Data from the General Statistics Office shows that since August 2022, Vietnam's trade balance has continuously tilted towards trade surplus. Accumulated over the first eight months of the year, the total import and export turnover of goods reached USD 435.2 billion, a decrease of 13% over the same period last year, of which exports decreased by 10%; imports decreased by 16%.

Data from the General Statistics Office shows that in August, the total import and export turnover of goods is estimated at USD 60.9 billion, an increase of 7% over the previous month but a decrease of 8% over the same period last year. Trade balance in August continued to have a trade surplus of USD 3.9 billion, this is also the 13th consecutive month that Vietnam has had a trade surplus.

Accumulated over the first eight months of 2023, the total export and import turnover of goods reached USD 435.2 billion, a decrease of 13% over the same period last year, of which exports decreased by 10%; imports decreased by 16%.

The balance of trade in goods in the first eight months of this year is estimated to have a trade surplus of USD 20.2 billion. In which, the domestic economic sector had a trade deficit of USD 14 billion; FDI sector (including crude oil) had a trade surplus of USD 34.2 billion.

Export turnover of goods in August is estimated at USD 32.4 billion, an increase of 8% compared to the previous month. Of which, the domestic economic sector reached USD 8.4 billion, an increase of 9%; the foreign invested sector (including crude oil) reached USD 23.94 billion, an increase of 7%.

Accumulated over the first eight months of 2023, export turnover of goods is estimated to reach USD 227.7 billion, a decrease of 10% over the same period last year. In which, the domestic economic sector reached USD 59.9 billion, a decrease of 9%, accounting for 26% of total export turnover; FDI sector (including crude oil) reached USD 167.8 billion, a decrease of 10.3%, accounting for 74%.

In the first eight months of this year, Vietnam had 30 items with export turnover of over USD billion, accounting for 92% of total export turnover, of which 5 items had export turnover of over USD 10 billion, accounting for 58%.

In the opposite direction, goods import turnover in August is estimated at USD 28.5 billion, an increase of 5.7% over the previous month. Of which, the domestic economic sector reached USD V10.25 billion, decreased by 1%; the foreign investment sector reached USD 18.3 billion, an increase of 10%.

Regarding the export and import market of goods in the first eight months of the year, the General Statistics Office said that the US is Vietnam's largest export market with an estimated turnover of USD 62.3 billion. China is Vietnam's largest import market with an estimated turnover of USD 68.1 billion.

Trade surplus to the US is estimated at USD 53 billion, a decrease of 21% over the same period last year; trade surplus to the EU is estimated at USD 19.6 billion, a decrease of 10%; trade surplus to Japan at USD 1.5 billion (the same period last year, trade deficit was USD 146 million).

Kylie Nguyen