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Economy

Vietnam’s 4-month trade surplus seen at $3bln despite public health crisis

Luu Van Dat Wednesday | 04/29/2020 09:53

China remains major export market for Vietnam's fruits. Photo: Haiquanonline.com

Vietnam saw trade revenue at $162.8 billion during the 4-month period, up 3.4% over the same period last year despite economic slowdown due to coronavirus outbreak, General Statistics Office said.

Accordingly, the Jan.-April export turnover was estimated at $82.94 billion, increasing by 4.7% while the import was seen at $79.89 billion, up 2.1% from a year ago.

However, the FDI sector made the $3 billion surplus in the four-month period. Of the $3 billion surplus, the domestic sector suffered a trade deficit of $7.1 billion while the FDI sector saw a trade surplus of $10.1 billion including crude oil.

In 4 months, there were 15 items with export turnover of over $1 billion, accounting for 80.1% of total export turnover.

Some high-value export products such as phones and components reached $16.2 billion, up 1.1% over the same period last year; electronics, computers and components reached $12.4 billion, up 28.6%; textiles and garments reached $8.9 billion, down 5.8%; machinery, equipment, tools and spare parts reached $6.9 billion USD, up 29.6%.

In the Jan.-March period, the export revenue grew only 0.5% and the period import revenue dropped 1.9%, according to GSO data.     

In April alone, export turnover is estimated to have decreased sharply by 18.4% over the previous month and by 3.5% over the same period last year to $19.7 billion, leaving a trade deficit of $700 million in the month while in March, the economy recorded a trade surplus of $1 billion.

The United States remained Vietnam's largest export market in the first 4 months with a turnover of $20.3 billion, up 13.4% over the same period last year.

China is the second biggest export market with $13.1 billion, up 26.7%. EU is ranked third with $10.7 billion, down 8.1%. ASEAN ($8.2 billion), Japan ($6.7 billion) and the Republic of Korea ($6.2 billion). 

China was the largest import market of Vietnam in four months with $22.7 billion, down 0.1%, followed by the Republic of Korea ($15.5 billion), ASEAN ($9.9 billion), Japan ($6.4 billion), the US ($4.7 billion) and the EU $4.5 billion. 

In the first four months of 2020, Vietnam enjoyed $15.6 billion trade surplus with US, wider than 3-month period and suffered $9.6 billion trade deficit with China. 

► Vietnam's trade surplus with US in first quarter reported at $12.4 billion

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