30.7 per cent of total export turnover. The FDI sector gained 150.42 billion USD of export turnover, up 3.9 per cent, making up 69.3 per cent.
Industrial processing commodities dominated 84.3 per cent of total export turnover by bringing back 182.93 billion USD, representing a year – on - year growth of 9.4 per cent. Meanwhile, agro-forestry export turnover valued 20.87 billion USD, accounting for 9.62 per cent of total export turnover, representing a year – on - year decline of 6.1 per cent. In addition, seven out of nine exports experienced year – on - year declining prices such as aquaculture, vegetables and fruits, coffee, pepper, and rice.
Similarly, overseas shipment of mining valued 3.65 billion USD, down by 8.9 per cent against the same period last year.
The U.S. was Viet Nam’s biggest export market; followed by the EU, China, ASEAN, Japan, and the RoK.
On the other hand, in the first ten months, import volume hit 210 billion USD, representing a year-on-year growth 7.8 per cent.
The Ministry of Industry and Trade (MoIT) believed that 2019 would be the fourth consecutive year Viet Nam gains a trade surplus.
The Ministry is researching solutions and measures to develop exports to and imports from important markets and broaden market shares to traditional markets and FTA partners.
Meanwhile, the MoIT would control import; prevent trade frauds; speed up negotiations for FTA new generations.
Vietnam trade surplus in Oct widens to 1.86 billion USD
Vietnam recorded a trade surplus of $1.86 billion in October, widening from a surplus of $1.6 billion in September, customs data released on Tuesday showed.
Exports in October rose 3.7per cent from the previous month to $24.23 billion, while imports rose by 2.91per cent to 22.37 billion USD, according to the General Department of Customs.
Smartphones, garments and electronic home appliances were among the largest export earners in October. Key imports were electronics and machinery.
In the first ten months of 2019, Vietnam's exports climbed 8.3 per cent from a year earlier to 218.82 billion USD, while imports were up by 7.7 per cent at 209.81 billion USD, resulting in a trade surplus of 9.01 billion USD.
The government's General Statistics Office late last month forecast the October trade deficit at 100 million USD.
Vietnamese goods enjoy market share in 200 countries worldwide
Vietnam’s exports have enjoyed significant expansion in terms of market scale and commodity structure, thereby making an outstanding contribution to the growth of the country’s export turnover, according figures released by the Ministry of Industry and Trade (MoIT).
At present, Vietnamese goods have been shipped to over 200 countries and territories globally, including several demanding markets which set strict requirements and high standards of product quality, such as the United States, Japan, and the Republic of Korea.
The country has made rapid improvements in its position in the world’s rankings for exports, rising from 50th place in 2007 to 26th position in 2018.
With regard to the overall scale of export market, back in 2007, the Southeast Asian nation saw only 14 of its export markets earn a turnover of over US$1 billion, with the US being the only destination to reach over US$10 billion.
By 2018, this figure had grown exponentially, with the country enjoying 31 export markets with an annual turnover of over US$1 billion, of which four markets stood at over US$10 billion.
During the first 10 months of the year, the US remained as the nation’s largest export market. This is primarily attributable to the policy of diversifying markets with increased exports to China, ASEAN, Japan, and the Republic of Korea.
Vietnamese goods have also achieved greater market penetration with the Free Trade Agreements (FTAs) markets, including Russia, up 13.9 per cent, New Zealand, up 12.5 per cent, and Canada, up 30.9 per cent.
This indicated that Vietnam has taken full advantage of FTAs in order to expand into new markets, particularly fastidious markets that set out high standards when it comes to product quality.
Despite this, the level of market diversification within the agricultural and aquatic product category has not been high as they are easily affected by market fluctuations.
Tran Thanh Hai, Deputy Director of the MoIT’s Import and Export Department, said in order to carry out a sustainable export strategy, the MoIT has proposed that the Government and the Prime Minister issue an export strategy for each period and a project for export market diversification for the 2015- 2020 period.
Vietnam’s exports of agro-forestry-aquatic exports reached over 33 billion USD in January-October
Export turnovers of agro-forestry-aquatic products hit over 33 billion in the first ten months, an annual increase of 1.6per cent, the Ministry of Agriculture and Rural Development has reported.
During the reviewed period, export of fruit and vegetables dipped 1.3 per cent to 2.3 billion USD due to a reduction in exports to the Chinese market as China has tightened regulations with regard to products with chemical residues and requirements of food safety and packaging.
Simultaneously, the country spent approximately 25.9 billion USD on agro-forestry-fishery imports throughout the period, a fall of 0.5 per cent.
With these figures, the agro - forestry - aquatic sector gained a trade surplus of 7.3 billion USD, a 664 million USD rise year – on - year.
In the past ten months, forestry products have maintained strong growth, with revenue up 18.8 per cent year on year to 9.04 billion USD, whilst tea exports went up by 14.3 per cent and bamboo and rattan exports expanded by 40.6 per cent.
In the meantime, the group of key farming produce dropped 7.4per cent to 15.25 billion USD, accounting for 46 per cent of the sector’s total export revenue. Seafood exports also declined by 2.4 per cent to 7.06 billion USD.
China remained the largest market for Vietnamese agricultural goods, accounting for 26.8 per cent, followed by the United States at 21.7 per cent, the EU at 11.9per cent and ASEAN at 10.3 per cent.
The agricultural sector has six products that enjoy an export turnover of more than 2 billion USD each.
China is a large market with great potential for Vietnamese shrimps. The Chinese market has paid more attention to food safety and product quality; hence firms should diversify their ways of processing and exporting and promote official sea export to major cities to increase export turnover in Chinese market, said Mr. Truong Dinh Hoe, general secretary of VASEP.
In addition, in a bid to develop export markets, the ministry has asked competent agencies, localities and businesses to pay due attention to improving product quality and satisfying importers’ requirements in origin tracking and geographical indication for agro-forestry and fishery goods.
Furthermore, the ministry will closely coordinate with relevant ministries and branches to accelerate negotiations to seek new markets, stabilize traditional markets and expand potential ones.
Building trademarks for local farm produce will be made in tandem with enhancing inspection of food safety and hygiene, the ministry said, adding it is necessary to control supply and direct farmers to apply cultivation and production methods in line with importers’standards.
Nguồn: VITIC/ Reuters.com/Vietnamplus.vn
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