Friday , June 21 2024

Trade surplus at $22B in 11 months

Vietnam enjoyed a trade surplus of $24.44 billion as of Nov. 15 this year, according to data released by the General Statistics Office (GSO).

The office reported that the total import-export turnover of goods hit $587.68 billion, down 9% year-over-year, with exports decreasing by 6.4% and imports dropping by 11.7% compared to the same period last year.

The domestic sector saw a trade deficit of $19.05 billion, and the foreign-invested sector (including crude oil) posted a trade surplus of $43.49 billion.

In the first 11 months, 33 products posted an export turnover of over $1 billion each, accounting for 92.9% of the country’s total. Particularly, seven commodities recorded an export turnover of more than $10 billion, accounting for 66.1%.

Deputy Minister of Industry and Trade Do Thang Hai said that the ministry will promote negotiations, sign new agreements, commitments, free trade agreements, and trade agreements with more potential partners in order to diversify markets, products, and supply chains.

The ministry will support businesses to take advantage of commitments in new generation FTAs to boost exports; and coordinate with the Ministry of Agriculture and Rural Development to negotiate with the Chinese side to open the market for more Vietnamese fruit and vegetable products such as green-skinned grapefruit, fresh coconut, avocado, pineapple, star apple, and lemon.

It will also focus on strengthening early warning of trade defense lawsuits, giving them consultations on how to respond to lawsuits, and providing businesses and associations in a timely way with new market information, demand, and relevant regulations.

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