Vietnam enjoys US$3.74 bln trade surplus in Q1 despite COVID-19

VOV.VN - Vietnam achieved a trade surplus of nearly US$4 billion in the first quarter despite the novel coronavirus pandemic (COVID-19) taking its toll on the global economy, according to the General Department of Vietnam Customs.

vietnam enjoys us$3.74 bln trade surplus in q1 despite covid-19 hinh 0
Smart phones are among Vietnam's mảo hard currency earners (Phôt:thongtincongnghe)
The department’s latest statistics show Vietnam earned US$46.28 billion from trade transactions in March, an increase of 17.4% compared to February. Of the total, exports rose 15.7% to over US$24 billion, while imports increased 19.2% to over US$22 billion.

Overall, total import-export value in the first quarter grew 5.7% compared to the same period last year to US$122.7 billion. The nearly US$2 billion trade surplus achieved in February brought the country’s total surplus in three consecutive months to US$3.74 billion.

The surplus was largely attributed to outstanding performance by foreign direct investment (FDI) businesses that attained more than US$77 billion in trade value. During Q1, FDI businesses raked in US$42.55 billion from exports, US$7.7 billion more than imports.

In the reviewed period, Asia remained Vietnam’s largest trade partner, with two-way trade value surging 4% year on year to US$79.52 billion, making up nearly 65% of the country’s total.

The America emerged as the market obtaining the highest growth in trade transactions with Vietnam, totaling US$24.35 billion, up 18%. Meanwhile, Vietnam’s trade with Europe fell 2.8% to US$15.16 billion.

Vietnam mainly exported smart phones, computers, electronics products, shoes, seafood, iron and steel, while importing electronic spare parts and materials for garment and leather industries.