Vietnam has 26 products with export turnover exceeding US$1 billion

Vietnam saw 26 items with export turnover exceeding US$1 billion accounting for 89.8 percent of the total export turnover in the first nine months of this year, reported the Ministry of Industry and Trade on September 30.

Wood and wooden product export turnover reaches $7.5 billion (photo: SGGP)

Specifically, phone and phone parts yielded the highest export value with $38.6 billion accounting for 19.9 percent of the total number, up 5.1 percent over the same period last year. It was followed by electronic items, computers and parts with $25.4 percent making up 16.9 percent; garment with $24.8 percent; footwear with $13.3 billion and machines, accessories and components with $12.9 billion.

Wood and wooden product export faced lots of difficulties from new technical barriers in import markets, however businesses still attempted to obtain $7.5 billion in export turnover, a year on year increase of 17 percent. Transport means and parts hit $6.4 billion, up 8.1 percent.

In import, the import turnover of most agricultural and fishery products sharply decreased. Of these, coffee plunged to $2.2 billion, a year on year reduction of 20.7 percent. Rice reduced 9.7 percent to $2.2 billion. Other items such as cashew nuts, vegetables, pepper and tea dropped by 4-6 percent.

Experts said that agricultural and fishery product export sharply reduced for depending on the Chinese market. When the Chinese Government tightened import standards, export of these products faced difficulties.

In the meantime, the main export markets of electric and electronic items, garment and footwear are the US, Europe, South Korea and Japan. Hence the export turnover of these products has maintained its momentum.

Currently, the US is the largest export market of Vietnam with the export turnover of $44.9 billion, up 28.2 percent over the same period last year. Other large markets include the EU with $31.1 billion, ASEAN with $19.4 billion, Japan with $15.1 billion and South Korea with $14.5 billion.

Foreign direct investment (FDI) sector remained the largest contributor to the country’s export turnover with $194.3 billion. Meantime, domestic sector posted the export turnover of $59.57 billion. Foreign funded firms achieved $134.73 billion.

On the same day, the Forestry Administration under the Ministry of Agriculture and Rural Development said that the export turnover of forestry products reached $890.8 million in September, up 22.7 percent year on year. This takes the total number in the first nine months of 2019 to $7.93 billion increasing 18.1 percent. This sector posted a trade surplus of $6.06 billion.

Wood and forestry products have been exported to 128 nations and territories, of which the US, Japan, the EU and South Korea are major markets.

( VNF/SGGP )