Vietnam's export and import turnover punched through $400-billion milestone
Vietnam's total export-import turnover since the beginning of the year has reached $400 billion, recording the highest trade surplus ever, with $3.17 billion.
Vietnam Customs has just announced the export and import situation of the first 11 months on December 19, 2017. Total export and import turnover hit $385.77 billion in the first 11 months, up 21.4 per cent, which is the highest on-year increase ever, adding $200 billion compared to 2011.
Specifically, total export turnover hit $194.47 billion, up 21.5 per cent or $34.44 billion against the same period last year while total import turnover hit $191.3 billion, up 21.2 per cent.
|Milestones of Vietnam’s export and import turnover|
Breaking the record
According to Vietnam Customs, in 2001, total export and import turnover was only at a modest $30 million. It was $100 billion in 2007, after Vietnam became an official member of the World Trade Organization (WTO).
Four years later (2011), the export-import turnover doubled to $200 billion, and to $300 billion four years later (2015).
Only two years later, by mid-December 2017, the total export-import turnover hit the $400-billion mark.
As a result, ten years after joining the WTO, the country's total export and import turnover increased four-fold and the ranking of Vietnam (according to the assessment of WTO) rose significantly.
Vietnam’s export ranking raised to the 26th in 2016 from the 50th in 2007, while its import ranking raised to the 25th from the 41st. Vietnam Customs predicted that these ranking will once again rise this year.
Historical record in trade surplus
Vietnam has recorded its highest trade surplus ever, with $3.17 billion.
In the 2006-2010 period, trade balance was in a deficit of around $12.5 billion per year. In 2011-2015, it reduced sharply to about $2 billion per year. In 2016, the trade balance turned sharply into a $1.78 billion surplus and reached $3.17 billion in the first 11 months of this year.
The trade surplus mainly comes from foreign invested enterprises. In the first 11 months, the trade surplus of this sector was $23.85 billion, while the trade deficit of the domestic sector was $20.67 billion.
China and Korea are the two biggest markets where Vietnam has a trade deficit. In the other hand, Vietnam has a trade surplus with the US, the EU, and Hong Kong.
However, there have been significant changes in the first 11 months of this year, as trade deficit from China declined by 15.3 per cent on-year and increased by 55.8 per cent towards Korea. Thus, Korea has become the market where Vietnam has the highest trade deficit, with approximately $29 billion, while it was $21.6 billion for China.
|Vietnam's detailed trade balance towards its main trade partners in the first 11 months of the year|
Vietnam has over 200 trade partners over the world, including 29 export markets and 23 import markets reaching a turnover upwards of $1 billion in the first 11 months. Of these, there are four export markets and five import markets that reached a turnover higher than $10 billion.
Total export and import value between Vietnam and Asia in the period hit $257.4 billion, up 25.7 per cent on-year. Asia is followed by the Americas with a total $62.16 billion, up 10.8 per cent.
The total turnover between Vietnam and Europe hit $52.89 billion, up 13.8 per cent, while Oceania reached $7.07 billion, up 24.5 per cent. Turnover towards Africa gained $6.25 billion, up 27.6 per cent.
By Nguyen Huong / VIR