Vietnam achieves a trade surplus of 1.3 billion USD in January. (Photo: VietnamPlus)
Hanoi (VNA) – Vietnam racked up 27.7 billion USD from exports in January, up 0.2 percent from the previous month and 50.5 percent from the same period last year, according to the Ministry of Industry and Trade (MoIT).
Despite the COVID-19 pandemic wreaking havoc on the global trade, Vietnam’s exports kept its growth, resulting in a trade surplus of 1.3 billion USD.
The ministry said the main contributor to the sharp year-on-year export increase was the processing industry, which gained 23.96 billion USD from shipments, up 54.4 percent from the same time last year.
Several commodities enjoying strong export growth include wood and wooden products (48.4 percent), paper and paper products (32.5 percent), garment and textile (3.3 percent), fiber (64.6 percent) and footwear (26.4 percent).
In January, six items enjoyed export revenues exceeding the 1 billion USD benchmark, accounting for 67.3 percent of the total exports.
Best performers included the heavy industry and mining sector which earned 15.6 billion USD in export revenue, up 71.6 percent year-on-year; and the light industry and handicrafts earning 9.7 billion USD from export, up 32.3 percent.
Agriculture and forestry exported 1.8 billion USD worth of products this month, up 21.4 percent year-on-year; while fisheries earned 600 million USD, up 19.6 percent.
Minister of Industry and Trade Tran Tuan Anh said the proportion of medium – high technology products in Vietnam’s product structure has increased significantly in recent years, creating foundation for the establishment of several large-scale private industrial corporations who have good competitive edge in the international market.
Notably, Vietnam has formed developed large groups who operate in the fields of basic industry, materials, engineering and manufacturing such as Viettel, Vingroup, Truong Hai, Thanh Cong and Hoa Phat, he said, adding they help the country integrate deeper into the global production and value chain.
In the meantime, shipments of agro-forestry-fishery products fell 16.2 percent from December to only 2.03 billion USD as they were battered by COVID-19.
Additionally, exports of fuels and mineral were estimated at 193 million USD, declining 13.9 percent from the previous month and 50.4 percent year-on-year.
The US remained the largest importer of Vietnamese products in January, with a total of 7.5 billion USD worth of shipments, up 57.4 percent from a year earlier.
It was followed by China (5.8 billion USD, up 111.6 percent), the EU (2.8 billion USD, 14.8 percent), ASEAN (2.3 billion USD, 31.9 percent), and Japan (1.9 billion USD, 22,7 percent).
Vietnam’s imports, meanwhile, stood at 26.4 billion USD in January, representing a fall of 5.4 percent compared to December but a growth of 41 percent from the same period last year. Four items reported import turnover of more than 1 billion USD, making up 50.6 percent of the total imports.
China remained Vietnam’s biggest supplier of products, with turnover of 9.6 billion USD, 72.7 percent higher than the figure a year earlier. The Republic of Korea came second with 5.1 billion USD, up 29.3 percent, followed by ASEAN (3.4 billion USD, 63.3 percent), Japan (2 billion USD, 52.9 percent), and the EU (1.3 billion USD, 23.3 percent).
Vietnam enjoyed a trade surplus of 1.3 billion USD this month, with the domestic economic sector recording a trade deficit of 1.8 billion USD while the FDI sector (including crude oil) boasting a trade surplus of 3.1 billion USD.
Despite robust trade result right from the outset of the year, the ministry has carried out a myriad of measures to optimize its set targets.
Along with taping the signed free trade agreements to the fullest extent to develop markets, the ministry has asked competent parties to keep close watch on the COVID-19 pandemic development so as to have timely response.
The ministry gives top priority to diversify export import and export market, particularly niche markets.
According to General Director of the ministry’s Trade Promotion Agency Vu Ba Phu, special trade promotion activities will be built for different groups of goods, markets, and stages./.
