Trade surplus expected to hit US$1.5 bln in 2014
Vietnam is forecast to enjoy a trade surplus of US$1.5 billion this year, according to the Ministry of Industry and Trade (MoIT)’s Export and Import Department.
Statistics from the department showed that the country’s trade surplus in the first 11 months of 2014 reached about US$2.1 billion.
The export turnover hit US$137 billion during the period, up 13.7% over the same period last year. The domestic economic sector contributed US$48.8 billion to the total, up 13%, while US$92.2 billion or a 14.1-percent rise came from the foreign investment sector (including crude oil).
The processing industry took the lead with a turnover of US$100.14 billion, a 14.8-percent increase. It was followed by the agro-aquaculture sector with nearly US$20.6 billion, a 14.5-percent increase.
However, the fuel and minerals witnessed a decline with its export turnover reaching only over US$8.42 billion, down 4.2% compared to the same period last year.
The United States remained the country's largest export market with US$26.2 billion in export value or 21.3% higher than that of the same period last year. The Vietnam-US trade turnover is expected to gain a sudden growth in the time ahead when the Trans-Pacific Partnership (TPP) agreement is signed.
Other significant importers of the country included the European Union, with US$24.8 billion in export value or an 11.4-percent rise, ASEAN and China with US$17.3 billion and US$13.5 billion, respectively.
The ministry has urged businesses to focus on seeking new and promising markets in Africa, the Middle East and Latin America for the country’s traditional exports, especially agricultural products, seafood, textiles and footwear.
The export turnover hit US$137 billion during the period, up 13.7% over the same period last year. The domestic economic sector contributed US$48.8 billion to the total, up 13%, while US$92.2 billion or a 14.1-percent rise came from the foreign investment sector (including crude oil).
The processing industry took the lead with a turnover of US$100.14 billion, a 14.8-percent increase. It was followed by the agro-aquaculture sector with nearly US$20.6 billion, a 14.5-percent increase.
However, the fuel and minerals witnessed a decline with its export turnover reaching only over US$8.42 billion, down 4.2% compared to the same period last year.
The United States remained the country's largest export market with US$26.2 billion in export value or 21.3% higher than that of the same period last year. The Vietnam-US trade turnover is expected to gain a sudden growth in the time ahead when the Trans-Pacific Partnership (TPP) agreement is signed.
Other significant importers of the country included the European Union, with US$24.8 billion in export value or an 11.4-percent rise, ASEAN and China with US$17.3 billion and US$13.5 billion, respectively.
The ministry has urged businesses to focus on seeking new and promising markets in Africa, the Middle East and Latin America for the country’s traditional exports, especially agricultural products, seafood, textiles and footwear.