Exports likely to reach US$400 billion mark this year

Statistics indicate that the total import-export turnover recorded in November alone reached US$66.4 billion, down 4.1% over the previous month but up 9% on-year.

The 11-month period witnessed total trade turnover stand at an estimated US$715.55 billion, up 15.4% on-year, of which exports increased by 14.4% to reach US$369.93 billion.

The domestic economic sector earned US$103.88 billion from exports, marking an increase of 20.0% and accounting for 28.1% of total export turnover. Elsewhere, the foreign-invested sector grossed US$266 billion from exports, representing a rise of 12.4% and making up 71.9%.

According to a recent forecast conducted by the Singapore-based United Overseas Bank (UOB), Vietnamese exports are expected to exceed the US$400 billion mark this year.

Meanwhile, a total of 36 export items recorded revenue exceeding US$1 billion, including seven with over US$10 billion.

Among the export groups, processed industrial goods still account for the highest proportion with US$325.52 billion, accounting for 88% of total export turnover. Moreover, the agro-forestry and aquatic group raked in US$31.35 billion and US$9.17 billion, respectively.

Meanwhile, import turnover during the reviewed period reached US$345.62 billion, up 16.4% against the same period from last year.

With these results, the country posted a trade surplus of US$24.31 billion in the reviewed period. Of which, the domestic economic sector had a trade deficit of US$22.17 billion, while the foreign-invested sector enjoyed a trade surplus of US$46.48 billion.

The US continued to be the country’s largest export market, with a turnover of US$108.9 billion, followed by China with US$130.2 billion.

Over the past 11 months, the Vietnamese trade surplus with the US, the EU, and Japan was US$95.4 billion, US$32 billion, and US$2.6 billion, respectively, representing respective rises of 26.7%, 21.1%, and 70%.