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Vietnam racks up $2 billion in trade surplus in first quarter

March 30, 2021 | 08:12

Vietnam’s total import-export turnover in the first quarter of 2021 was estimated at $152.65 billion, representing a year-on-year increase of 24.1%. Meanwhile, the country racked up $2.03 billion in trade surplus.

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The socio-economic report of 2021’s first quarter published by the General Statistics Office on March 29 morning showed that Vietnam’s export and import activities have strongly recovered.

Accordingly, the export turnover was estimated at $77.34 billion, up 22% over the same period last year. In which, the domestic economic sector gained $18.3 billion, increased by 4.9%, accounting for 23.7% of total export turnover; foreign direct investment sector (including crude oil) reached $59.04 billion, up 28.5%, accounting for 76.3%.

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Vietnam racks up $2 billion in trade surplus in first quarter.

There were 11 items posting an export turnover of over $1 billion, occupying 76.6% of the total export turnover (4 items with an export turnover of over $5 billion, accounting for 54.7%). Phones and components earned the largest export value, reaching $14.1 billion, accounting for 18.2% of total export turnover, up 9.3% over the same period last year; electronics, computers and components reached $12 billion, up 31.3%; machinery, equipment, tools and spare parts reached $9.1 billion, up 77.2%; textiles and garments stood at $7.2 billion, up 1.1%; footwear reached $4.7 billion, up 13.5%; wood and wood products reached $3.7 billion, up 41.5%; means of transport and spare parts reached $2.7 billion, up 20%; iron and steel reached $1.8 billion, up 65.2%; seafood reached $1.7 billion, up 3.3%; fibers and yarns reached $1.2 billion, up 31%; plastic products reached $1.1 billion, up 31%.

In general, the export share of some key products still belonged to the FDI sector.

Regarding the structure of exported goods in the first quarter of 2021, the heavy industry and minerals were estimated at $43.2 billion, up 25.9% over the same period last year, accounting for 55.9% of the total export turnover. The light industry and handicraft were estimated at $27.1 billion, up 20.6% and accounting for 35%. The agricultural and forestry products reached $5.35 billion, up 7.9% and accounting for 6.9%. The fishery products reached $1.69 billion, up 3.3% and accounting for 2.2%.

In terms of the export market in the first quarter of 2021, the United States was Vietnam’s largest export market with a turnover of $21.2 billion, a year-on-year increase of 32.8% o; followed by China with $12.5 billion, up 34.3%; the EU with $9.6 billion, up 14.2%; ASEAN with $6.5 billion, up 3.4%; South Korea with $5 billion, up 6.4%; Japan with $4.9 billion, down 1.5%.

Generally in the first quarter of 2021, the import turnover was estimated at $75.31 billion, up 26.3% over the same period last year, of which the domestic economic sector reached $25.05 billion, up 17%; the FDI sector reached $50.26 billion, up 31.5%.

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Photo: VNA

There are 15 items posting an import turnover of over $1 billion, accounting for 73.3% of the total import turnover (2 items with over %5 billion, accounting for 36.7%). The electronics, computers and components reached $16.8 billion (accounting for 22.3% of total import turnover), up 22% over the same period last year; machinery, equipment, tools and spare parts reached $10.8 billion, up 30.7%; phones and accessories reached $4.9 billion, up 48.1%; fabric reached $2.9 billion, up 9.2%; plastic reached $2.9 billion, up 39.3%; iron and steel reached $2.6 billion, up 27.8%; cars reached $2 billion, up 29.9%; plastic products reached $1.9 billion, up 15%.

Regarding the structure of imported goods in the first quarter of 2021, the production material goods were estimated at $70.58 billion, up 26.8% over the same period last year and accounting for 93.7% of the total import turnover; the machinery, equipment, tools, means of transport and spare parts reached $35.5 billion, up 28.4% and accounted for 47.1%; the fuel and material goods reached $35.08 billion, up 25.1% and accounting for 46.6%. The consumer goods were estimated to reach $4.73 billion, up 19.7% and accounting for 6.3%.

Concerning the import market, China was still Vietnam’s largest import market with a turnover of $ 23.8 billion, a year-on-year increase of 47.3%; followed by South Korea with $13 billion, up 9.9%; ASEAN with $ 9.3billion, up 26.3%; Japan with $ 5.1 billion, up 4.8%; EU with $4 billion, up 15.4%; the United States with $4 billion, up 12.3%.

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