Vietnam’s total external merchandise turnovers in March and in the first quarter of 2019 both recorded increases, boosting the surplus in its trade balance, according to statistics from Vietnam Customs.
In March 2019, total external merchandise turnover of Vietnam amounted to US$43.9 billion, up 9.1% year-over-year. Exports jumped 7.2% from a year ago to $22.78 billion, and imports went up 11.3% to $21.15 billion as compared to the result of March 2018. As a result, there was a $1.63 billion surplus in Vietnam’s trade balance in this month.
In the first quarter of 2019, Vietnam’s trade-in-goods totaled $116.31 billion in value terms, 6.6% above the corresponding period of last year. Compared to a year earlier, total merchandise exports value rose 5.3% to $58.86 billion and imports value increased 8.0% to $57.45 billion. Accordingly, Vietnam’s trade balance for this period was in the surplus of $1.41 billion.
On a month-on-month basis, an increase in total merchandise exports was due to the upturns in the value of telephones, mobile phones and parts; textiles and garments; and computers, electrical products and parts, among others.
On a year-on-year basis, the main products that contributed to the export increase were computers, electrical products and parts; textiles and garments; and footwear.
Month-on-month, growth in total merchandise imports was due to the upturn in the value of commodities that included computers, electrical products, spare parts and components; machines, equipment, tools and instruments; and fabrics.
Year-on-year, growth in imports was mainly contributed by the increase in value terms of the following products: computers, electrical products, spare parts and components; machines, equipment, tools and instruments; and crude oil, among others.
In the first quarter of 2019, trade with trading partners in Asia totaled $76.51 billion in value terms, which moved up 4.8% as compared to the same period of 2018. Trade-in-goods with the U.S. followed, reaching $20.65 billion and increasing by 19.4%. Trade with Europe reached $15.63 billion, up by 4.1%; Oceania, $2.17 billion, up by 3.6%, and Africa, $1.35 billion, down by 15.6% from the same period of last year.
For January-March 2019, the top four importing markets of Vietnam with turnover of over $4 billion were the United States ($13.3 billion); China ($7.6 billion); Japan ($4.6 billion); and South Korea ($4.6 billion).
Photo: engin akyurt