First quarter trade surplus at $1.36 billion, with foreign enterprises showing the way.
Vietnam’s trade surplus so far in 2016 stands at $1.36 billion, according to Vietnam Customs, or almost double the estimate of $776 million from the General Statistics Office (GSO).
In the first three months total trade turnover was $76.17 billion, a 1.1 per cent, or $817 million, increase year-on-year.
Total export turnover was $38.77 billion, up 6.6 per cent, or $2.4 billion, year-on-year. Import turnover, meanwhile, was $37.4 billion, a 4 per cent, or $1.58 billion, year-on-year decline.
Vietnam Customs’ figures show the major contributor to the trade surplus was foreign enterprises, with the domestic sector recording a trade deficit.
Total import and export turnover by foreign enterprises was $44.77 billion, a 3.3 per cent, or $1.59 billion, year-on-year increase. Total export turnover, was about $27.28 billion, a 10.8 per cent year-on-year increase and accounting for 70.4 per cent of total export turnover. The sector therefore recorded a trade surplus of $4.79 billion.
Domestic enterprises, meanwhile, racked up a trade deficit of $6.15 billion in the first three months of the year.
Vietnam also cut its trade deficit with China in the quarter; its second-largest export market and largest import market.