Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnamran a trade surplus of 2.8 billion USD in the first quarter of this year, higherthan 1.5 billion USD recorded in the same period last year, despite the growingCOVID-19 pandemic in the country’s major export markets, reported the GeneralStatistics Office (GSO).
The domestic sector posted a tradedeficit of 4.4 billion USD while the foreign direct investment sector,including crude oil, recorded a trade surplus of 7.2 billion USD.
Accordingly, the export revenueof goods in the first quarter was estimated at 59.08 billion USD, up 0.5percent year-on-year. Eight groups of commodities saw export turnoversurpassing the 1 billion USD benchmark, accounting for 70.6 percent of thetotal.
The US remained Vietnam’s largestimporter with a total value of 15.5 billion USD, up 16.2 percent annually. Itwas followed by China with 8.4 billion USD, up 11.5 percent; the European Union7.5 billion USD, down 14.9 percent; ASEAN 6 billion USD, down 5.2 percent;Japan 4.8 billion USD, up 3.5 percent; and the Republic of Korea (RoK) 4.5billion USD, down 2.7 percent.
Meanwhile, the country’s goods importsdecreased by 1.9 percent to 56.26 billion USD. Up to 14 kinds of goods spentmore than 1 billion USD each, or 72.9 percent of the total.
Production materials were boughtfor an estimated 52.6 billion USD, down 1.2 percent annually and equivalent to93.5 percent of the combined. Expenditure on consumer goods stood at 3.66 billionUSD, down 10.6 percent, accounting for 6.5 percent of the total.
China remained the largestexporter of commodities to Vietnam with a turnover of 13.3 billion USD, down 18percent year-on-year. It was followed by the RoK with 11.7 billion USD, up 2.4percent; ASEAN 7.2 billion USD, down 8.3 percent; Japan 4.9 billion USD, up15.8 percent; the EU 3.4 billion USD, up 5.2 percent and the US 3.4 billionUSD, up 13 percent.
The GSO predicted that once theEU – Vietnam Free Trade Agreement (EVFTA) takes effect, Vietnam’s exports tothe EU will soar by over 20 percent this year and the growth will be on therise in the following years. Aquatic products are expected to benefit most fromthe deal.
The EU is now the second largestimporter of Vietnamese aquatic products, behind the US.
Vietnam’s shipment of farmproduce to the EU is also forecast to hike by around 10 percent this year./.
The domestic sector posted a tradedeficit of 4.4 billion USD while the foreign direct investment sector,including crude oil, recorded a trade surplus of 7.2 billion USD.
Accordingly, the export revenueof goods in the first quarter was estimated at 59.08 billion USD, up 0.5percent year-on-year. Eight groups of commodities saw export turnoversurpassing the 1 billion USD benchmark, accounting for 70.6 percent of thetotal.
The US remained Vietnam’s largestimporter with a total value of 15.5 billion USD, up 16.2 percent annually. Itwas followed by China with 8.4 billion USD, up 11.5 percent; the European Union7.5 billion USD, down 14.9 percent; ASEAN 6 billion USD, down 5.2 percent;Japan 4.8 billion USD, up 3.5 percent; and the Republic of Korea (RoK) 4.5billion USD, down 2.7 percent.
Meanwhile, the country’s goods importsdecreased by 1.9 percent to 56.26 billion USD. Up to 14 kinds of goods spentmore than 1 billion USD each, or 72.9 percent of the total.
Production materials were boughtfor an estimated 52.6 billion USD, down 1.2 percent annually and equivalent to93.5 percent of the combined. Expenditure on consumer goods stood at 3.66 billionUSD, down 10.6 percent, accounting for 6.5 percent of the total.
China remained the largestexporter of commodities to Vietnam with a turnover of 13.3 billion USD, down 18percent year-on-year. It was followed by the RoK with 11.7 billion USD, up 2.4percent; ASEAN 7.2 billion USD, down 8.3 percent; Japan 4.9 billion USD, up15.8 percent; the EU 3.4 billion USD, up 5.2 percent and the US 3.4 billionUSD, up 13 percent.
The GSO predicted that once theEU – Vietnam Free Trade Agreement (EVFTA) takes effect, Vietnam’s exports tothe EU will soar by over 20 percent this year and the growth will be on therise in the following years. Aquatic products are expected to benefit most fromthe deal.
The EU is now the second largestimporter of Vietnamese aquatic products, behind the US.
Vietnam’s shipment of farmproduce to the EU is also forecast to hike by around 10 percent this year./.
VNA
