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Vietnam Today

August trade surplus cuts into deficit

Released at: 08:02, 17/09/2015

August trade surplus cuts into deficit

Exports outpace imports during month for a surprising trade surplus.

by Tue Lam

The General Department of Vietnam Customs has released export and import figures for August and the first eight months of the year.

Total trade during August reached $28.6 billion. Export turnover stood at $14.48 billion, a slight increase of 1.2 per cent against July. In the first eight months exports totaled $106.5 billion, up 9.2 per cent compared with the same period of 2014. Exports by the FDI sector reached $72.35 billion, an impressive increase of 21.2 per cent year-on-year.

Telephones and telephone components remained Vietnam’s key export items in the first eight months, with export value of $20.18 billion. Following was textiles and garments, with $14.88 billion, computers and electronic products $9.9 billion, footwear $7.95 billion, and machinery and components $5.17 billion.

Total imports in August, meanwhile, stood at $14.13 billion, down 4.3 per cent against July. Import turnover in the first eight months reached $110.26 billion, up 16.8 per cent year-on-year, with imports by the FDI sector totaling $64.89 billion, for an increase of 22.6 per cent.

Imports in the first eight months were led by machinery, with turnover of $18.54 billion, followed by computers and components with $15.19 billion, telephones and components $7.18 billion, fabric $6.66 billion, and steel $5.14 billion.

Vietnam therefore recorded a somewhat unexpected surplus in August of some $350 million, putting the trade deficit for this year at $3.7 billion as at the end of August.

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