Vietnam has trade surplus of $1.23 billion in 10 months | Inquirer Business
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Vietnam has trade surplus of $1.23 billion in 10 months

/ 05:56 PM October 31, 2017

Vietnam witnessed a trade surplus of US$1.23 billion so far this year, according to a report from the General Department of Customs.

In October alone, the report revealed that the import and export value was estimated at $37.9 billion, lightly increasing by 0.8 percent, as compared to September. The export value was $19.4 billion and the import value was $18.5 billion, up 0.3 percent and 1.4 percent, respectively, making trade surplus of $900 million in October.

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The department said the total value of goods export and import of Vietnam reached $346.22 billion in the January-October period, registering a year-on-year increase of 21.3 percent. Of the figures, the export value was $173.72 billion and the import value was $172.49 billion, increasing by 20.7 percent and 22 percent, respectively.

Phones and various devices led among the key export commodities, with a value of $36.54 billion in the first ten months of this year, up 28.8 per cent year-on-year. It was followed by garment and textiles products, computers and electronic devices and components and shoes, with values of $21.51 billion, $21 billion, and $11.7 billion, respectively.

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Other commodities included machines and parts, wood and wood products, seafood, vehicles and parts, coffee and crude oil.

Meanwhile, Vietnam had to import computers and electronic devices and components, various fabric, various phones and components and various steel products, as well as materials for textiles, garment and shoes, petrol, metals and chemical products.

The department estimated that some VND23 trillion will be sent to the State Budget in October, registering VND237 trillion ($10.4 billion) in the January-October period, up 10.2 percent, as compared to the same period last year.

Veggie, fruit exports up

Vietnam’s export value of vegetables and fruits in the first 10 months of this year was estimated at $2.84 billion.

The Ministry of Agriculture and Rural Development said this was a year-on-year increase of 41.2 percent.

The ministry said China, Japan, the United States and South Korea were the top four importers of Vietnamese fruits and vegetables in the first nine months of this year, accounting for 76 percent, 3.6 percent, 2.9 percent and 2.6 percent of the total vegetable and fruit exports volume, respectively.

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The export value of these products in October was $209 million, said the ministry, adding that the fruit market in October had different developments for different types of fruit, vov.vn reported.

The coconut price in Ben Tre Province decreased due to lower demand in the Northern market in the cold weather, and high competition with Thai coconuts in the US and Chinese markets.

Meanwhile, the price of longan at the farms in Binh Phuoc Province increased to VND12,000-14,000 per kilo from VND8,000 in August because of higher demand, as the supply of other fruits had reduced in the South.

Prices of dragon fruits in some Mekong Delta provinces also surged to between VND25,000 per kilo for white flesh dragon fruits and VND55,000 per kilo for red flesh dragon fruits, due to a lower supply of the product for exports.

The ministry said continuous heavy rains affected the productivity and quality of vegetables in the northern and southern provinces, causing the prices to increase sharply.

(1 USD = 22, 545 VND)

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