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Economy
Oct 30, 2019 / 16:56

Vietnam trade surplus stays ample at US$7 billion in Jan-Oct

Nguyen Tung

Vietnam`s phones and parts exports in October suffered a decline of 13.5% month-on-month as Samsung stopped pushing the shipment of Galaxy Note 10.

Vietnam reported an estimated trade deficit of US$100 million in October, resulting in a trade surplus of US$7 billion in the first ten months of this year, compared to US$7.1 billion one month earlier, the General Statistics Office (GSO) has said in a monthly report.
 
Data: GSO. Graphic: Nguyen Tung.
Data: GSO. Graphic: Nguyen Tung.
On breaking down, the domestic sector reported a trade deficit of US$21.3 billion in the ten-month period, while foreign-invested firms posted a trade surplus of US$28.3 billion. The former’s exports expanded 16.2% to US$66.63 billion during the period, accounting for 30.7% of total exports. Meanwhile, FDI firms reaped US$150.42 billion from overseas shipments, up 3.9% and accounting for 69.3% of the total (down 2.3 percentage points year-on-year).

In October, Vietnam exported goods worth US$22.4 billion, down 4.1% inter-monthly, while imports reached US$22.5 billion, up 3.5%.

A slowdown in export growth in October was due to Samsung ending its push for shipping new flagship model Galaxy Note 10 overseas, leading to a 13.5% month-on-month decline of phones and parts exports.

Overall, Vietnam's trade turnover reached US$427.05 billion in the January – October period, of which its export value amounted to US217.05 billion, up 7.4% year-on-year, and imports totaled US$210 billion, up 7.8%.
 
Data: GSO. Graphic: Nguyen Tung.
Data: GSO. Graphic: Nguyen Tung.
According to the report, Vietnam's export staples during the January - October period were electronic products, computers and components with US$28.8 billion, up 17.1% year-on-year; garment with US$27.4 billion, up 8.7%; footwear with US$14.6 billion, up 11.2%; equipment, parts with US$14.6 billion, up 7.6%; fisheries with US$7 billion, down 3.4%; vegetables with US$3.1 billion, down 5.8%. 

Phones and parts recorded the largest export turnover of US$43.5 billion, accounting for 20% of total exports and up 5% year-on-year. 

In the January – October period, the US remained Vietnam's biggest export market, spending US$49.9 billion on Vietnamese goods, up 26.6% year-on-year, followed by the European Union with US$34.2 billion, down 1.9%, and China with US$32.5 billion, down 2.9%. 

Meanwhile, China remained Vietnam's largest import market with turnover of US$62 billion, a 16.1% climb year-on-year. 

South Korea claimed the second place by exporting US$39.4 billion worth of goods to Vietnam, up 0.6% year-on-year, followed by ASEAN with US$26.4 billion, up 1%. 

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