Vietnam's foreign trade $523 bn in Jan-mid-Oct, trade surplus $22.5 bn

20 Oct '23

1 min read

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Insights

With Vietnam's import-export value hitting close to $523 billion between January and mid-October this year, its balance of trade surplus was $22.54 billion during that period.
Vietnam exported goods worth about $272.74 billion during that period—down by over $24 billion year on year, while imports totalled $250.2 billion—a fall of about $40 billion YoY.

With Vietnam’s import-export value hitting close to $523 billion between January and mid-October this year, its balance of trade surplus was $22.54 billion during that period, latest statistics by the general department of Vietnam customs reveal.

The country exported about $272.74 billion worth of goods during that period—down by over $24 billion year on year (YoY), while imports totaled $250.2 billion—a fall of nearly $40 billion YoY.

As the global textile-garment demand is likely to fall by 8-10 per cent this year, experts say it will strongly affect Vietnam’s garment exports this year and during the first few months of next year.

The country’s textile-garment export turnover is estimated to be $40 billion this year—down by 10 per cent YoY, the Vietnam Textile and Apparel Association (VITAS) noted. Textile-garment exports to the US and EU markets have recovered.

The sector is showing positive signals in both import and export, and is expected to rebound as an increasing number of foreign partners from Europe, Northeast Asia and Southeast Asia have recently come to Vietnam to enquire about garment products, a domestic media outlet reported.

Fibre2Fashion News Desk (DS)

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