Việt Nam recorded a trade surplus of about US$15.23 billion in the first seven months of this year, an increase of 1.34 per cent over the same period last year, according to data released by the General Statistics Office of Vietnam (GSO) last week.

 

In the period, the total import-export turnover of goods hit $374.23 billion, posting a year-over-year decrease of 13.9 per cent. Specifically, export value fell by 10.6 per cent and import value by 17.1 per cent.

 

In the period, there are 30 items with an export turnover of over $1 billion, accounting for 91.6 per cent of the total export turnover of $194.7 billion. Particularly, five items posted an export turnover of more than $10 billion, accounting for 57.6 per cent.

 

Meanwhile, import turnover was estimated at $179.5 billion, decreasing by 17.1 per cent over the same period last year including $64.1 billion from the domestic economic sector and the remaining $115.4 billion from the foreign-invested sector.

 

Regarding the structure of imported goods in the past seven months, production materials accounted for 93.8 per cent of the total import value of $168.3 billion. Consumer goods accounted for only 6.2 per cent ($11.2 billion).

 

The US was Việt Nam's largest export market with an estimated turnover of $52.4 billion, and China was Việt Nam's largest import market with an estimated turnover of $58.6 billion.

 

In the last seven months, Việt Nam's trade surplus with the US was estimated at $44.3 billion, down 24.1 per cent over the same period last year while its trade surplus with the EU was $16.4 billion, down 11.9 per cent. Việt Nam posted a trade deficit of $0.9 billion with Japan.

 

According to a GSO representative, many key export products of Việt Nam are facing difficulties because of the sharp decrease in global market demand. A large trade surplus that the economy continued to post has raised concerns that industrial production and exports will continue to face difficulties in the coming time. As Vietnam's economy depends heavily on imported raw materials, the decrease in imports shows that enterprises are still short of orders, so there is no need to import input materials.

 

In the coming time, to further improve import and export efficiency, the Ministry of Industry and Trade will focus on renewing and promoting trade promotion activities targeting new markets and potential ones such as India, Africa, the Middle East, Latin America and Eastern Europe as well as those less affected by inflation like ASEAN countries.

 

In addition, exporters also need to effectively take advantage of free trade agreements (FTAs), and facilitate and enhance digital transformation in the granting of preferential certificates of origin.

 

Director of the Trade Remedies Department under the Ministry of Industry and Trade Trịnh Anh Tuấn said that in the context of international economic integration, domestic manufacturing and exporting industries must constantly improve their competitiveness, improve production organisation to be able to compete equally with imported goods in the domestic market.

 

The ministry has been coordinating with relevant associations and units to closely monitor the production and import situation to promptly take appropriate measures to protect domestic manufacturers' legitimate rights and interests, he said. — VNS