Export turnover exceeds 250 billion USD in eight months

Vietnamese firms capitalise on market opportunities to bolster exports. (Photo: VNA)

Hanoi (VNA) - Exports continued to record positive results in the first eight months of 2022, as Vietnam enjoyed a trade surplus of about 3.96 billion USD in the period, a representative of the Ministry of Industry and Trade said. 

Export turnover saw a strong recovery, helping the country earn a trade surplus in the first eight months of the year. In particular, exports to major markets including the US, Europe and Japan all achieved double-digit growth, affirming the position and responsiveness of Vietnamese goods in the value chain.

Maintaining growth in key export markets 

A report of the MoIT showed that although exports reported a downward trend in July, the figure hit 33.38 billion USD in August to post a month-on-month increase of 9.1 percent.

The expansion brought the eight-month figure to 250.8 billion USD, up 17.3 percent against the same period last year.

Statistics showed that the export turnover of processing industrial goods in August rose by 9.5 percent compared to the previous month, thanks to the contribution of many key commodities such as computers, electronic products and components by 11.6 percent; phones and components 30.6 percent; cameras, recorders and accessories 49.3 percent; and footwear 5.6 percent.

A representative of the Vietnam Textile and Apparel Association (VITAS) stated that the garment-textile sector earned 30.1 billion USD from exports in the first eight months of this year, while imported worth 17.5 billion USD of products. 

VITAS Vice Chairman and General Secretary Truong Van Cam said the sector is projected to record a trade surplus of around 12.6 billion USD and earn 43.5 billion USD from export this year, despite difficulties in the remaining months of 2022. 

Meanwhile, Vice Chairwoman and General Secretary of the Vietnam Leather, Footwear and Handbag Association (Lefaso) Phan Thi Thanh Xuan said that the footwear sector has taken advantage of chances presented by free trade agreements (FTAs) which act as a driving force for the sector to surmount difficulties brought by the adverse impacts of COVID-19 in the recent time.

Also in the past 8 months, agro-forestry-fishery exports regained an impressive growth with an estimated turnover of 20.66 billion USD, up 15.4 percent against the same period last year and accounting for 8.2 percent of total exports.

Export turnover to the US is estimated to surpass 77 billion USD, posting a year-on-year surge of 25.6 percent and making up 31 percent of total exports. 

The figure to the European market might value at 32 billion USD, up 24 percent, to ASEAN nations 23.5 billion USD and to the Republic of Korea 16.5 billion USD. 

Trade surplus remains high 

On the other hand, import turnover was valued at 30.96 billion USD in August, seeing a month-on-month rise of 1.4 percent and year-on-year growth of 12.4 percent.

The eight-month figure stood at 246.84 billion USD, up 13.6 percent and 34.4 percent against the previous month and year, respectively.

Imports primarily served domestic manufacturing demand as purchase of materials accounted for 94 percent, inching up 0.1 percentage point compared to the same period last year.

With this momentum, Vietnam is estimated to record a trade surplus of 2.42 billion USD in August and 3.96 billion USD in the first eight months of 2022.

To realise targets for the year as a whole and improve export-import efficiency, the MoIT will create favourable conditions for firms in administrative, tax return and custom procedures and issuance of certificates of origin, among others.

It will assist companies with seeking alternative material supplies with reasonable prices so as to ensure sufficient material for production and consumption at year’s end, as well as support firms to capitalise on opportunities brought by the FTAs.

Agencies under the ministry will join hands with associations to keep watch and timely address bottlenecks and foster market development and product improvement.

Especially, the ministry will bolster communications on markets and measures to make full use of FTAs of which Vietnam is a signatory./.