Vietnam’s exports surge by 4.2% in nine months

Tuesday, 2020-09-29 16:05:08
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Vietnam reports a trade surplus of US$16.9 billion in the first nine months of 2020.
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NDO – Vietnam’s export and import revenues in the first nine months of 2020 reached US$388.73 billion, representing an increase of 1.8% compared to the same period last year, the General Statistics Office (GSO) reported on September 29.

Specifically, export turnover totalled US$202.86 billion, up 4.2% year-on-year, and import turnover hit US$185.87 billion, down 0.8%, resulting in a trade surplus of US$16.9 billion.

The domestic economic sector remained the driver of Vietnam’s export growth with a nine-month value of US$71.8 billion, a sharp rise of 20.2% and accounting for 35.4% of the total. Meanwhile, the foreign-invested sector (including crude oil) reported US$131 billion in export revenue, down 2.9% and equivalent to 64.6% of the total.

A total of 30 goods registered an export turnover of more than US$1 billion each between January and September, making up 91.3% of the total value, including five with over US$10 billion each, equivalent to 59.8%.

Meanwhile, nine-month import revenues were estimated at US$82.3 billion in the domestic sector, up 4.7% year-on-year, and US$103.5 billion in terms of the foreign-invested sector, down 4.8%. There were 32 import items with a value of over US$1 billion each, representing 88.3% of the total figure.

In September alone, Vietnam exported US$27.5 billion worth of products, down 0.7% from the previous month, and imported US$24 billion, up 5.6%, working out as a trade surplus of US$3.5 billion.

During the nine-month period, the US remained Vietnam’s largest importer with revenue of US$54.8 billion, a year-on-year surge of 22.9%, followed by China with US$31.9 billion (up 12.7%), the EU with US$26 billion (down 2.6%), ASEAN with US$17 billion (down 12.5%), the Republic of Korea with US$14.5 billion (down 2%) and Japan with US$14.1 billion (down 5.7%).

Meanwhile, China was Vietnam’s largest exporter with revenue of US$56.8 billion, up 2.7% compared to the same period of 2019. The Republic of Korea was in second place with US$32.8 billion (down 7.1%), followed by ASEAN with US$21.8 billion (down 8.7%), Japan with US$14.6 billion (up 2.8%), the EU with US$10.8 billion (up 5.6%) and the US with US$10.5 billion (down 1.6%).