Vietnam posts US$1.7 billion worth of trade surplus in August

Thursday, 2019-08-29 18:37:06
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The high trade surplus was attributed to the increase of exports of phones and components at US$33 billion in the eight-month period. (Illustrative image)
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NDO – Vietnam enjoyed a trade surplus of US$1.7 billion in August, raising the total trade surplus in the first eight months of this year to US$3.4 billion, the General Statistics Office announced on August 29.

The high trade surplus was attributed to the increase of exports of phones and components at US$33 billion in the eight-month period, accounting for 19.4% of Vietnam’s total export revenue.

Vietnam’s total export revenue was estimated at over US$336 billion in the first eight months of this year including nearly US$170 billion worth of export revenue, up 7.3% over the same period last year.

Notably, the domestic economic sector saw nearly a 14% increase in eight-month export revenue which is much higher than the growth rate of the foreign direct investment (FDI) sector at 4.6%. The export revenue of the domestic sector has also continued to rise, accounting for more than 30% of total export revenue of Vietnam.

Meanwhile, the total import revenue of Vietnam was estimated at over US$166 billion, up 8.5% over the corresponding period in 2018. Of which, the domestic sector posted US$70.43 billion worth of import revenue, a sharply year-on-year increase of nearly 14% and the FDI sector reported US$96 billion worth of import revenue, a year-on-year rise of 4.8%.

In the January-August period, 26 types of goods posted export revenue of over US$1 billion each, accounting for nearly 90% of total export revenue of Vietnam. The export of phones and components reported the highest export revenue at US$33 billion, occupying 19.4% of total export revenue.

The US was the largest export market of Vietnam in the eight-month period. It was followed by the EU, China, ASEAN and Japan.