Vietnam posts $3.1-billion trade surplus in Jan-July
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Vietnam’s trade surplus in the first seven months was $3.1 billion as exports rose 15.3 percent year-on-year to $133.7 billion.
Domestic companies accounted for $39 billion of the exports, up 18.7 percent, while foreign firms registered $94.7 billion, up 14 percent, according to the General Statistics Office (GSO).
Cell phones and components topped the list of exports at $26.1 billion, followed by textile and garment at $16.5 billion and electronics and computers and components at $15.7 billion.
The U.S. was the biggest importer, with shipments rising by 8.9 percent to $25.5 billion.
The EU was second with $24.2 billion, up 12.9 percent, followed by China with $19.5 billion, up 24.7 percent.
Imports rose by 10.2 percent to $130.6 billion, with domestic companies accounting for $54.16 billion spent by firms, up 12.7 percent.
Imports by foreign companies were up 8.5 percent.
The GSO has however warned exporters and importers to be prepared for any eventuality given the ongoing trade war between the U.S. and China.
The U.S. imposed 25 percent tariffs on an initial $34 billion of imports from China on July 6, which then led China to respond with similar sized tariffs on U.S. products.
The Donald Trump administration claims the tariffs are necessary to protect national security and U.S. businesses’ intellectual property, and to reduce the country’s trade deficit with China.
The administration said Wednesday that Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion (152.33 billion pounds) worth of Chinese imports.
Questions & Answers
Q.Which specific product categories contributed most to Vietnam's export growth during the first seven months of the year?
Which specific product categories contributed most to Vietnam's export growth during the first seven months of the year?
Cell phones and components were the largest export category at $26.1 billion. Textile and garment exports followed with $16.5 billion, and electronics, computers, and components also significantly contributed at $15.7 billion.
Q.What was the breakdown of export contribution between domestic and foreign companies in Vietnam?
What was the breakdown of export contribution between domestic and foreign companies in Vietnam?
Domestic companies accounted for $39 billion of the total exports, showing an 18.7 percent increase. Foreign firms were responsible for a larger share, registering $94.7 billion in exports, which was a 14 percent rise.
Q.Which countries were the primary importers of Vietnamese goods and what was their respective growth?
Which countries were the primary importers of Vietnamese goods and what was their respective growth?
The U.S. Was the biggest importer, with shipments rising by 8.9 percent to $25.5 billion. The EU ranked second with $24.2 billion, up 12.9 percent, followed by China, which saw a 24.7 percent increase to $19.5 billion.
Q.What warning has the General Statistics Office issued regarding the trade outlook?
What warning has the General Statistics Office issued regarding the trade outlook?
The GSO has advised both exporters and importers to prepare for potential disruptions. This warning is due to the ongoing trade conflict between the U.S. And China, which has involved significant tariff impositions.
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