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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Vietnam records US$1.23 billion trade surplus in first ten months

Monday, October 30, 2017 > 10:33:45
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NhanDan

Vietnam is expected to enjoy a trade surplus of US$900 million in October, raising the total surplus of the country until the end of October 2017 to US$1.23 billion.

According to the latest statistic from General Department of Vietnam Customs, this month Vietnam's total export and import value is estimated at US$37.9 billion, a slight increase of 0.8% from the previous month. Total export value is estimated at US$19.4 billion, up 0.3% and total import value at US$18.5 billion, up 1.4%.

During the Jan-Oct period, the total value of export and import is expected to reach US$346.22 billion, up 21.3% over the same period last year; of which the total export value is estimated at US$173.72 billion, up 20.7% and total import value at US$172.49 billion is up by 22%.

Phones and components contributed the most to the above-mentioned export performances, with an estimated value at US$5 billion in October, an increase of 3.1% over the previous month. For the first ten months this year, exports of all kinds of telephones and spare parts across the country would reach US$36.54 billion, up 28.8% over the same period as last year.

Meanwhile, the main import items are computers, electronic products and spare parts. Estimated imports in October are at US$3.6 billion, down 3.9% over the previous month. By the end of October 2017, the total import of computers, electronic products and spare parts will be at US$30.92 billion, up 35.3% over the same period last year.

In terms of imports for machinery, equipment, tools and spare parts, it is estimated that imports in October are at US$2.6 billion, down 1.5% from the previous month. For the ten-month period, the import of machinery, equipment and spare parts is at US$27.98 billion, an increase of 23.1% over the same period as last year.

The General Department of Vietnam Customs also announced that since the beginning of this year, there have been four groups of items with export value reaching over US$10 billion, including telephone and telephone accessories; textile; computers, electronic products and components; and footwear.

Regarding the State budget revenue, the collection reached nearly VND232.8 trillion as of October 25, gaining 81.7% of the estimate, up 10.36% over the same period of 2016. Estimated revenue for October alone would reach VND23 trillion, making the estimated collection for the first ten months of this year at VND 237 trillion, up 10.2% year on year.


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