Latest News about trade surplus
After two years of hot development, Vietnam’s textile and garment industry could not fulfill the target of exporting $40 billion worth of products in 2019.
The foreign direct investment (FDI) sector remains the main driver for Vietnam’s achievement of the record high trade surplus in the first 10 months of this year.
Vietnam’s trade value this year was estimated to touch US$500 billion, two years after hitting the $400 billion threshold.
Vietnam enjoyed a trade surplus of close to US$11 billion during the first 11 months of the year, with roughly US$1.45 billion being recorded during November, according to the latest statistics released by the General Department of Vietnam Customs.
With a record trade surplus of 9.12 billion USD over the first 11 months and year-on-year export growth of 7.8 percent, experts believe that 2019 will be the fourth straight year Vietnam will post a trade surplus.
Vietnam’s textile and garment industry is estimated to grow about 7.55 percent this year, according to President of the Vietnam Textile and Apprarel Association (VITAS) Vu Duc Giang.
The $9 billion trade surplus helps improve the foreign currency supply and consolidate the current account, but the amount is not entirely praiseworthy in the context of trade war.
Vietnam’s economy remains positive despite the slowdown in global economic growth, especially in Asia, over the last 11 months, Prime Minister Nguyen Xuan Phuc said while chairing the Government’s regular meeting for November on December 2.
Vietnam expects to see spectacular export growth rate in 2019 despite influences from the US-China trade war, but the government has decided to maintain the same export target for 2020.
Vietnam earned a trade surplus of US$9.01 billion in the January-October period this year, the highest ever, up 23% year-on-year due to the strong export of phones, computers and textiles.
Vietnam recorded a trade surplus in the past four years, but the National Assembly (NA), wary of uncertainties over global trade conflicts, has set the target of containing the country’s trade deficit versus its total export value below 3% for 2020.
Vietnam’s export revenue was estimated at 217.05 billion USD in the first 10 months of this year, up 7.4 percent annually, according to the Ministry of Industry and Trade.
Exports by domestic businesses have increased at a faster pace than that by foreign invested ones between January and October, according to the General Statistics Office (GSO).
Vietnam recorded a trade surplus of over US$6.8 billion between the beginning of the year and October 15 with total import-export turnover reaching over US$403 billion, according to statistics released by the General Department of Vietnam Customs.
In the second half of September (from September 16 to September 30), Viet Nam’s export turnover hit US$ 24.07 billion, up 16.2% against the first half of September.
Vietnam gained a trade surplus of $1.59 billion in the first half of this year, according to the latest statistics from the General Department of Customs.