Vietnam’s seven-month export revenue up 18.7%

Vietnam’s total export earnings hit US$17.5 billion in July, bringing the seven-month total to US$115.2 billion, up 18.7% annually, according to the Ministry of Industry and Trade (MoIT).

vietnam’s seven-month export revenue up 18.7% hinh 0

In particular, agro-forestry-fisheries remained a key currency earner. 

After a Memorandum of Understanding on rice trade was extended in late May by the Vietnamese Ministry of Industry and Trade and the Bangladeshi Food Ministry, rice export has kept growing, ending the prolonged decline. 

Accordingly, Vietnam shipped 465,000 tonnes of rice worth US$201 million abroad in July, pushing the total rice exports in seven months to 3.3 million tonnes valued at US$1.5 billion, up 15.7% and 13.7% in volume and value, respectively. 

The country recently won a bid to export 175,000 tonnes of rice to the Philippines, slightly raising the domestic rice prices in the south. 

Fuel, minerals and processing industry with key items such as coal, crude oil, petroleum, apparel, leather and footwear, computers and cell phones continued moderate growth of 18.1 – 39.4%. 

The US remained the largest exporter with seven-month value of US$23.4 billion, up 9.9% year-on-year. It was followed by the European Union, China, ASEAN, Japan and the Republic of Korea. 

During the month, Vietnam spent US$17.8 billion on imports, down 1.6%. On seven-month calculation, the total imports soared 24% to US$118.3 billion. Therefore, its trade deficit reached US$300 million in July and roughly US$3.08 billion in seven months, or 2.7% of the total export. 

The MoIT forecast that the total export revenue will near US$200 billion this year, marking a 13% increase annually. The total trade deficit will be about US$5 billion, or 2.5% of the total export and lower than 3% set by the National Assembly. 

Imports will scale down between now and the year’s end due to massive disbursement for imports early this year. 

The ministry will also adopt trade defence measures for imports in line with the law and international commitments.

VNA

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