Vietnam’s trade turnover hits US$514.7 billion in seven months

THE HANOI TIMES — Vietnam’s total goods trade turnover from January to July reached US$514.7 billion, up 16.3% on-year, according to the General Statistics Office (GSO).

During this period, exports totaled US$262.44 billion, up 14.8% year-on-year. Imports reached US$252.26 billion, rising 17.9% from the same period last year. The trade surplus stood at US$10.18 billion, down 31% from the seven months of 2024.

From January to July, domestic enterprises exported US$67.48 billion, a 6.7% increase compared to the same period last year, accounting for 25.7% of total exports. The foreign-invested sector contributed US$194.96 billion, up 15.9% year-on-year, making up 74.3% of the total export value.

On the import side, the domestic sector purchased US$84.07 billion worth of goods, up 8% year-on-year. The foreign-invested sector imported US$168.19 billion, a 23.6% increase.

According to GSO, there were 28 export items with turnover exceeding US$1 billion each, accounting for 91.7% of total exports. Processed industrial goods brought in US$232.37 billion. Agricultural and forestry products earned US$22.4 billion, seafood reached US$6.08 billion, and fuels and minerals contributed US$1.59 billion.

There were also 36 imported items with values above US$1 billion each, representing 90.5% of the total import value. Production materials totaled US$236.57 billion, with machinery and equipment accounting for 51.7%, and raw materials and fuels for 42.1%. Consumer goods imports stood at US$15.69 billion.

The US remained Vietnam’s largest export market, with a value of US$85.1 billion, while China was the largest import source, with US$101.5 billion in goods.

Vietnam posted a trade surplus of US$74.6 billion with the US, up 28.6% year-on-year. In contrast, the trade deficit with China rose to US$66.5 billion, an increase of 41.1% from the same period last year.