10-month trade surplus in Vietnam worth $24.6 bn; 5-year record high

05 Nov '23

2 min read

Pic: Adobe Stock

Insights

Vietnam's total trade surplus during the first ten months this year rose to more than $24.6 billion—the highest in five years—resulting in a positive trade balance of $3 billion in October.
The 10-month trade surplus rose by over 2.5 times year on year (YoY).
Ten-month imports and exports fell by 12 per cent and 7.1 per cent YoY respectively.

Vietnam’s total trade surplus during January-October this year rose to more than $24.6 billion—the highest in five years—resulting in a positive trade balance of $3 billion in October.

The 10-month trade surplus rose by over 2.5 times compared to the same period last year, according to the ministry of industry and trade (MoIT).

The trade surplus was the result of sound performance of foreign-invested enterprises that struck $42.6 billion in export surplus, including revenue from the export of crude oil, in the ten months. However, the domestic economic sector slipped into a trade deficit of nearly $18 billion in the period.

Vietnam recorded a positive trade balance this year due to a sharp fall in imports compared with exports, unlike previous years.

Imports rose by 2.9 per cent month on month (MoM) to $29.3 billion in October, but 10-month imports declined by 12 per cent year on year (YoY) to $267 billion, MoIT statistics show. Meanwhile, 10-month exports fell by just 7.1 per cent YoY to $291.28 billion, a Vietnamese media outlet reported.

MoIT feels the remaining two months of the year will still be difficult due to strategic competition between major powers, increased uncertainty, slow global economic recovery and prolonged conflicts between Russia and Ukraine, and between Israel and Hamas.

Fibre2Fashion News Desk (DS)

More Textiles News - Vietnam...