Vietnam records $1.7 billion trade surplus in first half of 2016

By Bui Hong Nhung   July 17, 2016 | 08:22 pm PT
After a trade deficit of $3.54 billion last year, the country has turned it around in the first half of 2016. 

Data from Vietnam Customs showed that as of June, the country's import and export value had reached $162.57 billion, jumping 2.4 percent against the same period last year.

Export value hit $82.13 billion, up 5.7 percent on-year, while import value saw a slight decrease of 0.8 percent to 80.43 billion.

Companies with foreign invested capital continued to play a vital role in the economy by accounting for 69.8 percent of the total export value ($57.34 billion) and 58.6 percent of import value ($47.1 billion).

According to the General Statistics Office, there were no significant changes to the commodities the country imported and exported.

Minerals and heavy industries accounted for 45.5 percent of total export value, followed by light industries at 40.7 percent. Agricultural and aquatic products only contributed 10.1 percent and 3.7 percent respectively.

Vietnam continued to spend billions of dollars on machinery and equipment imports, as well as materials and fuel. While the former group cost nearly $33 billion (41 percent of import value), the latter was worth $40.4 billion, equivalent to 50.3 percent of total expenditure.

China remained Vietnam’s biggest supplier, accounting for $23.1 billion (28.7 percent) of import value.

The U.S was the largest recipient of Vietnam’s exports with $19.7 billion, accounting for 24 percent of export revenue.

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