Vietnam’s exports up 25.5% in seven months

On seven-month calculation, the trade value reached US$185.33 billion, marking a yearly rise of 25.5%. Of which, US$48.52 billion was from domestic economic sector, up 14.6% and the remaining from foreign-invested sector, inclusive of crude oil, up 29.9%.

Twenty-seven goods groups earned over US$1 billion from export each, or 90.2% of the total. Five of them brought home more than US$10 billion each, equivalent to 57.8%.

The export of materials and mineral resources was estimated at US$1.87 billion, up 1.4% annually while that of processed industrial goods was US$164.89 billion, up 27%. Agro-forestry products raked in US$13.65 billion and fisheries US$4.92 billion, up 16.7% and 12%, respectively.

The US remained Vietnam’s largest importer with turnover hitting US$53.6 billion, up 37.4% from the same period last year. It was followed by China US$28.7 billion, up 24.2% and the European Union US$22.5 billion, up 15.5%.

According to the GSO, imports in July were estimated at US$28.7 billion, up 3.8% month on month and 29.9% year on year.

Seven-month imports rose by 35.3% annually to US$188.03 billion, US$66.31 billion of which was from domestic sector and the remaining from foreign-invested sector.

Over US$1 billion was spent on 31 goods each, or 87.5% of the total imports.

China was the largest exporter of Vietnam with a value of US$62.3 billion, up 48.5% annually. It was followed by the Republic of Korea US$29.7 billion, up 19.9%; ASEAN US$24.7 billion, up 48.2%; and Japan US$12.6 billion, up 13.8%.

The country ran a trade deficit of US$1.7 billion in July, bringing the figure in seven months to US$2.7 billion.

To boost production and exports, the Ministry of Industry and Trade pledged to tap opportunities from free trade deals, step up export promotion activities post-pandemic, as well as continue developing energy, mechanical engineering industries.