Vietnam Takes Trade Surplus of US$18.72 Bln in Jan-Oct

1:03:01 PM | 18/11/2020

Vietnam’s trade value was estimated to top US$439.82 billion in the first 10 months of 2020, a slight increase of 2.6% over the same period in 2019, according to the General Department of Vietnam Customs. Particularly, the export value was estimated at US$229.27 billion, up 4.7%, and the total import value was projected at US$210.55 billion, up by 0.4%.

In the reporting period, Vietnam enjoyed a trade surplus of US$18.72 billion, twice the US$9.3 billion in the same period of 2019.

Key exports included computers, electronic products and components (up US$7.1 billion); machinery, equipment, tools and spare parts (up US$6.2 billion); wood products (up US$1.1 billion); iron and steel (up US$648 million); and gemstone and precious metals (up US$599 million).

The biggest export market was the United States with US$62.34 billion, up 24% or US$12 billion over the same period in 2019.

China was the second biggest market with US$37.6 billion, a sharp increase of 14% or US$4.6 billion.

The customs sector accumulated revenue in the year to October 26, 2020. The export value was US$247,219 billion, equaling 73.1% of the estimate, down 13.59% compared to the same period in 2019.

By Huong Hau, Vietnam Business Forum