VN’s January trade turnover at highest level in years
VN’s January trade turnover at highest level in years
Viet Nam’s trade turnover reached US$43 billion in the first month of 2019, the best January performance seen in the last few years, according to the General Department of Vietnam Customs.
This figure is $2.9 billion higher than in January 2018 and nearly double the average figure of $23 billion per month recorded in the 2012–18 period.
In addition to the record turnover, the department’s statistics showed many positive signs for Viet Nam’s foreign trade activities.
In particular, the trade value of domestic enterprises grew at a faster pace compared to the foreign direct investment (FDI) sector in January, with an increase of $1.92 billion against the $973 million of the latter.
Another good sign is related to the trade balance. While Viet Nam suffered a trade deficit of nearly $1 billion in the first half of January, a sharp increase in exports in the second half led to a trade surplus of $816 million for the whole month.
For key export products, Viet Nam posted an export value of $22.07 billion, an increase of $1.8 billion year on year. The textile and garment, equipment and parts, and footwear sectors contributed the most to this positive performance. Textiles recorded an increase of $810 million from the same period last year, equipment posted an increased of $415 million and footwear was up $351 million. These three groups of commodities were among Viet Nam’s top five export staples with an export value of more than $1 billion each for the month.
In January, Viet Nam imported goods worth $21.26 billion, up $1.09 billion against January 2018. Significant growth of import turnover was seen in equipment and parts with an increase of $522 million, crude oil with an increase of $390 million, all types of cars with a $256 million increase and coal with a rise of $205 million.
