Trade surplus in 10 months: Satisfactory but unsustainable

11:26 | 28/10/2014

VGP – Viet Nam’s trade surplus recorded in the first ten months of the year chiefly stemmed from the good performance of the FDI sector and the industries that processed and assembled imported raw materials, according to the General Statistics Office (GSO).

Illustration photo

The GSO argued that foreign trade activities  generated low added value and were  unsustainable.

In October, export volume was estimated at US$ 13.2 billion, seeing a month-on-month increase of 4.5% and year-on-year surge of 5.5%. The FDI sector earned US$ 8.9 billion in export revenue (including crude oil) (up 2.8%); while the domestic sector made US$ 4.3 billion (up 8.2%).  

Biggest hard currency earners included garments and textiles (up 21.3%); computers and spare parts (up 15.5%); footwear (up 11%); coffee (up 72.9%).

In the January-October period, export turnover was estimated at US$ 123.1 billion, representing a year-on-year increase of 13.4% of which the domestic sector contributed US$ 40.6 billion (up 12.9%) and FDI sector US$ 82.5 billion (up 13.6%).

In the reviewed period, the US was the largest export market, posting the sum of US$ 23.4 billion, up 20% against the same period last year; followed by the EU, ASEAN, and China.

Meanwhile, in October, import turnover was estimated at US$ 13.6 billion, up 2.9% against the same period last year of which the FDI sector contributed US$ 8 billion (up 1.2%) and the domestic sector US$ 5.6 billion (up 5.5%).

In the first ten months, Viet Nam imported US$ 121.2 billion of goods, posting a year-on-year increase of 11.2% of which the FDI sector contributed US$ 68.7 billion (up 10.7%) and the domestic sector US$ 52.5 billion, up 12%.

Biggest imports included machines, equipment, and spare parts with US$ 18.3 billion (up 20.4%); fabric US$ 7.7 billion (up 13.4%).

In the January-October period, Viet Nam mainly imports goods from China with US$ 35.6 billion (up 17.1%). The country ran an estimated trade deficit of US$ 23.1 billion (up 17.6%) with China; followed by US$ 19 billion with ASEAN(up 6.6%); US$ 17.1 billion (up 2.7%) with the RoK; US$ 10.3 billion with Japan (up 7.9%) and US$ 7.5 billion with the EU (down 3.3%)./.

By Kim Anh