Trade surplus reaches US$1.8 billion

08:39 | 16/08/2016 Trade

(VEN) - Despite a slowdown in export growth compared with the same period last year, Vietnam recorded a trade surplus of US$1.8 billion in the first seven months of 2016, according to the Ministry of Industry and Trade (MoIT).

Trade surplus reaches US$1.8 billion

Data from the MoIT show that the import value reached US$14.7 billion in July, down 0.2 percent compared with June, and totaled US$96.8 billion in the first seven months, a rise of 5.3 percent compared with the same period last year - this was a lower growth rate compared with 9.2 percent of the first seven months of 2015.

Telephones and components topped the list in terms of export value. In the first seven and a half months, the export value of products in this group reached more than US$18 billion, up 16.6 percent compared with the same period last year. The second position belonged to textiles and garments with more than US$12 billion. Computers, electronic products and components ranked third with nearly US$8.6 billion, up 8.9 percent, followed by footwear, nearly US$6.9 billion, up 8.3 percent.  

Some kinds of agricultural products saw high export value growth, for example fruit and vegetables nearly 33 percent, coffee 17 percent, and cashew 11 percent. These products are expected to contribute significantly to export growth towards the year’s end.

In the first seven months Vietnam exported goods mostly to the US (US$21.3 billion), the EU, and China, and imported products of China, the Republic of Korea, ASEAN, and Japan.

After declines in many years, the export value of the domestic sector has shown positive changes since the beginning of 2016, with a 2.4 percent increase in export value in the first seven months.

With the import value reaching US$95 billion, Vietnam posted a trade surplus of US$1.8 billion in the first seven months. Phan Thi Dieu Ha, Deputy Director of the Agency of Foreign Trade under the MoIT, said this was a good signal for the macroeconomic balance and effective management of the monetary market. Moreover, increases in the import value of materials for the textile, garment, and footwear sectors may reflect a positive perspective of domestic production towards the year’s end.

According to the MoIT, new free trade agreements (FTAs), especially the Trans-Pacific Partnership (TPP), and the FTA between Vietnam and the EU, will bring new export opportunities for Vietnamese goods.

Therefore, the MoIT will establish a hot line and assign the Agency of Foreign Trade to deal with problems facing businesses via this hot line. In addition, the ministry will simplify administrative procedures and promulgate documents helping businesses overcome challenges and make the most of opportunities from FTAs.

The MoIT will request other ministries and sectors to deal with problems that are beyond its authority in order to help export businesses overcome difficulties, contributing to the successful implementation of socioeconomic tasks for 2016.


Lan Phuong