Trade surplus expected to soar sharply in the last months of the year

The trade surplus is expected to soar sharply in the last months of the year

The General Department of Customs has just released its report on Vietnam's imports and exports in the second half of September.

Accordingly, the total import-export value reached $29.07 billion, up 17.9 per cent (equalling $4.42 billion) over the first half of the month.

This outcome has boosted the total import-export turnover in the first nine months of 2021 to $483.82 billion (up 24.6 per cent on-year, equivalent to $95.39 billion).

In the second half of September, trade surplus was $1.87 billion, contributing to reducing the trade deficit to $2.55 billion in the first nine months. Of this, total import-export turnover of the foreign-invested enterprises (FIEs) was $335.85 billion, an increase of 28 per cent on-year (equalling $73.48 billion); total value of local firms was $147.97 billion, a rise of 17.4 per cent on-year (equivalent to $21.9 billion).

Total export turnover in the second half of September was about $15.47 billion, an increase of 33.7 per cent (equalling $3.9 billion) over the first half. The sharp soar was contributed by such items as phones and components (increasing by $935 million or 39.3 per cent); computers, electronics, and components (rising by $813 million or 41.1 per cent); iron and steel items (rising by $426 million or 86.6 per cent); machinery, equipment, tools, and other spare parts (escalating by $292 million or 21.9 per cent).

Of this, FIEs' export turnover was $11.34 billion, up 33.2 per cent (equalling $2.83 billion) over the first half of the month, raising the total export value of this sector in the first nine months of the year to $176.57 billion, up 23.1 per cent on year (equivalent to $33.12 billion), capturing 73.4 per cent of total export turnover of the country.

In the first nine months of the year, the total export value of the country was $240.63 billion, an increase of 18.8 per cent on-year (equalling $38.09 billion).

On the opposite side, the total import value of the country in the second half of September was $13.6 billion, up 4 per cent ($520 million) over the first half of the month. Thus, in the first nine months of the year, total import value of the country was $243.18 billion, an increase of 30.8 per cent on-year (equivalent to $57.3 billion).

Of this, FIEs imported $9.53 billion in the second half of September, a raise of 7.9 per cent ($701 million) over the first half of the month. In the first nine months, total import value of this sector was $159.28 billion, up 33.9 per cent on-year ($40.36 billion), making up 65.5 per cent of the total import turnover of the country.