Tuesday, 26 Jun 2018
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ECONOMYTRADE - SERVICE

Vietnam posts trade surplus of US$45 billion with G7 countries

Updated at Friday, 08 Jun 2018, 16:59
The Hanoitimes - Vietnam`s trade surplus with Group of Seven (G7) nations stood at US$44.95 billion in 2017, representing an increase of some 42% from the average annual surplus of US$19.25 billion in period 2006 - 2015, according to the General Department of Vietnam Customs (GDVC).
Vietnam's total trade with G7 nations stood at US$113 billion in 2017, up 9.5% against 2016 and accounting for over 25% of the country's trade turnover.
G7 is a group consisting of the world's seven most advanced economies namely Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. 
 
Illustration photo.
Illustration photo.
Vietnam's export turnover to the seven nations reached US$78.98 billion in 2017, representing an increase of 8.4% year-on-year, or US$6.13 billion, and equivalent to 36.7% of the country's export turnover, said GDVC. 
In the opposite direction, Vietnam imported US$34.03 billion worth of goods from the seven-country bloc,  up 12.3% year-on-year and accounting for 16% of Vietnam's total import turnover. 
In 2017, Canada was ranked 7th in G7 and 24th out of Vietnam's total 200 trading partners, GDVC noted. In recent years, Canada has been steadily among the top 25 largest trading partners of Vietnam.
Trade between Vietnam and Canada in 2017 reached US$3.52 billion, up 15.3% as compared with 2016. Of which, Vietnam's trade turnover to Canada came at US$2.72 billion, up 2.4% year-on-year, and 1.3% of Vietnam's total export turnover. 
Vietnam imported US$800 million worth of goods from the North American market in the same period, soaring 102.3% against 2016 and making up 0.4% of Vietnam's imports. 

In recent years, Vietnam has enjoyed a trade surplus with Canada, which has been on the growing trend in period 2011-2016. 
However, Vietnam's trade surplus to Canada in 2017 saw a decline, due to a sharp increase in Canadian shipments to Vietnam. By the end of 2016, the figure reached its peak at US$2.26 billion, but decreased to US$1.92 billion in 2017. 
In the first five months of 2018, Vietnam gained a trade surplus of US$3.39 billion, reports from the General Statistics Office showed. 
Vietnam's export growth this year is targeted to rise by 8-10% against last year. The Ministry of Industry and Trade said global trade is predicted to grow by 3.9% in 2018 and this is expect to help Vietnam's trade growth significantly.
Ngoc Thuy
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