Log in
Business

Vietnam posts trade surplus of US$3.6 billion in January

The US remained Vietnam’s largest export market, with a revenue of $7.6 billion, while China was the top supplier of imported products at $8.1 billion.

Vietnam’s trade performance started in 2023 on a positive note as the country recorded a trade surplus of US$3.6 billion in January.

 Cargo handling at Dinh Vu port, Haiphong. Photos: Pham Hung/The Hanoi Times

Data released by the General Statistics Office (GSO) showed Vietnam’s total trade turnover at $46.56 billion, down 25% yearly. 

Upon breaking down, the country posted imports of $21.48 billion and exports of $25.08 billion, with the foreign-invested sector making up 74.3% of the total exports.

Of the export turnover, industrially processed products accounted for 89%, at $22.32 billion, followed by agro-forestry-fishery products at $1.9 billion (7.6%), and seafood for $600 million, or 2.4%.

The US remained Vietnam’s largest export market with a revenue of $7.6 billion, while China was the top supplier of imported products at $8.1 billion.

According to the GSO, a glim global economic outlook and subsequent lower consumption demand may cause negative impacts on Vietnam’s trade.

This combined with a declining trade revenue witnessed since the fourth quarter of last year and high inflationary pressure suggested a difficult year for local traders.

A recent study from the World Bank echoed the view with anticipation of global economic stagnancy in 2023, especially in the world’s major importers.

Meanwhile, the Ministry of Industry and Trade (MoIT) stated Vietnam’s export prospects are largely dependent on the Russia-Ukraine conflict and the economic situation with major trading partners.

The ministry, however, noted preferential treatment under free trade agreements that Vietnam is a part of. The country’s push for socio-economic recovery would continue to serve as the growth driving force for trade.

“An active stance in promoting foreign and domestic investment is another positive factor for exports in 2023,” it added.

 Customers at Big C Thang Long Supermarket, Hanoi. 


CPI surges in January

Vietnam’s consumer price index (CPI), the main gauge of inflation, rose by 0.52% month on month and 4.89% year on year, while basic inflation also climbed by 5.21% on year.

The GSO attributed the high CPI growth in January to the Tet festive period during the month with a surge in consumption demand and hikes in prices of goods and services.

In addition, domestic petrol prices have also increased in line with higher demand in the global market and the adjustment of environmental protection tax on fuels and gas since early 2023.

Eight out of 11 commodity groups, which are components of the basket for CPI calculation, witnessed a month-on-month increase in prices. Among them, transportation posted the strongest rise, followed by food and catering services; garment; culture, entertainment, and tourism; medicine and healthcare services.

Two groups that saw their prices down in January were education and construction materials, while telecommunications remained unchanged.

Hanoi’s CPI during the first month of 2023 grew by 0.35% month on month and 3.09% year on year. In January, nine out of 11 commodity groups increased on a monthly basis, with transportation posting the highest growth at 1.14%, followed by beverages and cigarettes (1.01%); food and catering services (0.93%).

Two groups with a declining rate in January were housing, water, electricity supply, and construction material; and telecommunications.

Reactions:
Share:
Trending
Most Viewed
Related news
OCOP brand helps Hanoi craft villages “take off”

OCOP brand helps Hanoi craft villages “take off”

Hanoi's OCOP products, ranging from food to handicrafts, showcase its cultural identity and support rural development.

Hanoi helps OCOP products reach supermarkets

Hanoi helps OCOP products reach supermarkets

Hanoi currently has 3,317 OCOP products, accounting for 21.3% of the country, including six products rated with five stars, 1,571 with four stars and 1,718 with three stars.

Prime Minister okeys Sun Phuquoc Airway to boost island tourism

Prime Minister okeys Sun Phuquoc Airway to boost island tourism

The launch of a new airline is expected to strengthen Phu Quoc Island's position as a major tourism hub in the region.

US major corporations – key to promote bilateral ties

US major corporations – key to promote bilateral ties

Cooperating with Vietnam will provide long-term strategic benefits and help the two countries improve their trade balance in a fair, harmonious, and sustainable way.

Chinese firm seeks to join US$8.4-billion railway project in Vietnam

Chinese firm seeks to join US$8.4-billion railway project in Vietnam

Vietnam has encouraged reputable Chinese companies to invest in its major railways.

Boosting innovation to strengthen national brand 

Boosting innovation to strengthen national brand 

In the digital era, enterprises must leverage technology to foster a more intimate connection with local and international clientele.

Vietnam urged to tap young overseas Vietnamese for global trade growth

Vietnam urged to tap young overseas Vietnamese for global trade growth

The overseas Vietnamese business community could be an efficient promoter of exports, expanding Vietnamese products in global markets.

Vietnam International Financial Center to rise in HCMC and Danang

Vietnam International Financial Center to rise in HCMC and Danang

The establishment of an international financial center will give the Vietnamese economy a major boost.