Workers at a factory in Binh Duong Province produce electronic components for export. Electronic components are among the highest-value export items of Vietnam. — VNA/VNS Photo Danh Lam

 

Vietnam’s economy continues to enjoy a trade surplus as export-import turnover was recorded at US$70.65 billion in August, according to the General Statistics Office (GSO).

 

This increased the total export-import turnover during the first eight months of the year to $511.11 billion, a 16.7 per cent rise compared to the same period last year.

 

The total trade surplus has hit $19.07 billion so far.

 

Total exports and imports increased by 15.8 and 17.7 per cent, respectively, compared to the first eight months of 2023.

 

The export-import turnover in August was 0.8 per cent higher than July, and 13.5 per cent higher than August last year.

 

In July, export turnover increased by 3.7 per cent (to $37.59 billion), while import turnover decreased by 2.4 per cent (to $33.06 billion).

 

According to former GSO General Director Nguyễn Bích Lâm, the average monthly export value in the first eight months of this year was recorded at $33.12 billion, which is $0.7 billion higher than the first seven months’ average, and about $1.35 billion higher than the first six months’ average.

 

“This reflects that the export value has consistently been increasing each month,” he said.

 

The highest-value export items were electronics, computers, and electronic components, reaching a total of $46.325 billion, up 28.9 per cent compared to the same period last year.

 

Next is mobile phones and phone components, reaching over $37 billion.

 

The United States remains Vietnam’s largest export market, with an estimated export turnover of $77.9 billion.

 

China’s is the country’s largest import market, with import turnover recorded at $92.3 billion.

 

“If we can keep increasing export turnover for the remaining four months, we likely to see a new historical export turnover milestone of $400 billion,” said Lâm. — VNS