Seven-month foreign trade: Satisfactory results

09:27 | 31/08/2017 Trade

(VEN) - In the first seven months of this year, exports continued growing while the trade deficit decreased slightly. 

seven month foreign trade satisfactory results
Vietnam exported an estimated 3.3 million tonnes of rice in the first seven months of this year

Export value up 18.7 percent

According to the Domestic Market Management Team, Vietnam exported US$17.5 billion worth of goods in July, and an estimated US$115.2 billion in the first seven months, up 18.7 percent compared with the same period last year.

Agricultural, forest products and seafood continued to paint bright points in the export picture. Figures compiled by the Ministry of Agriculture and Rural Development show that the export value of major agricultural products reached an estimated US$10.89 billion in July, up 18 percent compared with July 2016. In the first seven months, total export value of agricultural, forest products and seafood reached an estimated US$20.5 billion, up 14.7 percent compared with the same period last year. Strong increases were recorded for seafood, vegetable, fruit and wood exports.

Since the memorandum of understanding on trade in rice signed between the Vietnamese Ministry of Industry and Trade and the Bangladeshi Ministry of Food, on behalf of the two governments, was extended in late May 2017, Vietnam has reported continuous rises in rice exports. The export of an estimated 465,000 tonnes of rice brought Vietnam US$201 million in July. In the first seven months, the country exported an estimated 3.3 million tonnes of rice, earning US$1.5 billion, up 15.7 percent in volume and 13.7 percent in value compared with the same period last year.

Vietnam’s successful bidding for several major rice export contracts, the latest one for the export of 175,000 tonnes to the Philippines, has pushed domestic prices up despite increased supply, especially in the southern region.

Other exports, including fuel, minerals and processing industry-related products, such as coal, crude oil, finished petroleum products, textiles, garments, leather, footwear, computers and telephones, continued growing.

In the first seven months of this year, the US remained Vietnam’s largest export market with value reaching US$23.4 billion, up 9.9 percent compared with the same period last year. The EU ranked second with US$21.5 billion, up 12.8 percent, followed by China with US$15.5 billion, up 42.6 percent; ASEAN with US$12.3 billion, up 27.1 percent; Japan with US$9.6 billion, up 20.6 percent, and South Korea with US$7.6 billion, up 26.4 percent.

Trade deficit down

Import value reached an estimated US$17.8 billion in July and US$118.3 billion in the first seven months, up 24 percent compared with the same period last year. Strong increases in imports from countries with high technological levels, such as the US (up 22.7 percent), and lower increases in imports from markets with lower technological levels, such as China (15.8 percent), are positive signals.

Vietnam faced a trade deficit of nearly US$3.08 billion in the first seven months, equal to 2.7 percent of total export value (in the first six months, this was 2.8 percent).

The Ministry of Industry and Trade forecast that the 2017 export value will reach about US$200 billion, up 13 percent compared with 2016, and trade deficit will reach about US$5 billion, equal to 2.5 percent of export value, below the highest level of three percent allowed by the National Assembly.

Phuong Lan