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Home » 11-Month Import-Export Turnover Exceeds US$600 Billion Mark

11-Month Import-Export Turnover Exceeds US$600 Billion Mark

by Malo Phomsouvanh
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Vietnam’s total import-export turnover surpassed the US$600 billion mark in the Jan.-Nov. period, reaching US$619.17 billion, with a trade surplus of US$25.83 billion.

Of the total value, exports brought in US$322.5 billion, representing a fall of 5.9% year on year.

Notably, the decreasing rate of the export value has slowed down significantly in recent months compared to the average rate of 11.6% recorded in the first six months of the year.

There were 33 export items with turnover of more than US$1 billion each, accounting for 93.1% of the total export turnover. There were 07 export items with turnover of over US$10 billion each, accounting for 66%.

Farm products continued making a significant contribution to the overall export growth of the national economy in November.

Many agricultural products saw positive export growth in both value and quantity compared to the previous month, with rice fetching US$462 million, up 13.5%, rubber earning US$343 million, up 16.6%, and coffee raking in US$252 million, up 59.9%.

In November, agro-fishery exports stood at US$3 billion, up 26.7% over the same period last year. This was the only group of products to record positive growth in the first 11 months of the year, with export turnover estimated at US$29.5 billion, an increase of 8.6%.

Overall, the past 11 months saw Vietnam export nearly 7.8 million tonnes of rice, 2.7 million tonnes of cassava and cassava products, 1.9 million tonnes of rubber, and 1.4 million tonnes of coffee.

Meanwhile, 11-month import turnover was US$296.67 billion, down 10.7% year on year. Particularly, materials for production accounted for 93.8% of the total import turnover.

With a sharp fall in imports, Vietnam enjoyed a trade surplus of US$25.83 billion in 11 months.

The United States was Vietnam’s largest export market in the reviewed period, with an estimated turnover of US$88 billion. China is Vietnam’s largest import market with an estimated turnover of US$99.6 billion.

The Ministry of Industry and Trade is completing procedures to soon enforce the recently signed free trade agreement (FTA) between Vietnam and Israel. It is speeding up negotiations towards signing FTAs with potential markets such as the United Arab Emirates (UAE), and the Southern Common Market (Mercosur) that comprises Argentina, Brazil, Paraguay and Uruguay, in an effort to diversify markets, products, and supply chains.

The ministry has pledged to assist businesses to take advantage of commitments in FTAs, especially Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU – Vietnam Free Trade Agreement (EVFTA), and UK-Vietnam Free Trade Agreement (UKFTA), to promote exports.

Source: Vietnam Net

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