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Vietnam's exports slightly increased in the first 7 months of 2020

06:59 | 31/07/2020

The General Statistics Office revealed that Vietnam exported goods worth a total US$145.8 billion in the first seven months of 2020, up by a slight 0.2% compared with the same period in 2019. 

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vietnams exports slightly increased in the first 7 months of 2020
Vietnam exported goods worth a total US$145.8 billion (Photo: Custom News)

The General Statistics Office revealed that Vietnam exported goods worth a total US$145.8 billion in the first seven months of 2020, up by a slight 0.2% compared with the same period in 2019.

Meanwhile, imports fell by 2.9% to US$139.3 billion. This means that Vietnam has posted a trade surplus of US$6.5 billion during the period, according to Nhan Dan.

The exports of Vietnamese companies recorded strong growth at 13.5% to reach US$50.8 billion while exports by foreign-invested companies declined by 5.7% to US$95 billion, including oil revenue.

vietnams exports slightly increased in the first 7 months of 2020
The United States and China remained the biggest buyers of Vietnamese goods (Photo: Industry and Trade News)

Imports by domestic companies rose 1.5% while those in the foreign sector fell 6.2%. From January - July, 23 categories of exports earned US$1 billion each, with a combined revenues accounted for 87% of Vietnam’s total exports.

The United States and China remained the biggest buyers of Vietnamese goods at US$37.9 billion and US$23.5 billion, respectively. Such figures represent respective increases of 15% and 18.4%.

The import turnover of goods in July was estimated at US $ 22 billion, up 6.2% over the previous month, of which, the domestic economic sector gained US $ 10.2 billion, up 5.9%, FDI sector reached 11.8 billion USD, up 6.5%.

Compared to the same period last year, import turnover in July 2020 was estimated to decrease by 2.9%, of which the domestic economic sector increased by 8.2%; FDI sector decreased by 10.9%.

vietnams exports slightly increased in the first 7 months of 2020
Import turnover of goods was estimated at US $ 139.33 billion (Photo: Investment Bridge)

Generally, in 7 months of 2020, import turnover of goods was estimated at US $ 139.33 billion, down 2.9% over the same period last year, of which: domestic economic sector gained US $ 61.86 billion, increase by 1.5%; FDI sector reached 77.47 billion USD, down 6.2%, reported by Financial Magazine.

Decline in exports were recorded in most other major markets. Shipments to the EU reached US$19.5 billion, down 5.9%, while exports to ASEAN fell by a sharp 15.4% to US$12.8 billion.

Revenue from exports to Japan and Korea also fell by 5% and 0.4% respectively. China was the largest source of Vietnamese imports, estimated at US$41.6 billion, down 1.8%. Imports from Korea and ASEAN fell by 9.2% and 11.3%, respectively. Purchases from Japan, the US and the EU increased by 5.1%, 2.5% and 6%, respectively.

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