Vietnam recorded a trade surplus of $15.23 billion in the first seven months of 2023, as per the General Statistics Office (GSO). The total trade turnover for July was estimated at $57.21 billion, reflecting a 2.5 per cent month-on-month (MoM) increase, but a year-on-year (YoY) decline of 6.7 per cent.
For the first seven months, the total trade volume was valued at $374.23 billion, a drop of 13.9 per cent compared to the same period last year. This included a 10.6 per cent decline in export revenue and a 17.1 per cent fall in import turnover.
The domestic economic sector faced a slump of 10.2 per cent, earning $51.5 billion, constituting 26.4 per cent of total export turnover. The foreign direct investment (FDI) sector also experienced a downturn, with a turnover of $143.23 billion, down by 10.8 per cent, accounting for 73.6 per cent of total export turnover, the GSO said.
Within this reviewed period, 30 items achieved export turnover of over $1 billion each, together forming 91.6 per cent of the country’s total export volume. Conversely, import turnover of goods was estimated at $179.5 billion, a decline of 17.1 per cent on-year.
While the domestic economic sector endured a trade deficit of $12.58 billion, the FDI sector recorded a trade surplus of $27.81 billion.
Vietnam’s trade surplus with the US stood at $44.3 billion, down 24.1 per cent on-year. The country also maintained trade surpluses with the European Union (EU) and Japan, estimated at $16.4 billion and $0.9 billion, respectively.
Significantly, Vietnam’s trade deficits with China, South Korea, and the Association of Southeast Asian Nations (ASEAN) plunged by 35.2 per cent, 35.1 per cent, and 35.3 per cent, amounting to $27 billion, $15.5 billion, and $5 million, respectively.
Source: Fibre2Fashion
