Saturday , April 20 2024

Vietnam makes biggest ever trade turnovers

Vietnam’s trade turnovers exceeded US$700 billion so far this year, the highest ever, the customs department said.

The trade turnovers had been worth $500 billion in 2020 and $600 billion last year.

For the first 11 months of this year, exports rose 13.4% from a year earlier to $342.2 billion, while imports were up 10% to $331.6 billion, resulting in a trade surplus of $10.6 billion.

Between January and November, exports to the U.S. alone were worth $101.5 billion, making it Vietnam’s largest export market. Meanwhile, imports from China reached $109.9 billion, making the biggest import market.

According to the General Department of Vietnam Customs, the country’s import-export ranking in the world will go up this year.

In 2021, the World Trade Organization ranked Vietnam 23rd in terms of exports and 20th in terms of imports. Among the 10-member ASEAN, Vietnam’s import-export ranked the second after Singapore.

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