Vietnam sees a trade surplus of US$1.1 billion in October 2021

According to the Ministry of Industry and Trade‘s report on industrial production and commercial activities in the first ten months of this year, the export turnover of agricultural, forestry and fishery products is estimated at US$22.33 billion, marking an increase of 9.2 per cent compared to that of the same period last year.

Specifically, cassava exports increased by 63.2 per cent in value and 46.3 per cent in output over the same period last year. Rubber exports increased by 13.9 per cent in volume and 46.5 per cent in export value.

Pepper exports saw a decrease of  5.7 per cent in volume but an increase of 44.2 per cent in export value; cashew exports increased 14.1 per cent in volume and 13.5 per cent in value; Fruit and vegetable export turnover increased by 8.7 per cent.

On the contrary, export turnover of some products declined compared to the same period last year,  for example, seafood down 0.8 per cent and tea of ​​all kinds decreased by 3.4 per cent.

The increase in the export of agricultural, forestry and fishery products was in line with the flow of export turnover of the whole country.

According to statistics of the Ministry of Industry and Trade, the country's export turnover in October was estimated at US$27.3 billion, up 1 per cent compared to the previous month and up 0.3 per cent over the same period in 2020.

In the first ten months of 2021, Vietnam’s export turnover is estimated at US$267.93 billion, up 16.6 per cent over the same period last year. Meanwhile, its export turnover in the first nine months was 18.8 per cent higher than that of the same period last year.

The export of the domestic economic sector was estimated at US$69.77 billion, up 7.7 per cent and accounting for 26.04 per cent of the total export turnover of the country.

The foreign economic sector was estimated at $198.16 billion, up 20.1 per cent and accounting for 73.96 per cent of the country's total export turnover.

Regarding the market, in the first ten months of 2021, the US continues to be Vietnam’s biggest importer, accounting for 28.37 per cent of total export turnover, estimated at US$76.02 billion, up 21.9 per cent compared to the same period last year.

China is Vietnam’s second-biggest importer as Vietnam exported products to China worth about US4 44.68 billion, up 18 per cent over the same period last year and accounting for 16.67 per cent of Vietnam’s total export turnover.

Exports from Vietnam to the EU market was estimated at $31.7 billion, up 8.9 per cent and accounting for 11.83 per cent of the country's exports.

Vietnam’s exports to the ASEAN market was estimated at US$23.03 billion, up 21.2 per cent and accounting for 8.6 per cent of the country's exports.

Vietnam’s export to Korea was estimated at US$17.9 billion, up 11.2 per cent, Japan US$ 16.09 billion, up 2.2 per cent.

Regarding the import turnover, in October, Vietnam spent about US$26.2 billion to import goods/products. The import turnover fell 1.7 per cent compared to the previous month.

Generally, in the first ten months of 2021, import turnover of goods is estimated at US$269.38 billion, up 28.2 per cent over the same period last year.

The domestic economic sector spent US$ 92.5 billion, up 22.7 per cent while the foreign-invested sector spent $176.88 billion, up 31.3 per cent.

Vietnam spent most in importing goods/products from China

as it spent US$89.43 billion on importing Chinese goods/products, up 36.4 per cent over the same period last year and accounting for 33.2 per cent of the country's total import turnover.

Other markets that export much to Vietnam are Korea with an export turnover of  US445.52 billion, up 21.4 per cent; ASEAN US$32,998 billion, up 34.8 per cent; Japan US$18.04 billion, up 9 per cent,  EU US$13.76 billion, up 15.9 per cent and the US US$12.9 billion, up 13.5 per cent.

In October 2021 alone, Vietnam had a trade surplus of US$1.1 billion. However, for the 10 months of 2021, the trade balance of goods is estimated to have a trade deficit of US$1.45 billion.

According to the Ministry of Industry and Trade, the main reasons for the trade deficit in the first ten months of 2021 were the increase of domestic enterprises’ import of raw materials for production, higher world commodity prices and high sea freight rates.

In the two remaining months of the year, the ministry recommended that ministries, departments, sectors and businesses focused on exploiting free trade agreements, especially new-generation FTAs ​​such as the CPTPP, EVFTA, and UKVFTA. At the same time, they need to accelerate the implementation of Resolution No. 63/NQ-CP dated June 29, 2021, on tasks and solutions to promote economic growth, disbursement of public investment capital.

The ministry committed to continuing administrative procedures simplification,  particularly those relating to import and export under the National Single Window, ASEAN Single Window.

The ministry would work closely with the Ministry of Transport to develop logistics services to help reduce the costs of exploiting transport infrastructure, logistics costs in import and export activities and goods circulation in the country.