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Import and export turnover reaches US$375 billion

Summary

The remarkable growth rate in July helped the import-export turnover in the past seven months of 2021 reached US$375 billion.

Updated on : 04-10-2021

According to preliminary data of the General Department of Vietnam Customs, in July, the total import-export turnover of Vietnam reached nearly US$57 billion, up 3.9% over the previous month. In which, exports reached US$27.9 billion, up 2.4%, and imports reached US$29.1 billion, up 5.3%.

The above growth is remarkable in the context of the outbreak of the Covid-19 pandemic across the country, especially in major industrial and export centers such as Ho Chi Minh City, Dong Nai, and Binh Duong.

Thus, by the end of July, Vietnam's total import-export turnover of goods reached US$375 billion, a sharp increase of 30.9% compared to the same period in 2020. Of which, exports reached US$186.4 billion, an increase of 26.2%, and imports reached US$188.8 billion, up 35.8%.

Vietnam's merchandise trade balance in July had a deficit of US$1.25 billion. Thereby, raising the deficit in the first seven months of the year to US$2.4 billion, in contrast to the trade surplus of US$8.7 billion of the same period last year.

Notably, import-export turnover with tax reached US$79.3 billion, up 32.8% over the same period in 2020. Typically, iron and steel and all kinds of metals increased by 48.79%; CBU cars of all kinds increased by 111%; machinery, equipment, tools and spare parts of all kinds increased by 28.44%.

Besides, the price of crude oil increased to US$65/barrel, leading to a 19% increase in the value of imported petrol and oil of all kinds.

As a result, the State budget revenue of the Customs sector in the first seven months of the year reached VND230,538 billion, equaling 73.19% of the assigned estimate, 69.6% of the target, an increase of 31.54% compared to the previous year.