Foreign trade expands impressively in Quarter 1

VOV.VN - Vietnam’s import-export value rose 14.37% in the first quarter of this year compared to the same period last year, fetching US$176.35 billion, reported the Ministry of Industry and Trade (MoIT).

Exports in March bounced back strongly as they brought in US$34.06 billion, up 45.5% month on month, helping raise Q1 exports to US$88.58 billion, up 12.9% year on year.

In the first quarter, there were 16 items with export turnover of over US$1 billion each, and accounting for 83.4% of the total export turnover. Phones and components topped export items in terms of value, raking in US$14.23 billion.

It’s noteworthy that Vietnam earned US$2.4 billion from seafood exports in three months, representing an increase of 38.7% compared to the Q1 figure in 2021.

Currently, all markets have high demand for Vietnamese seafood, especially pangasius, shrimp and tuna, despite the impact of the armed conflict between Russia and Ukraine, said MoIT Deputy Minister Do Thang Hai.   

The United States remains Vietnam’s largest export market with a turnover of US$25.57 billion, followed by China, the European Union, ASEAN, the Republic of Korea and Japan.

Hai said exports are expected to continue to prosper in the coming months on the back of the global economic recovery and the full implementation of Free Trade Agreements (FTAs).

In addition, the ongoing wave of investment shifting to restructure the supply chain by foreign corporations will facilitate import and export activities.

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