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Apr 16, 2020 / 14:44

Vietnam’s trade surplus continues strong growth to hit US$3.7 billion in Q1

Vietnam's exports rose 7.5% year-on-year to US$63.23 billion in the January-March quarter, and imports reached US$59.49 billion, representing an increase of 3.7%.

Vietnam’s trade surplus continued its strong growth to US$3.74 billion in the first quarter (Q1), more than double the surplus of US$1.82 billion recorded in the January-February period and higher than the General Statistics Office’s projected US$2.8 million for Q1, according to the General Department of Vietnam Customs (GDVC).

A positive external balance in the three-month period was thanks to a trade surplus of US$1.12 billion in the second half of March.

 Data: GDVC. Chart: Ngoc Thuy. 

Some of Vietnam’s major export staples soared in revenue in the second half of March compared to the first half. They included computers, electronic devices and parts with an increase of 34.4% year-on-year; machinery, equipment and parts, up 44.2%; transportation vehicles and accessories, up 41.5%; seafood, up 29.3%; footwear, up 10.3%, vegetables, up 37.7%, among others.

In the January – March period, the country’s external trade rose 5.7% year-on-year or US$6.57 billion to US$122.73 billion. Upon breaking down, exports totaled US$63.23 billion, up 7.5% year-on-year, and imports reached US$59.49 billion, representing an increase of 3.7%.

 Data: GDVC. Chart: Ngoc Thuy. 

Foreign-invested companies recorded a total import-export value of US$77.37 billion during the period, up 3.8% year-on-year. This included $42.55 billion in exports, up 3.6% year-on-year, accounting for 67.3% of Vietnam’s export turnover, and US$34.82 billion in imports, up 4.1% and making up 58.5% of total imports. As such, they posted a trade surplus of US$7.73 billion.

Meanwhile, the domestic sector recorded a trade value of US$45.35 billion, or 37% of Vietnam’s total trade volume, up 9% year-on-year.