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Seven-month exports to EU market hit US$22.5 billion
  • | VOV | August 04, 2021 12:00 PM
The opening seven months of the year saw Vietnamese exports to the EU market reach US$22.5 billion, an annual increase of 15.5%, according to data released by the Ministry of Industry and Trade.

The nation’s main export staples included telephones and accessories, computers, electronics, footwear, garment and textile products, seafood, along with handbags and wallets.

Furthermore, the country also imported US$9.7 billion worth of goods from the EU, a rise of 19.6% on-year, with the major imports being accessories, automobile spare parts, completely-built-up cars, and household appliances.

This growth in import-export activities comes following the EU-Vietnam Free Trade Agreement (EVFTA) coming into force one year ago on July 31, thereby benefiting Vietnamese exports to the highly-lucrative market.

Meanwhile, according to details provided by the GSO, seven-month imports rose by 35.3% annually to reach US$188.03 billion, US$66.31 billion of which was from the domestic sector, with the remaining sum coming from the foreign-invested sector.

Over US$1 billion was also spent on 31 goods each, equivalent to 87.5% of total imports.

China represented the country’s largest export market with a value of US$62.3 billion, up 48.5% annually. This is followed by the Republic of Korea with US$29.7 billion, up 19.9%, ASEAN at US$24.7 billion, up 48.2%, and Japan with US$12.6 billion, up 13.8%.

Vietnam ran a trade deficit of US$1.7 billion in July, thereby bringing the figure over the seven-month period to US$2.7 billion.

As a means of boosting production and exports, the Ministry of Industry and Trade has pledged to tap into the opportunities from free trade deals, ramp up export promotion activities moving into the post-pandemic period, as well as continuing to develop energy and mechanical engineering industries.

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