News

Exports increase sharply, Vietnam has a trade surplus

Summary

Exports increased sharply in the second half of October, helping the trade balance to reverse dramatically from deficit to surplus.

Updated on : 25-12-2021

 

Import and export structure in the first 10 months of the year. Chart: T.Binh.

New preliminary statistics announced by the General Department of Customs on November 10 show that the second period of October (from October 16 to October 31) reached US$28.72 billion, up 9.9% (corresponding to US$2.58 billion) compared to the results in the first half of October 2021.

The results achieved in the second half of October 2021 brought Vietnam's total import-export turnover in the first 10 months of the year to US$539.42 billion, up 22.6% (equivalent to US$99.54 billion) compared to the same period in 2020.

In the second period of October, the trade balance of goods had a surplus of US$2.64 billion, thereby bringing the trade surplus in the first 10 months of the year to more than US$120 million. Although the trade surplus was still modest compared to the same period last year, it was a very positive sign in the context of the trade deficit for many consecutive months.

A more specific analysis of export and import results in the second half of October by the General Department of Customs shows a breakthrough in export activities in recent days.

Specifically, Vietnam's exports in the 2nd period of October reached US$15.68 billion, up 19.2% (equivalent to US$2.52 billion) compared to the first period of October 2021.

Export groups increased sharply such as: computers, electronic products and components with an increase of US$704 million, equivalent to an increase of 40.1%; phones and components increased by US$629 million, equivalent to 25.5%; footwear of all kinds increased by US$166 million, corresponding to an increase of 43.1%; wood and wood products increased by US$153 million, equivalent to 38.4%, seafood increased by US$120 million, equivalent to an increase of 31%.

Thus, by the end of October, Vietnam's exports reached US$269.77 billion, up 17.4%, equivalent to an increase of US$40.02 billion over the same period in 2020.

Regarding imports, the second half of October reached US$13.04 billion, a slight increase of 0.5% (equivalent to US$59 million) compared to the performance in the first half of October 2021.

Imports in the 2nd period of October increased in some important commodity groups such as: phones of all kinds and components were up by US$286 million, equivalent to 33.3%; petrol and oil of all kinds increased by US$72 million, equivalent to 53.1%.

By the end of October, Vietnam's imports reached nearly US$269.65 billion, up 28.3% (equivalent to US$59.5 billion) over the same period in 2020.