Monday, December 9, 2024
Monday, December 9, 2024
Home » Vietnam Marks $15.23 Bn Trade Surplus in Jan-Jul 2023

Vietnam Marks $15.23 Bn Trade Surplus in Jan-Jul 2023

by Sang Achariya
0 comment 117 views


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

You may also like

Hanoi Observer LLC is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers.

We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public.

We are contrarian, we are committed to the news, speaking truth to power.

Hanoi Observer, A Media Company – All Right Reserved.