Vietnam sees US$9 billion trade surplus in Jan-Oct

Vietnam earned a trade surplus of US$9.01 billion in the January-October period this year, the highest ever, up 23% year-on-year due to the strong export of phones, computers and textiles, according to data from the General Department of Customs.

 

The data indicate that the country’s total export revenue amounted to US$13.1 billion in the second half of October, soaring 27.3% against the first half of the month, pushing the total export earnings for the 10-month period of 2019 to US$218.82 billion, up 8.3%, or US$16.7 billion, year-on-year.

Meanwhile, Vietnam spent a total of US$11.6 billion on imports in the second half of October, up 8.6% versus the first half.

The country’s total import turnover during the January-October period reached US$209.81 billion, inching up by 7.7% against the same period last year, VnEconomy news site reported.

Vietnam’s main earners over the 10-month period were phones, computers, textiles and garments, footwear, machines and equipment, woodwork, seafood and steel products.

Among these earners, phones and phone components took the lead, amounting to over US$44 billion in export value, while electronics, computers and accessories came second, with earnings of US$29.1 billion.

On the import side, in the January-October period of 2019, Vietnam spent some US$42.7 billion on computers, electronics and accessories; US$30 billion on machines, equipment and parts; and US$12.2 billion on mobile phones and accessories.

Foreign direct investment (FDI) enterprises generated US$16.4 billion from exports in October, edging up by 1.4% against the previous month, and spent US$12.5 billion on imports, down 4%.

During the year up to October, the FDI sector’s export value amounted to US$149.8 billion, up 4.8% year-on-year, and its imports rose by 3.7% to US$121.3 billion.

saigontimes

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