Trade surplus swells to record high in 11 months amidst COVID-19
Vietnam posted a trade surplus of US$20.1 billion in the first 11 months of this year, the highest on record, despite the adverse impacts of the COVID-19 pandemic on the global economy, according to the General Statistics Office (GSO).
In a report announced on November 29, the office said the country’s total export-import revenue in the reviewed period was estimated at US$489.1 billion, a year-on-year rise of 3.5%, of which export value reached US$254.6 billion, up 5.3%, and import, US$234.5 billion, up 1.5%.
In November alone, export turnover stood at US$24.8 billion, a drop of 9% from the previous month, but up 8.8% as compared with the same period last year.
Between January and November, the domestic economic sector generated some US$73 billion in export revenue, up 1.6%, making up 28.7% of the total. Meanwhile, the foreign-invested sector, including crude oil, recorded US$181.6 billion, up 6.9%, accounting for 71.3% of the total.
Up to 31 groups of commodities joined the over one-billion-USD export club, making up 92% of the accumulative export value, with 10 groups posting more than US$10 billion.
Heavy industry and mining raked in US$138 billion, up 9.2% year-on-year. Light industry and handicrafts, meanwhile, reported revenue of US$90.2 billion, up 1.5 %; agro-forestry US$18.7 billion, down 0.1%; and fisheries US$7.7 billion, down 0.9%.
The US remained the largest importer of Vietnamese goods in the 11 months, with turnover of US$69.9 billion, up 25.7% year-on-year.
It was followed by China, with US$43.1 billion, up 16%; the EU, US$32.2 billion, down 2.4%; ASEAN, US$20.9 billion, down 10.6%; the Republic of Korea (RoK), US$17.7 billion, down 2.7 %; and Japan US$17.3 billion, down 6.5%.
Total imports in November were estimated at US$24.2 billion, down 0.5% month-on-month but up 13.4% year-on-year.
As many as 34 types of goods saw import turnover exceeding US$1 billion, accounting for 89.4% of the total.
China remained Vietnam’s largest import source, with revenue standing at US$73.9 billion, an increase of 7.9% against the same period last year.
It was followed by the RoK, with US$42 billion, down 2.9%; ASEAN, US$27.3 billion, down 6.9%; Japan, US$18.6 billion, up 4.8%; the EU, US$13.2 billion, up 4.3%; and the US, US$12.6 billion, down 3.6%.
