Vietnam posts US$100 million trade surplus

Update: 09:06 | 05/03/2020
Vietnam reported an estimated trade surplus of US$100 million in February, the General Statistics Office has announced.
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Vietnam reported an estimated trade surplus of US$100 million in February. (Photo: thoibaotaichinhvietnam.vn)

Despite the negative impacts of the COVID-19 epidemic on trading activities, Samsung’s increasing exports of its new smartphone products helped Vietnam maintain positive growth in trade turnover in the first two months, the GSO assessed.

In February, the country exported goods worth an estimated US$18.6 billion, up 1.5% inter-monthly, while imports are estimated to have inched down 0.5% to US$18.5 billion.

Meanwhile, import revenue in February was posted at US$18.5 billion, down 0.5% over the previous month but up 26% over the same period last year.

During the first two months of this year, the country is estimated to have reached export revenue of US$36.92 billion, up 2.4% over the same period in 2019, and import revenue of US$37.1 billion, up 2.4% over the same period in 2019.

Thus, the country has posted a trade deficit of approximately US$176 million during the two-month period.

According to the report, Vietnam's export staples during the January - February period are electronic products, computers and components with estimated US$5.4 billion, up 26.7% year-on-year; garment with US$4.5 billion, down 1.7%; equipment and parts with US$3 billion, up 19.6%; footwear with US$2.7 billion, up 3%; wood and wooden products with US$1.5 billion, up 7.1%; transportation vehicles with US$1.4 billion, up 4%.

Phones and parts are predicted to earn the largest export turnover of US$6.9 billion, up 2.3% year-on-year.

The U.S. was the largest export market of Vietnam in the first two months of 2020 with export revenue of US$9.8 billion, up 19.6% compared to the corresponding period in 2019. It was followed by China, the EU, ASEAN and Japan.

South Korea could claim the second place by exporting US$8 billion worth of goods to Vietnam, up 9% year-on-year, followed by ASEAN with US$4.5 billion, down 9.6%.

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(Source: VGP)