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Impressive export growth continues

Released at: 12:34, 30/11/2017

Impressive export growth continues

Photo: tapchitaichinh.vn

Eleven-month figure reaches $193.8 billion, up 21.1 per cent year-on-year.

by Ngoc Lan

Exports continue to show impressive growth, with the figure for the first eleven months of the year reaching $193.8 billion, surpassing the $175.9 billion recorded in the same period last year, according to the latest report from the General Statistics Office (GSO), released on November 29.

The $193.8 billion recorded in the first eleven months was an increase of 21.1 per cent year-on-year, of which exports by the domestic sector were $53.1 billion, up 16.8 per cent, and $140.7 billion by the foreign-invested sector (including crude oil), up 22.8 per cent. Export turnover in November was $19.2 billion, down 5.4 per cent against October but up 19.2 per cent year-on-year.

Key export items increased year-on-year, such as telephones and components, reaching $41.3 billion, up 30.6 per cent, electronics, computers and components $23.6 billion, up 38.1 per cent, textiles and garments $23.6 billion, up 9.5 per cent, machinery, equipment, and accessories $11.5 billion, up 27 per cent, marine products $7.6 billion, up 18.7 per cent, cashew nuts $3.2 billion, up 23.3 per cent, and fruit and vegetables $3.2 billion, up 43.1 per cent.

The US remained Vietnam’s leading export market in the first eleven months, with revenue of $38.1 billion, up 9.5 per cent year-on-year. Exports to the EU totaled $35 billion, up 13.9 per cent, and to China $30.3 billion, up 54.2 per cent.

Exports to ASEAN were $19.8 billion, up 25.8 per cent year-on-year, to Japan $15.2 billion, up 14.9 per cent, and to South Korea $13.6 billion, up 30.4 per cent.

Import turnover in November was $19 billion, up 4.9 per cent against October and up 15.8 per cent year-on-year. 

In the first eleven months, import turnover reached $191 billion, an increase of 21 per cent year-on-year. Imports by the domestic sector reached $76.5 billion, an increase of 17.9 per cent, while the foreign-invested sector imported $114.5 billion, up 23.2 per cent.

Key import items increased year-on-year, such as electronics, computers, and components with $34 billion, up 34 per cent, machinery, equipment, and accessories $30.7 billion, up 20.7 per cent, and telephones and components $14.4 billion, up 50.2 per cent.

China remained the largest source of imports in the first eleven months, with turnover reaching $52.1 billion, up 15.5 per cent year-on-year, followed by South Korea with $42.4 billion, up 46 per cent, ASEAN $25.4 billion, up 17.5 per cent, Japan $14.7 billion, up 7.5 per cent, the EU $11 billion, up 10.5 per cent, and the US $8.4 billion, up 7 per cent.

The Ministry of Industry and Trade predicts that if the current level of export growth can be maintained, then total export turnover in 2017 will reach about $200 billion, up some 13 per cent year-on-year and higher than the targeted $188 billion.

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