Vietnam Jan-Oct trade surplus hits $9.4 bln

Vietnam Jan-Oct trade surplus hits $9.4 bln

By Tri Duc

Sun, October 30, 2022 | 6:02 pm GTM+7

Vietnam posted a trade surplus of $9.4 billion in January-October, based on a 15.9% year-on-year increase in export revenues to $312.82 billion, according to the General Statistics Office.

Imports in the first 10 months rose 12.2% year-on-year to $303.42 billion.

Major export earners of the period were mobile phones and spare parts at $50.14 billion (up 7.6%); computers, electronics and spare parts at $46.6 billion (up 14%); machines, equipment, and tools at $38.31 billion (up 28.1%); apparel goods at $31.81 billion (up 21.9%); footwear at $20.06 billion (up 40.9%); and wood and wood products at $13.48 billion (up 11.4%).

At $278.76 billion, or 89.1% of the export revenue, the manufacturing and processing sector was the biggest export revenue earner. It was followed by agriculture and forestry with $20.62 billion (6.6%); fisheries with $9.39 billion (3%); and natural resources and fuels with $4.05 billion (1.3%).

As usual, the foreign direct investment (FDI) sector accounted for the biggest portion of exports (including crude oil) at $232.46 billion, up 16.8% year-on-year, accounting for 74.3% of the total export revenues.

The domestic sector earned revenues of $80.36 billion, up 13.4%, making up 25.7% of the total.

Vietnam’s export revenue reached $30.27 billion in October, up 1.5% over September.

Key imports up

Major Jan-Oct imports were: computers, electronics and spare parts at $70.47 billion, up 16.7% year-on-year; machines, equipment and tools with $38.16 billion (down 0.5%); mobile phones and spare parts at $17.74 billion (up 5.2%); fabric at $12.54 billion (up 8%); plastics at $10.72 billion (up 10.8%); and steel and iron at $10.28 billion (up 6.7%).

Materials for production accounted $284.45 billion of import expenditure in the first 10 months, up 12.3% and accounting for 93.7% of the total. Goods for consumption at $18.97 billion, up 10.3% and making up 6.3% of total import spending, the GSO said.

The FDI sector also accounted for most of the imports at $198.14 billion, 65.3% of the total and up 12% year-on-year; while the figures for the domestic sector were $105.28 billion, 34.7%, and 12.5%.

Vietnam’s October import expenditure reached $28 billion, down 1.4% year-on-year.

Biggest trade partners

China, the U.S. and South Korea were the three biggest trade partners of Vietnam in the first 10 months of the year.

Vietnam incurred a trade deficit of $53.7 billion with China, up 18.8% year-on-year, after exporting $47 billion and importing $100.7 billion from the northern neighbor, also the nation’s biggest trading partner.

The U.S. ranked second with a total trade turnover of $105.8 billion. Vietnam exported goods worth $93.4 billion to the American nation, up 22.3%; and imported goods worth $12.4 billion from there, down 4.5%, for a trade surplus of $81 billion.

The nation posted a trade deficit of $21.1 billion with South Korea, its third biggest trade partner, up 17.9%. Vietnam spent $52.8 billion on imports from South Korea while exporting goods worth $20.7 billion, up 16.9% and 15.4% year-on-year, respectively.

Other key trade partners were the ASEAN bloc with $67.9 billion, the EU with $52.1 billion, and Japan with $39.6 billion.

https://theinvestor.vn/vietnam-jan-oct-trade-surplus-hits-94-bln