Vietnam reports trade surplus for third consecutive year

A worker at a car tire factory. Vietnam’s trade surplus last year reached US$6.8 billion (Photo: Saigon Times)

This is the third consecutive year that the country has recorded a trade surplus, after earning US$2.11 billion in 2017 and US$1.78 billion in 2016.

Although the trade surplus last year was US$400 million lower than the forecast of the General Statistics Office, it still hit an all-time high.

According to customs data, the country exported US$243.5 billion worth of products and spent US$236.7 billion on imports, up 13.2% and 11.1% year-on-year, respectively.

In 2018, the country reported a trade surplus with 150 countries and territories but also recorded a trade deficit with 85 others.

Products with high export revenue growth were textiles and garments; phones and phone parts; machinery, equipment, tools and spare parts; computers and electronics; footwear; cameras and camcorders; and iron and steel products, among others.

Meanwhile, Vietnam imported more crude oil, plastic materials, fabrics and chemicals.

The impressive trade performance may help Vietnam improve its position in the World Trade Organization’s ranking, which is expected to be publicized in April. In 2017, the country ranked 27th in terms of exports and 25th in imports.