September 21, 2019 22:35

Advertisement Contact us RSS Vietnamese

What is structure of the import and export turnover of US$290 billion?

11:29 | 18/08/2019

VCN - By the end of July, the scale of export and import turnover of the whole country reached nearly US$290 billion. The reporters from the General Department of Customs analyzed the remarkable information.

tin nhap 20190816145705 Ho Chi Minh City Customs’ revenues increase by over VND 10,000 billion from imported cars and motorcycles
tin nhap 20190816145705 Target of 500 billion USD in import-export turnover obtainable
tin nhap 20190816145705 Import – export increased by over US$18 billion over 2018
tin nhap 20190816145705
The value and growth rate of import/export of Vietnam in the first 7 months of the year in the period 2011-2019. Chart: T.Binh.

Export of domestic enterprises prospered

By the end of July, the total value of import and export in the first 7 months of 2019 reached US$289.26 billion, increasing by 8.2% compared to the same period last year.

Although the growth rate of import and export in the last 7 months is much lower compared to the same period of 2017 (22%) and of 2018 (14%), the value of turnover of nearly US$290 billion is the highest level recorded.

In the first months of the year, the balance of trade changed continuously, in general, in July, Vietnam saw a surplus of over US$1.7 billion, reducing by US$909 million compared to the same period last year.

Among trading partners, Vietnam has the largest surplus with the US market, reaching US$24.83 billion, increasing by 36% compared to the same period in 2018.

Meanwhile, the trade deficit with China is also at the highest level, reaching US$22.61 billion, increasing by 42.6%.

Notably, the import and export turnover of FDI enterprises shows signs of slowing down, while domestic enterprises prospered.

By the end of July, the total value of import and export of FDI enterprises reached US$182.19 billion, increasing by 5.4% compared to the same period last year. Of which, the exports were US$99.55 billion, increasing by 5.4%; the imports were  US$82.65 billion, increasing by 5.5%.

For domestic enterprises, the import and export value reached US$107.07 billion, increasing by 13.3% compared to the same period last year. Of which, the exports were US$45.94 billion, increasing by 13.4% and imports were US$61.13 billion, increasing by 13.2%.

In the first 7 months of 2019, there are 4 export markets and 3 import markets in US$10 billion market.

Three import markets are China, South Korea and Japan; of which, imports of Chinese origin goods increased strongly, South Korea decreased slightly and Japan increased slightly.

 

Speed of increase/decrease of import and export value of FDI enterprises and domestic enterprises in the first 7 months of the year in the period 2011-2019. Chart: T.Binh.

Many commodity groups with growth rate of "billion USD"

In the first 7 months of 2019, the national export reached US$145.48 billion, increasing by 7.8%, equivalent to US$10.48 billion compared to the same period last year.

Of which, four commodity groups have turnover increasing by billion USD compared to the same period of 2018.

At the top are computers, products and components. It isn’t the largest group of exports, however, with a scale of US$18.56 billion, the turnover of this group increased by US$2.36 billion.

Following is textile and garments with an increase of US$1.8 billion (reaching US$18.4 billion); footwear of all kinds increased by US$1.18 billion (reaching US$10.36 billion).

Meanwhile, the group with the largest export turnover is mobile phones and accessories, which only increased by over US$1 billion (reaching US$27.49 billion).

In addition, a number of key commodity groups have witnessed a remarkable increase in turnover such as: wood and wood products increased by US$816 million; precious stones, metals or products increased by US$715 million; automotive parts and accessories increased by US$318 million.

In terms of imports, in the past 7 months, the turnover reached US$143.78 billion, increasing by 8.6%, equivalent to US$11.39 billion compared to the same period last year.

Of which, there are four commodity groups with turnover increasing by "billion USD".

At the top are computers, electronic products and components increased by US$4.91 billion. This is also the group of goods with the largest import turnover, reaching US$28.62 billion.

tin nhap 20190816145705 Import and export turnover of commodities declined in June

VCN- Total State revenue of the Customs sector from import and export activities in the first half ...

Following is machinery and equipment and spare parts with an increase of US$2.32 billion (reaching US$20.82 billion); automobiles of all types increased by US$1.47 billion (reaching US$1.93 billion); crude oil rose by US$1.41 billion USD (reaching US$2.3 billion).

In addition, coal import turnover also increased to US$958 million, reaching US$2.34 billion.

 

 

By Thai Binh/Kieu Oanh