8-month trade surplus nears 2021 total

By Dat Nguyen August 31, 2022 | 05:00 pm PT

A container handler arranges cargo at Cat Lai Terminal in Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen

Vietnam’s trade surplus in the first eight months hit $3.96 billion, almost the same as $4 billion recorded for the whole last year.

This is in contrast with the same period last year when the country recorded a trade deficit of $3.52 billion, signaling that it is on course to achieve this year’s target, according to data from the General Statistics Office.

Exports grew 17.3% year-on-year to $250.8 billion, with double-digit increases in footwear, machines and garment sectors.

The U.S. was Vietnam’s biggest export market at $77.7 billion.

Imports grew 13.6% to $246.84 billion, with China remaining the biggest seller at $82.1 billion.

The Ministry of Industry and Trade forecasts Vietnam’s total trade value at $368 billion this year, up 9.5% year-on-year, exceeding the government’s 8% growth target.

However, it said that there were upcoming difficulties due to rising global inflation, which would bring down consumption, especially in Vietnam’s major exports markets such as the U.S. and the E.U.

Several sectors have expressed concerns about declining sales in major markets.

The Vietnam Association of Seafood Exporters and Producers said in a recent report that exports to the U.S. declined by 30.5% year-on-year in July as inflation there hovered around a 41-year high.

Slower growth was recorded in E.U. in the same month, it added.

The Vietnam Timber and Forest Product Association also said that the U.S. has been increasing anti-circumvention probes on Vietnamese wood exporters, which will likely slow down shipments to this market in the remaining months of the year.