Trade surplus hits 1.87 billion USD as high-value exports rise

Hanoi, October 30 (VNA) – Vietnam has recorded consecutive trade surpluses in the first 10 months of 2014, with the total now standing at 1.87 billion USD, according to the General Statistics Office (GSO). The GSO said the country had enjoyed a trade surplus since the beginning of this year, achieving a trade surplus of 1 billion USD in the first quarter, 1.3 billion USD in the first half and 2.5 billion USD in the first nine months. During the first 10 months, the nation's exports earned 123.75 billion USD, a 13.4-percent year-on-year increase, and its imports reached more than 121.2 billion USD, an 11.2-percent year-on-year increase. Exports of the foreign-invested sector earned 82.48 billion USD, or two-thirds of the country's total exports, and its imports reached 68.66 billion USD, thereby achieving a 13.8-billion USD trade surplus. Meanwhile, the State-owned sector experienced a significant trade deficit of 11.95 billion USD. From January to October, its exports reached 40.59 billion USD while its imports reached 52.54 billion USD, a 12-percent year-on-year increase. Exports of high value include telephone and components with 19.16 billion USD, a 6.9-percent year-on-year increase; garments and textiles with 17.62 billion USD, a 19.3-percent year-on-year increase; and electronics, computers and components with 8.7 billion USD, the same figure as that of last year. Other exports include seafood with 6.51 billion USD, a 20.6-percent year-on-year increase; crude oil with 6.27 billion USD, a 5.4-percent year-on-year increase; and machinery and equipment with 6 billion USD, a 20.3-percent year-on-year increase. According to GSO, China remained Vietnam's biggest source of imports with 35.6 billion USD, a 17.1-percent year-on-year increase, followed by the ASEAN with 19 billion USD, a 6.6-percent year-on-year increase; the Republic of Korea with 17.1 billion USD, a 2.7-percent year-on-year increase; Japan with 10.3 billion USD, a 7.9-percent year-on-year increase; and the European Union with 7.5 billion USD, a 3.3-percent year-on-year increase. The GSO advised domestic companies to expand their import-export markets to reduce dependence on the Chinese market and avoid possible risks.-VNA