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Friday, January 22, 2021

Trade surplus hits record high despite pandemic

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HCMC – Vietnam achieved a record high trade surplus of US$20.1 billion in the January-November period although the Covid-19 pandemic continues to show complicated developments, challenging the global economy, according to the General Statistics Office.

Specifically, the country exported products worth US$254.6 billion and spent US$234.5 billion on imports, up 5.3% and 1.5%, respectively, over the same period last year, the Government news website reported.

In the 11-month period, the export value of up to 31 commodities surpassed US$1 billion each, accounting for 92% of the total export revenue, including six product groups with export revenue amounting to more than US$10 billion each.

Specifically, the country’s biggest export earners in the period included phones and phone parts (US$46.9 billion); computers, electronic products and accessories (US$40.2 billion) and textiles and garments (US$26.7 billion).

Meanwhile, the nation spent the most on computers, electronic products and accessories (US$57.4 billion); machinery, equipment, tools and machine parts (US$33.1 billion) and phones and phone parts (US$14.6 billion).

In the period, 34 groups of products reported an import turnover exceeding US$1 billion each, accounting for 89.4% of the total import turnover.

As for the importing markets, the United States was Vietnam’s biggest importer in January-November, spending US$69.9 billion on Vietnamese goods, up 25.7% year-on-year, followed by China with US$43.1 billion, up 16%, and the European Union with US$32.2 billion, down 2.4%.

China remained Vietnam’s largest supplier, selling goods worth US$73.9 billion to Vietnam, up 7.9% year-on-year, followed by South Korea with US$42 billion, down 2.9%, and ASEAN with US$27.3 billion, down 6.9%.

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