Increased exports of key commodities drives trade surplus hinh anh 1Exports of goods at Hai Phong port (Photo: VNA)

Hanoi (VNA) - With the export growth momentum of key commodity groups, Vietnam is expected to post a trade surplus of 9.4 billion USD in the first ten months of 2022. This compares to 630 million USD in the same period last year, according the General Statistics Office (GSO).

Major markets, including the US, EU, Japan all maintained high growth rates, creating strong motivation for Vietnam's exports in ten months.

In the US market, Do Ngoc Hung, Commercial Counselor of Vietnam in the US, said that despite the world economy facing many difficulties from the impacts of the COVID-19 pandemic and the disruption of the supply chain, bilateral trade saw positive growth between Vietnam and the US.

Between January and October, the US was the largest importer, purchasing some 93.4 billion USD worth of Vietnamese goods. China ranked first among exporters when shipping 100.7 billion USD worth of goods to Vietnam.

The US has bought more than 11.4 billion USD worth of agro-forestry-aquatic products from Vietnam, accounting for 25.4 percent of total exports and remaining the latter’s biggest export market in the sector. It was followed by China (8.3 billion USD, 18.5 percent) and Japan (3.5 billion USD, 7.8 percent).

In October, the country's total export and import value was estimated at 58.27 billion USD, up 0.1 percent month on month and 5.7 percent year on year, the GSO said on October 29.

The ten-month foreign trade stood at about 616.24 billion USD, up 14.1 percent from the same period last year.

That included 312.82 billion USD in exports, rising 15.9 percent, with 80.36 billion USD coming from the domestic sector (up 13.4 percent) and 232.46 billion USD from the foreign-invested sector (up 16.8 percent).

Thirty-two commodities recorded export revenue of over 1 billion USD each during the period, accounting for 92.8 percent of total overseas shipments. Among them, six brought home over 10 billion USD each, making up 64.1 percent.

Meanwhile, Vietnam imported about 303.42 billion USD worth of goods, increasing 12.2 percent year on year, with the domestic sector accounting for 105.28 billion USD (up 12.5 percent) and the foreign invested sector, 198.14 billion USD (up 12 percent).

Forty-four commodities posted import value of over 1 billion USD each, accounting for 93 percent of the total imports. Four of them saw this figure at over 10 billion USD each, accounting for 52.7 percent, statistics showed.

Meanwhile, agro-forestry-aquatic product exports and imports totaled 82.1 billion USD in the 10 months, rising 10.2 percent from the same period last year, said the Ministry of Agriculture and Rural Development.

That consisted of more than 44.9 billion USD in exports (up 14.1 percent) and 37.2 billion USD in imports (up 5.8 percent), resulting in a trade surplus of 7.7 billion USD (up 83.7 percent).

Since the year’s beginning, eight products/groups of products have generated over 2 billion USD in export revenue each. These include coffee, rubber, rice, fruits and vegetables, cashew nuts, shrimp, tra fish, and wood products.

Some key industrial products in the 10 months of 2022 highly increase compared to the same period last year including beer (34.7%); processed fishery products (19.1%); phone accessories (16.5%); automobiles (16.4%); steel bars and corners (15.2%); chemical paint (11.1%); clothes (10.7%). 

The Ministry of Industry and Trade have implemented many solutions to continue to achieve high export targets in the following months. This is in addition to market solutions and supporting businesses in import and export to the same end.

Regarding the market sector, Vu Ba Phu, Director of the Trade Promotion Department suggested that trade counselors need to proactively take measures to respond to market fluctuations.

In the coming time, in order to maintain economic growth, especially import and export, and to overcome fluctuations in the world market, trade promotion activities need to be strengthened, especially with new markets, emphasized Phu./.


VNA