Vietnam reported a 1.8 billion USD trade surplus during the first seven months of 2019 with exports to CPTPP economies making up over half of the figure (Photo: cafef.vn)Hanoi (VNS/VNA) - Vietnam posted a positive trade surplus ofover 1 billion USD with ten countries in the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) seven months after the tradedeal came into effect, according to a report by the General Department ofVietnam Customs.
Thecountry’s export turnover with CPTPP countries amounted to 15.4 percent of Vietnam’stotal figure. CPTPP economies accounted for six of the 27 export markets withexport value exceeding 1 billion USD, a sizable contribution in comparison toother FTA deals the country has signed.
Whileappearing modest at 7.5 percent, Vietnam’s export turnover growth was accompaniedwith a trade surplus with CPTPP economies, in stark contrast to the largedeficit the country experienced when trade deals took effect with China in1991, Thailand in 1995 and the Republic of Korea in 2018.
Exports to markets such as Japan, Canada and Mexico reported significant gainscompared to the same period last year with Japan topping the chart at 1.01billion USD, Canada at 546 million USD and Mexico at 290 million USD. At thesame time, imports from Mexico decreased by 659 million USD, Singapore by 490million USD and Malaysia by 219 million USD. It has helped the country turn apositive trade balance even posting a trade surplus with Japan for the veryfirst time.
Thefigures indicated Vietnamese businesses were taking advantage of loweredtariffs and trade opportunities that come with the trade deal. Stronger demandfor Vietnamese agricultural products from CPTPP economies was expected to helpVietnamese exporters to offset some of the adverse effects caused by China’srecent policy to reduce imports in the future.
On theother hand, measures must be taken to further boost the country’s exports as Vietnamsaw a decline in exports to markets such as Australia and Malaysia and growingtrade deficits with Singapore, Brunei and New Zealand.
TheCPTPP, one of the largest trade deals the world has ever seen, covering acombined GDP of 13.5 trillion USD and free market of 500 million people, tookeffect in January with Australia, Brunei, Canada, Chile, Japan, Malaysia,Mexico, New Zealand, Peru, Singapore and Vietnam as signatories.-VNS/VNA
Thecountry’s export turnover with CPTPP countries amounted to 15.4 percent of Vietnam’stotal figure. CPTPP economies accounted for six of the 27 export markets withexport value exceeding 1 billion USD, a sizable contribution in comparison toother FTA deals the country has signed.
Whileappearing modest at 7.5 percent, Vietnam’s export turnover growth was accompaniedwith a trade surplus with CPTPP economies, in stark contrast to the largedeficit the country experienced when trade deals took effect with China in1991, Thailand in 1995 and the Republic of Korea in 2018.
Exports to markets such as Japan, Canada and Mexico reported significant gainscompared to the same period last year with Japan topping the chart at 1.01billion USD, Canada at 546 million USD and Mexico at 290 million USD. At thesame time, imports from Mexico decreased by 659 million USD, Singapore by 490million USD and Malaysia by 219 million USD. It has helped the country turn apositive trade balance even posting a trade surplus with Japan for the veryfirst time.
Thefigures indicated Vietnamese businesses were taking advantage of loweredtariffs and trade opportunities that come with the trade deal. Stronger demandfor Vietnamese agricultural products from CPTPP economies was expected to helpVietnamese exporters to offset some of the adverse effects caused by China’srecent policy to reduce imports in the future.
On theother hand, measures must be taken to further boost the country’s exports as Vietnamsaw a decline in exports to markets such as Australia and Malaysia and growingtrade deficits with Singapore, Brunei and New Zealand.
TheCPTPP, one of the largest trade deals the world has ever seen, covering acombined GDP of 13.5 trillion USD and free market of 500 million people, tookeffect in January with Australia, Brunei, Canada, Chile, Japan, Malaysia,Mexico, New Zealand, Peru, Singapore and Vietnam as signatories.-VNS/VNA
VNA
