Vietnam’s trade surplus jumps to US$1.82 billion in Jan-Feb
Vietnam’s trade surplus jumps to US$1.82 billion in Jan-Feb
The FDI sector posted exports of US$26.2 billion in the January – February period, up 5% year-on-year and accounting for 67% of Vietnam’s exports.
Vietnam posted a trade surplus of US$1.82 billion in the first two months of 2020, a stark contrast from the General Statistics Office’s estimated trade deficit of US$176 million for the period, according to the General Department of Vietnam Customs (GDVC).
Data: GDVC. Chart: Ngoc Thuy.
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A positive external balance in the two-month period was thanks to a trade surplus of US$2.36 billion recorded during the second half of February.
Some of Vietnam’s major export staples witnessed strong growth in the second half of February compared to the first half, included phones and parts with an increase of US$449 billion, up 20.3% year-on-year; textile with US$293 billion, up 30.2%; timber and wooden products with US$141 million, up 46.9%; computers, electronic devices and parts with US$75 million, up 5.6%; seafood with US$59 million, up 27%; among others.
In the January – February period, the country’s external trade rose 5.6% year-on-year to US$76.34 billion. Upon breaking down, exports totaled US$39.08 billion, up 8.4% year-on-year, and imports reached US$37.26 billion, representing an increase of 2.9%.
Foreign-invested companies recorded a total import-export value of US$48.08 billion during the period, up 4% year-on-year. This included $26.2 billion in exports, up 5% year-on-year, accounting for 67% of Vietnam’s export turnover, and US$21.88 billion in imports, up 2.9%, making up 58.7% of total imports.
Meanwhile, the domestic-invested sector recorded a trade value of US$28.26 billion, or 37% of Vietnam’s total trade volume, up 8.5% year-on-year.
