Trade surplus increases, agriculture shines
12/24/2022 14:39
The Ministry of Industry and Trade previously forecast that the balance of trade in 2022 would present a surplus for the seventh consecutive year, with about 1 billion USD. But in fact, the figure jumped to 10.6 billion USD after 11 months, 10 billion USD higher than the same period last year. Export continues to be a bright spot in Vietnam’s economic picture in the period.
According to the General Statistics Office, the import-export turnover in January-November hit nearly 674 billion USD, of which 342.2 billion USD came from exports, up 13.4% year-on-year, and the remaining from imports, up 10.1%.
However, the trade balances of the domestic and the FDI sectors are adverse. If the domestic sector had a trade deficit of 27.97 billion USD after 11 months, the FDI sector (including crude oil) recorded a trade surplus of 38.57 billion USD. The FDI sector also contributed 74.4% of the total export turnover.
In the period under review, agro-forestry-fishery exports stood at about 49.04 billion USD, higher than last year’s record of 48.6 billion USD.
The 11-month export rose 11.8% year on year while imports increased 6.9% to some 41.22 billion USD, resulting in a surplus of 7.82 billion USD – up 47.8%.
That made up a total trade of 90.26 billion USD, rising 9.5% year on year, statistics show.
Although orders tend to decrease due to high inflation in many major markets in the year-end, the sector’s export turnover this year is expected to reach 52.5-53 billion USD, nearly 3 billion USD higher than the set target./.