Vietnam: 7M trade surplus with US at $17 billion

Posted on 09 September 2016

Source: VietNamNet Bridge

Vietnam’s trade surplus with the US stood at $16.8 billion in the first seven months of this year, figures from Vietnam Customs released on September 5 reveal.

Total trade was $21.3 billion, $2.5 billion higher year-on-year with Vietnam’s largest export market. Seven types of export goods exceeded turnover of $1 billion, the highest being textiles and garments, with $6.5 billion, representing 49.4 per cent of the total export value for textiles and garments.

Following was footwear, with turnover of over $2.55 billion, then phones and components with $2.33 billion, computers and electronic items with $1.63 billion, wood and wooden products with $1.5 billion, and machinery, equipment and tools with $1.13 billion.

Trade with G20 countries over the seven months, meanwhile, increased 3.6 per cent year-on-year and accounted for 77 per cent of the country’s trade.

Export turnover was $75.22 billion, a 9.4 per cent year-on-year increase and accounting for 77.8 per cent of the total. Phones and components reached $2.32 billion, computers and electronic items $1.04 billion, and seafood $715 million.

Total import turnover from G20 countries in the seven months was $73.2 billion, a decline of 1.7 per cent year-on-year and accounting for 77.3 per cent of Vietnam’s total. Machinery, equipment, and tools fell $967 million, phones and components $449 million, petrol $387 million, and steel $14 million.

Vietnam’s trade surplus with G20 countries was therefore $2.02 billion, down from $5.7 billion in the first seven months of last year.

The two main export items to G20 countries were phones and components and textiles, accounting for 34 per cent of total export turnover. The five main import items were machinery and equipment, computers and electronic products, phones and components, fabric, and iron and steel, whose value accounted for 53 per cent of total import turnover from G20 countries.

China was Vietnam’s largest trade partner in the first seven months, with trade totaling $38.18 billion, up 2.4 per cent up year-on-year. The US followed, with $25.74 billion, up 10.6 per cent, then the EU with $24.87 billion, up 6.1 per cent.

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