Vietnam's 10-month export value tops 267 billion USD

Vietnam’s exports increase again in October. (Photo: VNA)

Hanoi (VNA) - Vietnam’s export turnover is estimated at 27.3 billion USD in October, bringing the figure in the first ten months of 2021 to 267.9 billion USD, up 16.6 percent against the same period last year, Government data showed.

In the period, there are 31 commodities with export turnover of over 1 billion USD, accounting for 92.4 percent of the total export value. Six commodities joined the 10-billion USD export club, with their combined export value accounting for 63 percent of the total.

The export turnover of the manufacturing and processing sector, fuel and minerals, and agricultural and forestry products are estimated at 238.8 billion USD, 3.03 billion USD, and 19.2 billion USD, up 17.3 percent, 16.6 percent and 15.1 percent year-on-year, respectively. Meanwhile, a slight decrease of 0.8 percent is seen in the export turnover of aquatic products, which raked in 6.89 billion USD.

Particularly, shipments of agro-forestry-fishery products inched up 9.2 percent in October to 22.33 billion USD despite formidable challenges brought by the COVID-19 pandemic.

Cassava exports surged 63.2 percent in value and 46.3 percent in value as compared to the same time last year. Meanwhile, export revenue of rubber and pepper hiked 46.5 percent and 44.2 percent, respectively.

However, the processing industry was the key driver of export growth, bringing home 230.69 billion USD, up 18.1 percent year-on-year.

Several products with high export value include steel products (9.65 billion USD, up 132 percent); machines, equipment and spare parts (29.57 billion USD, up 39.7 percent), and garment and textiles (25.86 billion USD, up 4.5 percent).

During January-October, the US was Vietnam's largest export market with a turnover of 76 billion USD, up 21.9 percent over the same period last year. It was followed by China with 44.2 billion USD (up 16.8 percent), the EU with 31.7 billion USD (up 8.9 percent) and the ASEAN market with 23 billion USD (up 21.3 percent).

The General Statistics Office reported that Vietnam spent 26.2 billion USD on imports in October, down 1.7 percent month-on-month and up 8.1 percent year-on-year.

The figure brought the country's total import value in the first ten months of 2021 to 269.38 billion USD, up 28.2 percent year-on-year.

China was Vietnam’s biggest import market, with 89.4 billion USD, up 36.4 percent year-on-year. It was followed by the Republic of Korea with 45.5 billion USD (up 21.4 percent), the ASEAN market with 33 billion USD (up 34.8 percent), and Japan with 18 billion USD (up 9 percent).

In October, Vietnam enjoyed a trade surplus of 1.1 billion USD. However, in the first ten months of 2021, the country posted a trade deficit of 1.45 billion USD, concretely, the domestic economic sector recorded a trade deficit of 22.73 billion USD, while foreign-invested sector enjoyed a trade surplus of 21.28 billion USD.

The Ministry of Industry and Trade attributed the trade deficit to the increase in material imports for production in the context of global economic recovery.

In a bid to promote exports in the remainders of the year, the ministry will sharpen focus on measures to expand markets, capitalise on the Free Trade Agreements which have already come into force, and guide local businesses to channel attention to small and niche markets.

According to Vu Ba Phu, deputy head of the Ministry of Industry and Trade’s Trade Promotion Agency, the agency organised a wide range of business-matching programmes on digital platforms to connect 5,200 cooperatives and local firms with importers in 2021. 

Phu said his agency will organise more programmes like this since the COVID-19 pandemic still develops in a complicated manner.

Meanwhile, Deputy Minister of Industry and Trade Dang Hoang An said the EU-Vietnam Free Trade Agreement (EVFTA) has created a lot of opportunities for Vietnamese firms.

“With EVFTA, Vietnamese goods’ competitiveness and market share have been improved in the EU market”, he said./.