• Linkdin

Vietnam marks $15.23 bn trade surplus in Jan-Jul 2023

02 Aug '23
2 min read
Pic: Shutterstock/xuanhuongho
Pic: Shutterstock/xuanhuongho

Insights

  • Vietnam achieved a trade surplus of $15.23 billion in the first seven months of 2023, despite a 6.7 per cent YoY decline in total trade turnover for July.
  • The overall trade volume for the period was $374.23 billion, down 13.9 per cent from last year.
  • The domestic sector saw a 10.2 per cent slump, while the FDI sector declined by 10.8 per cent.
Vietnam recorded a trade surplus of $15.23 billion in the first seven months of 2023, as per the General Statistics Office (GSO). The total trade turnover for July was estimated at $57.21 billion, reflecting a 2.5 per cent month-on-month (MoM) increase, but a year-on-year (YoY) decline of 6.7 per cent.

For the first seven months, the total trade volume was valued at $374.23 billion, a drop of 13.9 per cent compared to the same period last year. This included a 10.6 per cent decline in export revenue and a 17.1 per cent fall in import turnover.

The domestic economic sector faced a slump of 10.2 per cent, earning $51.5 billion, constituting 26.4 per cent of total export turnover. The foreign direct investment (FDI) sector also experienced a downturn, with a turnover of $143.23 billion, down by 10.8 per cent, accounting for 73.6 per cent of total export turnover, the GSO said.

Within this reviewed period, 30 items achieved export turnover of over $1 billion each, together forming 91.6 per cent of the country's total export volume. Conversely, import turnover of goods was estimated at $179.5 billion, a decline of 17.1 per cent on-year.

While the domestic economic sector endured a trade deficit of $12.58 billion, the FDI sector recorded a trade surplus of $27.81 billion.

Vietnam's trade surplus with the US stood at $44.3 billion, down 24.1 per cent on-year. The country also maintained trade surpluses with the European Union (EU) and Japan, estimated at $16.4 billion and $0.9 billion, respectively.

Significantly, Vietnam’s trade deficits with China, South Korea, and the Association of Southeast Asian Nations (ASEAN) plunged by 35.2 per cent, 35.1 per cent, and 35.3 per cent, amounting to $27 billion, $15.5 billion, and $5 million, respectively.

Fibre2Fashion News Desk (NB)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search