Trade surplus swells to record high in 11 months amidst COVID-19

• 17-billion-USD trade surplus drives Vietnam’s growth
• Vietnam posts 1.9bln USD trade surplus in first five months
• Nation racks up US$1.9 billion trade surplus over five-month period
• Agricultural sector gains trade surplus of 8.8 bln USD in 11 months

Vietnam posts a trade surplus of 20.1 billion USD in the first 11 months of this year, the highest on record. (Photo: VNA)

Vietnam posted a trade surplus of 20.1 billion USD in the first 11 months of this year, the highest on record, despite the adverse impacts of the COVID-19 pandemic on the global economy, according to the General Statistics Office (GSO).

In a report announced on November 29, the office said the country’s total export-import revenue in the reviewed period was estimated at 489.1 billion USD, a year-on-year rise of 3.5 percent, of which export value reached 254.6 billion USD, up 5.3 percent, and import, 234.5 billion USD, up 1.5 percent.

In November alone, export turnover stood at 24.8 billion USD, a drop of 9 percent from the previous month, but up 8.8 percent as compared with the same period last year.

Between January and November, the domestic economic sector generated some 73 billion USD in export revenue, up 1.6 percent, making up 28.7 percent of the total. Meanwhile, the foreign-invested sector, including crude oil, recorded 181.6 billion USD, up 6.9 percent, accounting for 71.3 percent of the total.

Up to 31 groups of commodities joined the over one-billion-USD export club, making up 92 percent of the accumulative export value, with 10 groups posting more than 10 billion USD.

Heavy industry and mining raked in 138 billion USD, up 9.2 percent year-on-year. Light industry and handicrafts, meanwhile, reported revenue of 90.2 billion USD, up 1.5 percent; agro-forestry 18.7 billion USD, down 0.1 percent; and fisheries 7.7 billion USD, down 0.9 percent.

The US remained the largest importer of Vietnamese goods in the 11 months, with turnover of 69.9 billion USD, up 25.7 percent year-on-year.

It was followed by China, with 43.1 billion USD, up 16 percent; the EU, 32.2 billion USD, down 2.4 percent; ASEAN, 20.9 billion USD, down 10.6 percent; the Republic of Korea (RoK), 17.7 billion USD, down 2.7 percent; and Japan 17.3 billion USD, down 6.5 percent.

Total imports in November were estimated at 24.2 billion USD, down 0.5 percent month-on-month but up 13.4 percent year-on-year.

As many as 34 types of goods saw import turnover exceeding 1 billion USD, accounting for 89.4 percent of the total.

China remained Vietnam’s largest import source, with revenue standing at 73.9 billion USD, an increase of 7.9 percent against the same period last year.
 
It was followed by the RoK, with 42 billion USD, down 2.9 percent; ASEAN, 27.3 billion USD, down 6.9 percent; Japan, 18.6 billion USD, up 4.8 percent; the EU, 13.2 billion USD, up 4.3 percent; and the US, 12.6 billion USD, down 3.6 percent.