Vietnam sees export revenue rising in first half
Vietnam made over US$122.5 billion in export revenue in the first six months of 2019, up 7.2%, or US$8.21 billion, year-on-year, the local media reported, citing the latest statistics from the General Department of Vietnam Customs.
The data also shows that domestic firms contributed US$36.7 billion to the total export revenue, a 10.4% year-on-year rise, whereas foreign-invested firms generated US$85.8 billion in export revenue in the six-month period, up 5.7% against the year-ago period.
The top five export earners between January and June were phones and phone parts, generating the highest revenue, at US$23.5 billion; computers and electronics; textiles and garments; footwear; and machines and equipment.
As of late June, there were 22 items whose export revenue totaled over US$1 billion each, up by one product year-on-year.
Apart from this, 35 out of 45 products saw their export revenue up against the year-ago period. Vegetable and fiber products were listed among the items with exportrevenue amounting to over US$2 billion in the first six months of the year.
Vietnam has made the most of the free trade agreements (FTA) which it has signed to expand its export markets. The signing of the FTAs has also driven up the market share of Vietnamese products on global markets.
The first six months of the year saw strong growth in Vietnamese exports to the economies that have signed an FTA with Vietnam. The country shipped some US$9.7 billion worth of products to Japan, up 9.1%. Its revenue from exports to South Korea and the ASEAN rose by 6% and 6.7%, respectively.
Vietnam also enjoyed an increase inproduct shipments to some member economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnershipduring the six-month period.
The country’s exports to Canada, Mexico and the United States soared by 31.5%, 22.4% and 27.4% year-on-year, respectively.
Meanwhile, the country spent US$120.9 billion on imports in the first six months, up 8.9% year-on-year.