Vietnam posts $3.25 billion trade surplus in Jan-Oct

By VnExpress   November 22, 2016 | 02:30 pm GMT+7
Vietnam posts $3.25 billion trade surplus in Jan-Oct
Workers at a garment company in Hanoi. Photo by AFP/Hoang Dinh Nam

A remarkable turnaround considering that the country reported a deficit of more than $3.5 billion in the same period last year.

Vietnam reported a trade surplus of $3.25 billion in the first ten months as exports increased 7 percent from a year ago.

Customs data showed that exports reached nearly $144 billion in the period while imports hit $140.66 billion.

This time last year, the country reported an unusually high deficit of more than $3.5 billion in trade, which then narrowed to nearly $3.2 billion for the whole year. That was the first annual trade deficit after three consecutive years of surpluses.

October alone recorded a deficit. Imports were $15.85 billion, up 8.9 percent from September, while exports dropped a little to $15.4 billion, leaving a gap of $445 million. The four previous months ended with surpluses.

Phones and garments remained the biggest earners. Foreign-invested companies continued to dominate with exports of $100.88 billion, bringing a trade surplus of $17.6 billion in first ten months.

Vietnam has targeted a 10 percent increase in exports this year, to $178 billion. But Tran Tuan Anh, Minister of Industry and Trade, said it will be hard to achieve this goal due to instabilities in major markets and China’s economic slowdown.

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