Trade surplus reaches 5-year high

By Anh Minh   November 3, 2023 | 03:39 pm PT
Trade surplus reaches 5-year high
Vietnam recorded a trade surplus of $24.6 billion in the first 10 months, the highest in five years, jumping 2.5 times year-on-year.

Domestic companies had a trade deficit of $18 billion while foreign invested companies (including crude oil businesses) saw a trade surplus of $42.6 billion, according to a recent report released by the Ministry of Industry and Trade.

"A trade surplus helps stabilize the macro economy, ensure balances of the economy and supports international payment," according to the report.

Imports fell 12% year-on-year to $267 billion, as difficulties finding foreign buyers made manufacturers order less materials from overseas.

China remained Vietnam’s biggest import market at $90 billion. Vietnamese exports showed signs of recovery with agriculture produce such as rice and fruits increasing significantly.

The remaining months of the year will still be difficult for global trade due to geopolitical tensions such as Russia-Ukraine and Israel-Hamas, the trade ministry said.

The report said the ministry was unwavering in its market diversification efforts, including its ongoing push to speed up the signings of new trade pacts with the United Arab Emirates and the Southern Common Market in South America.

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