Annual export surplus reaches US$863 million

15:29 | 10/01/2014 Trade

(VEN) - With an export surplus of US$100 million in December, Vietnam recorded a trade surplus of US$863 million in 2013 accounting for 0.65 percent of all export revenues, making 2013 the second year Vietnam exported more than it imported.

Continuous export surplus

Statistics from the Ministry of Industry and Trade show that export revenues were estimated at US$11.6 billion in December 2013, a 12.2 percent increase from a year ago, and about US$132.17 billion in 2013, a 15.4 percent increase on 2012 compared with 10 percent set by the National Assembly. Of this, domestic businesses contributed US$43.75 billion or 33 percent, a 3.5 percent increase, and foreign-invested businesses excluding crude oil US$88.4 billion, 61.4 percent and 26.8 percent, respectively. Most major export items grew, and 22 categories of goods exceeded US$1 billion in export revenues in 2013.

Import purchases reached US$11.5 billion in December 2013, a 16.8 percent increase from a year ago, and US$131.3 billion in 2013, a 15.4 percent increase on 2012. This means that Vietnam recorded an export surplus of US$100 million in December 2013 and US$863 million in 2013, accounting for 0.65 percent of all export revenues. Of this, the domestic sector recorded a trade deficit of US$13 billion, and the foreign direct investment (FDI) sector reached an export surplus of about US$13.9 billion.

2013 was the second consecutive year Vietnam recorded an export surplus (the export surplus reached US$749 million in 2012), becoming a highlight in the industry and trade sector despite global economic difficulties. High export growth not only brought about high tax returns but also helped resolve inventories in the context that the domestic market had not yet recovered. 

The processing industry still led the economy

The industrial processing industry continued to take first place with export revenues of about US$93 billion accounting for 70.5 percent of all export earnings in 2013, a 25.5 percent increase on 2012. The industrial processing sector grew the fastest, exported the largest amount of products and was one of key export items. Among the 26 industrial processed export items, fertilizer, cameras and camera accessories dropped in terms of export revenue, while others increased, including telephones and telephone accessories growing by 69.2 percent, computers, electronic ware and electronic accessories up by 36.2 percent, and chemicals up by 32.4 percent.

Telephones and telephone accessories surpassed textiles and garments to become the largest export item with revenues of more than US$21.5 billion followed by textiles and garments more than US$17.8 billion, computers, electronic ware and electronic accessories more than US$10.6 billion, and footwear more than US$8.3 billion. This is why Minister of Industry and Trade Vu Huy Hoang said that Vietnam was now well-known for not only rice, coffee and tea but also for electronic ware, telephones and the manufacturing industry, which contributed to high export growth in 2013. For the first time vegetable and fruit exports exceeded US$1 billion in 2013, showing good signs for agricultural exports in future years.

Vu Huy Hoang said that Vietnam expected to increase its export revenues by 10 percent from 2013-2014 focusing on medium and high technology manufactured products, which met global demand and matched the country’s export strategy for advantageous products such as seafood, agricultural products, textiles and garments./.

Bao Ngoc

Theo ven.vn