Export turnover goes up by 14.2 percent in ten months

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Export revenue of the domestic economic sector rose 16.8 percent, reaching 56.82 billion USD, while that of the foreign direct investment (FDI) sector expanded 13.2 percent to 143.45 billion USD, up 13.2 percent, accounting for 71.6 percent of total turnover. 

Illustrative image. (Photo: http://tapchitaichinh.vn)

Many key exports gained high growth, with mobile phones and spare parts reaching 40.7 billion USD, garments and textiles 25.2 billion USD and computer and electronic spare parts 24.3 billion USD, year-on-year rises of 10.6 percent, 17.1 percent and 15.2 percent, respectively. 

Growth was also seen in the earnings from farming products, including fruits and vegetables (up 14.4 percent to 3.3 billion USD), coffee (1.1 percent to 3 billion USD) and rice (up 16.1 percent to 2.6 billion USD).

However, crude oil exports in the period fell in both value and volume compared to the same period last year, reaching only 1.8 billion USD, down 24.8 percent in value and 45.4 percent in volume. 

The US remained the largest importer of Vietnamese good in the period. Vietnam’s exports to this market totaled 39 billion USD, a 12.8 percent year-on-year rise. 

It was followed by the EU, China, ASEAN, Japan and the Republic of Korea, with respective revenues of 34.9 billion USD, 32.1 billion USD, 20.6 billion USD, 15.3 billion USD and 15 billion USD. 

Meanwhile, the country’s import value rose 11.8 percent year-on-year to 193.84 billion USD. Of which, the domestic sector accounted for 77.5 billion USD, up 12 percent while the FDI sector spent 116.34 billion USD, up 11.7 percent.

Vietnam’s trade surplus in the first 10 months stood at 6.4 billion USD. 

The GSO warned that the trade war between the US and China could affect the country’s import and export activities, so measures are needed to minimise these impacts.

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