Trade Surplus Nears US$11 Bln in Jan-Aug 2020

9:33:41 AM | 23/9/2020

Vietnam’s trade value was estimated at US$337.28 billion in the first eight months of 2020, just 0.02% higher than in the same period in 2019, according to the General Department of Vietnam Customs. Of the sum, the export value was forecast at US$174.1 billion, up 1.6%, and the import value was projected at VND163.17 billion, down 1.6%. The surplus in merchandise trade was estimated at nearly US$11 billion in the eight-month period.

Shipment of crude oil, a key export, hit 592,000 tons for US$200 million in August, up 121.7% in volume and 125.1% in value over July. Vietnam exported 3.35 million tons of crude for US$1.11 billion from January to August, up 22.4% in volume but down 21.2% in value year on year.

The country shipped 2.07 million tons of ore for US$161 million, down 2.4% in volume and up 3.3% in value from a year earlier.

In eight months, 27 exports earned over US$1 billion for Vietnam, accounting for 89.7% of its total export value. Telephones and components brought home US$31.5 billion, accounting for 18.1% of the total export value, down 5.5% year on year. The export value of electronic devices, computers and components slumped 24.8% to US$27.6 billion.

By export structure, heavy industrial goods and minerals brought home US$92.25 billion from January to August, up 4.6% year on year, accounting for 53% of total merchandise exports. By destination, the United States was the largest export market of Vietnam with US$46.7 billion, up 19% year on year. China was the runner-up with US$27 billion, up 13%. The European market shrank by 4% to US$22.9 billion, followed by ASEAN with US$15 billion (down 13.6%), South Korea with US$12.6 billion (down 1.5%) and Japan with US$12.5 billion (down 6.1%).

The tax revenue from imports and exports reached VND200.217 trillion as of August 31, 2020, equal to 56.4% of the full-year target and down 15.13% year on year.

By Huong Hau, Vietnam Business Forum