Trade surplus hits 1.7 billion USD

Thien Thanh Sanitaryware joint company



Trade surplus hits 1.7 billion USD

Vietnam has gained a trade surplus of 1.7 billion USD for the first eight months of 2014, figures released from the General Statistics Office (GSO).

The figures also showed that the nation incurred a trade deficit, worth 100 million USD, only in January, and began earning a surplus in February, at 244 million USD.

The surplus reached 1 billion USD in the first quarter, 683 million USD in the first four months, 1.6 billion USD in the first five months and 1.3 billion USD in the first half. After seven months, the surplus increased to 1.26 billion USD.

The nation's total exports reached 97 billion USD in the first eight months, which was 14.1 percent higher than that of the same period of last year. The nation's total imports reached 95.3 billion USD, which was 12 percent higher than that of the same period of last year. It mainly imported materials and sub-materials for production.

The United States was the country's largest export market in the first eight months, accounting for 18.5 billion USD in exports, or 22.5 percent more than that of the same period last year.

Other significant export markets include the European Union with 17.9 billion USD in exports, or a 13.3 percent rise from that of last year; ASEAN with12.4 billion, or a 0.5 percent rise; Japan with9.9 billion USD, or a 12.7 percent rise; and China with9.8 billion USD, or a 15.2 percent rise.

Foreign direct investment (FDI) enterprises exported products worth 65.2 billion USD, or 15.6 percent more than in the same period of last year, while domestic enterprises exported products worth 31.8 billion USD, or 11.1 percent more than in the same period last year.

A number of key exports achieved high growth in the first eight months of the year, including seafood with 5 billion USD, a 23.6 percent rise from that of last year; textiles and garments with 13.65 billion USD, a 19.7 percent rise; telephone and telephone components with 15.23 billion USD, a 13.7 percent rise; and crude oil with 5.59 billion USD, a 14.3 percent rise.

However, a number of agricultural exports suffered a decline, including rice with2.46 billion USD, a 3.7 percent fall from that of last year; rubber with 992 million USD, a 31.7 percent fall; and tea with140 millionUSD, a 0.6 percent fall.

The GSO also reported that the largest import market was China with 27.6 billion USD, a 17.3 percent rise from that of the same period last year. Vietnam achieved a 17.8-billion USD trade deficit with China in the first eight months, a year-on-year surge of 18.5 percent.

FDI enterprises imported 53.4 billion USD worth of equipment and products, or 12 percent more than in the same period last year, while domestic enterprises imported 41.9 billion USD worth of equipment and products, or 13.4 percent more than in the same period last year.

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