Vietnam's export surplus recorded at over USD 20 billion

By raising exports to the US and China markets, Vietnam reaches a record export surplus of 20 billion USD in the last 11 months.
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Vietnam reaches a record of more than 20 billion USD in export surplus. (Photo: SGGP)

The report on the socio-economic situation of November and the last 11 months of 2020 published by the General Statistics Office said that Vietnam's total 11-month export and import turnover was estimated at 489 billion USD, 3.5% higher than the same period last year. In which, exports reached nearly 255 billion USD, increased by over 5% while imports reached over 234 billion USD, increased by 1.5%.

Accumulated in the first 11 months of the year, the export turnover of the foreign-invested sector (including crude oil) increased 7% and accounted for 71% of the total turnover, while the figures for the domestic economic sector only increased by less than 2%.

Heavy industrial and mineral goods, as well as light industry and handicraft export increased over the same period. In which, electronics, computers and their components; and machinery, equipment, tools, spare parts are goods that have two-digit growth in export. In contrast, agricultural, forestry, and aquatic products all saw a decrease in export figures over the same period (except for rice).

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Vietnam's imports increased by 1.5% in the first 11 months of the year. (Photo: Vietnam Quality)

In the first 11 months of the year, Vietnam's exports to EU, ASEAN, South Korea, and Japan markets all decreased at the proportion from 3% to 10%, only exports to the US and China were still growing. The US is Vietnam's largest export market in 11 months with a turnover of nearly 70 billion USD, nearly 26% higher than the same period last year, followed by the market of China with 43 billion USD in turnover, increased by 16% compared to last year.

In terms of imports, Vietnam's imports increased by 1.5% in the first 11 months of the year, mainly due to the foreign invested sector. Generally, in 11 months, the import figures of the domestic sector reduced by nearly 10% while that of foreign-owned enterprises increased by more than 9% over the same period.

China remains Vietnam's largest import market in the last 11 months with an estimated turnover of nearly $ 74 billion USD, 8% higher than the same period last year. Imports from the EU increased by 4%, while imports from Korea, ASEAN, Japan, and the US all decreased compared to the first 11 months of last year.

In terms of commodity structure, Vietnam's imports increased in terms of electronics, computers and their components, phones and their components, plastic products, and chemical products, while reduced in fabrics, plastics, steel, automobile, and metal in general.

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Valerie Mai
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