Containers of goods for import and export at Hai Phong Port. (Photo: VNA)Hanoi (VNA) – Vietnam recorded a trade surplus ofabout 15.23 billion USD in the first seven months of this year, an increase of1.34% over the same period last year, according to data releasedby the General Statistics Office of Vietnam (GSO) on July 29.
In the period, the total import-export turnover of goodshit 374.23 billion USD, posting a year-over-year decrease of 13.9%. Specifically,export value fell by 10.6% and import value 17.1%.
In the period, there are 30 items withexport turnover of over 1 billion USD, accounting for 91.6% of the total exportturnover at 194.7 billion USD. Particularly, five items posted an export turnover of more than 10billion USD, accounting for 57.6%.
Meanwhile, import turnover wasestimated at 179.5 billion USD, decreasing by 17.1% over the same period lastyear including 64.1 billion USD from the domestic economic sector and the remaining 115.4 billion USD from the foreign-invested sector.
Regarding the structure of imported goods in the past sevenmonths, production materials accounted for 93.8% of total import value with 168.3 billion USD. Consumer goods accounted for only 6.2% (11.2 billion USD).
The US wasVietnam's largest export market with an estimated turnover of 52.4 billion USD, and China was Vietnam's largest import market with an estimated turnover of 58.6billion USD.
In the last seven months, Vietnam's trade surplus with theUS was estimated at 44.3 billion USD, down 24.1% over the same period last yearwhile its trade surplus with the EU was 16.4 billion USD, down11.9%. Vietnam posted a trade deficit of 0.9 billion USD with Japan.
According to a GSO representative, many key export productsof Vietnam are facing difficulties because of the sharp decrease in globalmarket demand. A large trade surplus that the economy continued to post hasraised concerns that industrial production and exports will continue to facedifficulties in the coming time. As Vietnam's economy dependsheavily on imported raw materials, the decrease in imports shows thatenterprises are still short of orders, so there is no need to import input materials.
In the coming time, to further improve import and exportefficiency, the Ministry of Industry and Trade willfocus on renewing and promoting trade promotion activitiestargeting new markets and potential ones such as India, Africa, the Middle East,Latin America and Eastern Europe as well as those less affected byinflation like ASEAN countries.
In addition, exporters also need to effectively take advantage of free trade agreements (FTAs), andfacilitate and enhance digital transformation in the granting of preferentialcertificates of origin.
Director of the Trade Remedies Department under theMinistry of Industry and Trade Trinh Anh Tuan said that in the context ofinternational economic integration, domestic manufacturing and exportingindustries must constantly improve their competitiveness, improve productionorganisation to be able to compete equally with imported goods in the domesticmarket.
The ministry has been coordinating with relevant associations andunits to closely monitor the production and import situation to promptly takeappropriate measures to protect domestic manufacturers' legitimate rights and interests, he said./.
