Exports remain bright spot in four-month period

The total import-export turnover surged by 15.2% to reach US$238.88 billion throughout the reviewed period, of which exports and imports witnessed a rise 15% and 15.4%, respectively.

As many as 21 items enjoyed an export turnover of over US$1 billion, accounting for 86.4% of total export turnover, of which there were five export items which recorded export turnover of over US$5 billion, accounting for 57.8%.

Most notably, the group of processed industrial goods is estimated to have reached US$108.27 billion, making up 87.5% of the total turnover.

Exports to major markets such as the US, the EU, and China all grew by double digits, with the US remaining as the largest Vietnamese export market with an estimated turnover reaching US$34.1 billion, up 19.1% on-year.

Meanwhile, exports to China, the EU, and the Republic of Korea all soared by 14%, 15%, and 10.2% to reach US$18 billion, US$16.4 billion and US$8.4 billion, respectively.

In the reviewed period, the country posted a trade surplus of US$8.4 billion, higher than the figure of US$7.66 billion from the same period last year.

With regard to the agricultural sector, the export turnover of fruits and vegetables in April stood at an estimated US$520 million, thereby bringing the total export value during the four-month period to US$1.8 billion, up over 32% on-year.

As part of efforts to maintain bright export prospects, experts recommend that businesses strive to take the full advantage of potential markets where Vietnam has signed a Free Trade Agreement (FTA), such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Furthermore, local firms are advised to work to diversify markets in order to maintain growth momentum by fully tapping into new markets such as Africa, the Middle East, and South America moving forward.