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Export turnover may exceed target

Released at: 17:06, 30/10/2017

Export turnover may exceed target

Photo: Internet Archive

10M figure above target, setting the scene for annual figure to do likewise.

by Quynh Nguyen

Exports in the first ten months of the year reached an impressive $173.7 billion and exceeded the target, according to the latest report from the General Statistics Office (GSO), released on October 29. 

Export turnover in October reached $19.4 billion, up 0.3 per cent compared to September and 26.2 per cent year-on-year. The figure in the first ten months was $173.7 billion, up 20.7 per cent year-on-year, of which exports by the domestic sector were $48.2 billion, up 17.2 per cent, and by the foreign-invested sector (including crude oil) $125.5 billion, up 22.1 per cent.  

The US remained Vietnam’s leading export market, with $34.7 billion in the first ten months, up 10.1 per cent year-on-year. Exports to the EU were $31.8 billion, up 15.7 per cent, and China $25.6 billion, up 48 per cent.

Meanwhile, exports to ASEAN reached $18 billion in the first ten months, up 26.8 per cent year-on-year, to Japan $13.7 billion, up 14.7 per cent, and to South Korea $12.2 billion, up 28.6 per cent.  

Import turnover in October was $18.5 billion, up 1.4 per cent against September and 16.6 per cent year-on-year.  

In the first ten months, import turnover reached $172.5 billion, an increase of 22 per cent year-on-year. Imports by the domestic sector reached $64.6 billion, an increase of 11.6 per cent, while the foreign-invested sector imported $107.9 billion, up 29.2 per cent.

China remained the largest source of imports in the first ten months, with turnover reaching $47.1 billion, up 16.7 per cent year-on-year, followed by South Korea with $38.8 billion, up 48.4 per cent. ASEAN totaled $22.6 billion, up 17 per cent, Japan $13.3 billion, up 8 per cent, the EU $9.9 billion, up 9.7 per cent, and the US $7.6 billion, up 10.5 per cent. 

Exports this year have been positive. The Ministry of Industry and Trade predicts that if the export growth rate can be maintained, then total export turnover in 2017 could reach about $200 billion, up some 13 per cent year-on-year and higher than the targeted $188 billion.

This would be a record export figure, contributing to the GDP growth target of 6.7 per cent for 2017. Moreover, there is a great deal of potential for higher export turnover this year as Vietnamese goods are now available in nearly 200 countries and territories.

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