Vietnam posts record trade surplus in first half

Vietnam enjoyed a trade surplus of US$3.37 billion in the first two quarters of 2018, the highest level over the last five years.

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Tan Vu port in Hai Phong city (Source: baohaiquan.vn)
According to the General Department of Customs, the country’s export turnover increased by 16.3% year-on-year to US$114.2 billion in the reviewed period. 

Twenty commodities have posted export revenue of over US$1 billion so far. They included phones and components (US$22.5 billion); computers, electronic products and components (US$13.45 billion); textile-garment (US$13.42 billion); machinery, equipment, tools and spare parts (US$7.8 billion); and footwear (US$7.79 billion).

In terms of imports, the country spent US$110.83 billion on importing goods from January to June, up by 9.6%. 

According to the Ministry of Industry and Trade (MoIT), domestic businesses reported a 19.9% rise in their exports by shipping US$33.07 billion worth of goods abroad over the first half. Meanwhile, FDI enterprises earned US$80.86 billion from exports, up 14.5% in the corresponding period last year.

The ministry said there are many favourable conditions for export throughout the rest of the year.

Agricultural and fishery exports often increase in the middle and peak at the end of each year. Industrial products with big export revenues, like textile-garment, footwear, and wood products, have entered their export season since the second quarter, it noted. 

Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement, expected to take effect in 2019, have been already been catalysts for foreign direct investment that could help Vietnam further boost its production capacity, it added. 

The ministry forecast this year’s exports at US$236.6 billion, up 10% against 2017.
VNA

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