Trade surplus tops $1.3b in first 7 months

Jul 31st at 13:27
31-07-2014 13:27:52+07:00

Trade surplus tops $1.3b in first 7 months

The country's trade surplus in the first 7 months of this year reached US$1.26 billion thanks to a good export performance, the General Statistics Office reported.

 

The result was due to an improvement in export value which reached $83.5 billion in the first 7 months, up 14.1 per cent compared to the same period of last year.

There were a number of high-valued export staples including marine products with an increase of 25.5 per cent to $4.23 billion, textile and garment industry with a rise of 19.4 per cent to $11.48 billion and phones and accessories manufacturing that showed a growth of 13.9 per cent to $13.15 billion.

Crude oil export value also made up $4.61 billion, up by 5.8 per cent in volume and by 8.3 per cent in turnover.

The GSO stated that the export turnover could reach a higher value if there was no reduction of export value in agricultural products. These included rice exports with 3.86 million tonnes worth $1.75 billion, down 8 per cent in volume and 4.7 per cent in value.

A decrease in rubber exports also contributed to the situation with 454,000 tonnes worth $832 million, down 9.5 per cent in volume and 32 per cent in value.

In the first seven months, the country's import value was $82.24 billion, up 11.4 per cent year-on-year.

The GSO said that the country spent most for imports of raw materials for production such as cotton which increased by 35 per cent to 458,000 tonnes and 36.3 per cent in value to $919 million.

The value of imported machines and spare parts increased by 24.4 per cent to $12.65 billion, and fabric import value reached to $5.5 billion, an increase of 16.7 per cent.

The GSO said that China remained Viet Nam's largest import market with a total turnover of $23.4 billion, an increase of 15.3 per cent compared to the same period last year. The figures brought the trade deficit with China to $14.8 billion, up 14.4 per cent over the same period of 2013.

Most of the imported products from China were textile raw materials, machines and equipment for energy industry, light industry, consuming products and electronic products.

Viet Nam also spent significant values for importing goods from ASEAN and South Korea markets with import turnover of $13.4 billion and $12.3 billion, up 8.4 per cent and 6.3 per cent, respectively.

Import value from Japan, EU and the US were low range between $3.7 billion and $6.9 billion.

bizhub



NEWS SAME CATEGORY

VN exports face tough challenges

Low value adds, poor quality of exports and heavy dependence on raw material imports along with poor processing facilities and transportation were affecting the...

Licences of 17 delayed projects to be revoked

Licences of nearly 17 investment projects at the Moc Bai Border Gate Economic Zone in southern Tay Ninh Province which have been delayed may be revoked.

Improved production can boost Lao coffee industry

Laos is aiming to boost the coffee industry by developing farmers' crop production techniques in line with international standards.

Japan-funded composite tuna fishing boat launched in central Vietnam

A fishing boat made of composite materials and designed to hunt for ocean tuna was launched Monday at a shipyard in the coastal city of Nha Trang in central Khanh...

80% of world’s computer chips will be made by Intel Vietnam by 2015: CEO

Eighty percent of the semiconductor chips used in computers around the world at this time next year will be made by the Intel plant in Vietnam, the CEO of Intel...

Vietnam Report survey shows enterprise optimism

A new report has shown that many enterprises are optimistic about Vietnam and see big prospects in the country.

Honda looks to luxury to enhance motorbike profits

Japan’s Honda Vietnam is reportedly mulling importing completely built unit (CBU) motorbikes to Vietnam through the second half of this year to boost profits.

Fansipan-Sapa cable car to open in 2015

The world's longest three-rope cable car system, extending from the northern Lao Cai Province's Sapa Town to Fansipan peak, will open for passengers on Liberation...

VN becomes second-largest importer of Australian beef

Viet Nam has become the second largest importer of Australian cattle, behind Indonesia, according to BeefCentral.com, a free news website and market intelligence...

Phu Yen withdraws permits granted for FDI projects

The People's Committee in the central coast province of Phu Yen has announced that the authorisation granted to two foreign direct investment (FDI) tourism projects...


MOST READ


Back To Top