8M trade turnover at over $308 bn
  • | vneconomictimes | September 03, 2018 12:47 PM
Exports from FDI sector growing slower than domestic sector but still hold 71% of total turnover.
Total trade turnover reached more than $308 billion in the January - August period, a year-on-year increase of 13 per cent, the Vietnam News Agency quoted the General Department of Vietnam Customs as reporting.

Total export value stood at $155.4 billion, up 14.5 per cent year-on-year. The domestic economic sector recorded a year-on-year increase of 17.4 per cent to $45.11 billion while the FDI sector earned $110.3 billion, an increase of 13.4 per cent.

The FDI sector saw lower growth in export value against the domestic sector but still accounted for 71 per cent of total export value.

Many key exports recorded high annual growth, such as phones and parts, up 15.7 per cent to $30.9 billion, and electronic products, computers and components, up 14.2 per cent to $18.4 billion.

The export value of garments was estimated at $19.42 billion, an increase of 14.9 per cent compared to the same period last year.

Vietnam also saw strong annual growth in certain agriculture products, including fruit and vegetables (up 14.8 per cent to $2.7 billion) and rice (up 23.6 per cent to $2.2 billion).

The export value from some commodities, however, declined due to falling global prices. Coffee fell 3.1 per cent in value to $2.5 billion, though increasing 14.8 per cent in volume, while rubber fell 12.1 per cent in value to $1.2 billion, despite rising 7.9 per cent in volume. Pepper, though rising 4.7 per cent in volume, fell 35.7 per cent in value to $584 million.

Crude oil exports fell in both volume and value by 46.6 per cent and 24.6 per cent, respectively, compared with the same period last year.

Meanwhile, the country’s imports rose 11.6 per cent year-on-year to $152.6 billion. The domestic sector recorded $61.85 billion, up 11.8 per cent, while the FDI sector recorded $90.81 billion, up 11.4 per cent.

Imports mainly served production of exports in the FDI sector. The country imported $26.9 billion worth of electronic products, computers and components, up 13.7 per cent, $9.3 billion worth of phones and parts, up 4.3 per cent, and $8.5 billion worth of fabric, up 16.1 per cent.

Others used in domestic production saw high growth, including steel (up 10.2 per cent to $6.7 billion), plastics (up 17.1 per cent to $5.8 billion), petrol and oil (up 26.4 per cent to $5.7 billion), metal products (up 35.9 per cent to $5.3 billion), and chemical products (up 26.3 per cent to $3.3 billion).

Vietnam therefore recorded trade surplus of an estimated $2.75 billion in the first eight months.

Leave your comment on this story