Vietnam’s Jan-Oct trade surplus reaches nearly $25 bln

Vietnam's total import and export turnover of goods reached nearly $558 billion in the first 10 months of 2023, down 9.6% over the same period last year, with an estimated trade surplus of $24.61 billion.

Export turnover reached $291.28 billion in the period, down 7.1% year-on-year, according to the General Statistics Office. Of which, $77.09 billion came from the state economic sector and domestic private sector, down 4.1% year-on-year, while the figure for the foreign-invested sector (including crude oil) was $214.19 billion, down 8.1%.

There were 33 products with an export turnover of over $1 billion, accounting for 92.9% of total export turnover.

Exports of the processing and industrial industry was $257.42 billion, accounting for 88.3%. The tally for agricultural and forestry products was $22.97 billion, or 7.9%. The seafood group reached $7.45 billion, accounting for 2.6%, while the fuel and mineral goods group hit $3.44 billion, or 1.2%.

In January-October, import turnover of goods was estimated at $266.67 billion, down 12.3% over the same period last year, of which the domestic economic sectors reached $95.08 billion and the foreign invested sector hit $171.59 billion.

Forty one items reached over $1 billion in imports, accounting for 91.4% of the country's total import turnover.

The figure for the group of production materials was $250.12 billion, or 93.8% of the total. Of this, 45.5% came from machinery, equipment, tools, and spare parts, and 48.3% from raw materials, fuel, and materials. The consumer goods group was estimated to reach $16.55 billion, accounting for 6.2%.

The U.S. was Vietnam's largest export market with an estimated turnover of $78.6 billion, while China was Vietnam's largest import market with an estimated turnover of $89.8 billion. The trade surplus with the U.S. reached $67.1 billion, while the trade deficit with China hit $40.5 billion.

The total import and export turnover of goods in October 2023 was estimated at $61.62 billion, up 5.6% year-on-year.

Exports was estimated at $32.31 billion in the month, up 5.3% from September, while imports reached $29.31 billion, up 2.9%.

Of the October imports, $10.36 billion came from the domestic economic sectors, an increase of 3.7% year-on-year, and $18.95 billion from the foreign sector, up 2.4%.