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Wednesday, October 4, 2023

Vietnam earns $3 bn trade surplus by mid-March 2023

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Vietnam’s trade surplus reached approximately $3 billion as the country’s total import-export turnover hit nearly $123 billion between January 1–March 15, 2023, according to figures released by the General Department of Vietnam Customs. However, this figure represents a 13 per cent decline compared to the same period last year, with exports and imports reaching almost $63 billion and $60 billion, respectively.

During the first half of March, the total import-export turnover of goods was $27.15 billion, which was an 11 per cent decline on a year-on-year basis. The ministry of industry and trade detailed that the slowdown of commodity prices and the shortage of new export orders caused the country’s trade activities to slow down in the first few months of the year.

Vietnam had a trade surplus of $3 billion in Q1 2023, despite a 13 per cent YoY decline in total import-export turnover. The slowdown was attributed to falling commodity prices and a shortage of new export orders. Textiles and garments were the largest export item with a $1.23 billion turnover. Imports during the first half of March dropped 9 per cent YoY.

According to the data, there were four export items with turnover reaching $1 billion between March 1–15. Among various products, textiles and garments stood at $1.23 billion.

Meanwhile, imports in the first half of March declined by 9 per cent to $13.82 billion compared to the same period last year. Additionally, the import of raw materials for production in the first two months of the year dropped by 16.6 per cent to $41.2 billion on a year-on-year basis.

Fibre2Fashion News Desk (NB)


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