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Trade surplus increases, agriculture shines

Vietnam enjoyed a trade surplus of nearly $11 billion in the first 11 months of 2022, of which the agricultural sector contributed significantly with $7.82 billion.

Source: VNA

The Ministry of Industry and Trade previously forecast that the balance of trade in 2022 would present a surplus for the seventh consecutive year, with about $1 billion. But in fact, the figure jumped to $10.6 billion after 11 months, $10 billion higher than the same period last year. Export continues to be a bright spot in Vietnam's economic picture in the period.

According to the General Statistics Office, the import-export turnover in January-November hit nearly $674 billion, of which $342.2 billion came from exports, up 13.4% year-on-year, and the remaining from imports, up 10.1%.

However, the trade balances of the domestic and the FDI sectors are adverse. If the domestic sector had a trade deficit of USD27.97 billion after 11 months, the FDI sector (including crude oil) recorded a trade surplus of USD38.57 billion. The FDI sector also contributed 74.4% of the total export turnover.

In the period under review, agro-forestry-fishery exports stood at about USD49.04 billion, higher than last year’s record of USD48.6 billion.

The 11-month export rose 11.8% year on year while imports increased 6.9% to some USD 41.22 billion, resulting in a surplus of USD7.82 billion – up 47.8%.

That made up a total trade of $90.26 billion, rising 9.5% year on year, statistics show.

Although orders tend to decrease due to high inflation in many major markets in the year-end, the sector’s export turnover this year is expected to reach $52.5 - $53 billion, nearly $3 billion higher than the set target.



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