Vietnam’s total import-export turnover reached 88.16 billion USD in January , up 39% year-on-year, the National Statistics Office (NSO) under the Ministry of Finance (MoF) reported on February 6.

Exports rose 29.7% compared to the same period last year to 43.19 billion USD, while imports surged 49.2% to 44.97 billion USD, resulting in a trade deficit of 1.78 billion USD.

Of total exports, the domestic sector earned 9.51 billion USD, while the foreign-invested sector, including crude oil, accounted for 33.68 billion USD.
Nine export items recorded turnover of over 1 billion USD in the month, making up 72.4% of total exports. Processed industrial goods led Vietnam’s exports with 38.43 billion USD, accounting for 89% of the total, followed by agro-forestry products at 3.65 billion USD (8.5%), seafood at 1.01 billion USD (2.3%), and fuels and minerals at 0.1 billion USD (0.2%).

The US remained the largest importer of Vietnamese goods with a turnover of 13.9 billion USD, while China was its biggest import market, recording 19 billion USD.

During the reviewed period, Vietnam recorded a trade surplus of 12 billion USD with the US, 3.9 billion USD with the EU, year-on-year increases of 28.6%, and 3.9%, respectively. Meanwhile, the surplus with Japan stood at 0.2 billion USD, down 59.9%. Meanwhile, trade deficits expanded to 12.7 billion USD with China (up 52.1%), 3.4 billion USD with the Republic of Korea (up 74.9%), and 1.3 billion USD with ASEAN (up 92.2%).

To boost exports, NSO Director General Nguyen Thi Huong suggested the Government effectively implement export promotion measures, step up trade promotion, diversify supply chains, production networks and export-import markets in tandem with improving product quality, and deepen Vietnam’s participation in regional and global supply chains.

She also underscored the need to effectively leverage existing free trade agreements, expand exports to major markets, and tap new and potential destinations such as the Middle East, Halal markets, Latin America and Africa, with a view to achieving sustainable trade surpluses. At the same time, she stressed the importance of tracking recovery trends and promoting bilateral and multilateral trade agreements to diversify export markets.

The State should step up information provision and support for businesses to meet market standards, handle trade remedy cases, access capital, and apply high technologies to improve product quality, value and export capacity, she added./.
 
Source: en.vietnamplus.vn/vietnam-posts-39-surge-in-trade-turnover-in-january-post337422.vnp