Vietnam has a trade surplus of more than US$8 billion

In July 2020, Vietnam's total import and export value reached nearly US$47 billion, considered the month with the highest turnover since the beginning of the year. In which, our country's trade surplus reached more than US$8 billion.

According to the information released by the General Department of Vietnam Customs this afternoon (August 12), the total export turnover in July reached US$24.873 billion, up sharply by 10.2% compared to June 2020. Meanwhile, imports reached US$20.097 billion, up 6.7%.

With the above result, in July alone, our country saw a trade surplus of nearly US$2.8 billion.

In July, a series of export commodity groups had a better performance compared to the previous June.

Typically, phones and accessories reached nearly US$4.3 billion, up 17.5%; computers, phone products and spare parts reached more than US$4 billion, up 3%; textiles and garments reached over US$3 billion, up 16.9%; machinery and equipment reached nearly US$2.3 billion, up nearly 20%.
With the above results, in the first seven months of the year, Vietnam's total export value reached more than US$147.6 billion, up 1.5% over the same period in 2019. Imports reached US$139.2 billion, down 3%.

Thus, in the first seven months of this year, Vietnam saw a trade surplus of US$8.4 billion.

Notably, July was the month with the highest import-export turnover since the beginning of the year and nearly US$7 billion/month higher than the average (in the first six months of the year, import-export turnoverreached US$240 billion, equivalent to US$40 billion/month).
Vietnam produced trade surplus worth roughly US$1 billion in May, thus raising the country’s five-month surplus to ...

If maintaining the figure of US$47 billion as in July and the last six months of the year, the total import-export turnover of the whole country will reach about US$282 billion, thereby bringing the total turnover of the country to US$522 billion, although the increase is not much compared to the figure of more than US$517 billionin 2019 - but this is also a remarkable result in the context of global trade activities being negatively affected by the Covid-19 pandemic.

Source: VN Explorer