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Roundup: Vietnam posts 221.93 bln USD in trade revenue in 8 months

Xinhua, August 30, 2016 Adjust font size:

Vietnam's trade revenue is expected to hit 221.93 billion U.S. dollars in the first eight months of 2016, said the country's General Statistics Office (GSO) on Tuesday.

According to a report on monthly socio-economic statistics posted on GSO's website, Vietnam is forecast to earn 112.19 billion U.S. dollars from exports, up 5.5 percent year-on-year from January to August in 2016.

Among the figure, export revenue of domestic sector reached 32.62 billion U.S. dollars, up 4 percent year-on-year while that of foreign direct investment (FDI) sector, including crude oil, stood at 79.57 billion U.S. dollars, up 6.1 percent year-on-year.

Some key export items witness growth in revenue including cell phones and accessories (22.3 billion U.S. dollars, up 10.6 percent year-on-year), garment and textile (15.5 billion U.S. dollars, up 4.2 percent), electronics, computer, and accessories (11.1 billion U.S. dollars, up 11.2 percent), footwear (8.6 billion U.S. dollars, up 8.1 percent), seafood (4.3 billion U.S. dollars, up 4.8 percent) among others.

Meanwhile, items with dropping export revenue include rice (1.5 billion U.S. dollars, down 13.9 percent year-on-year), crude oil (nearly 1.5 billion U.S. dollars, down 46.2 percent), rubber (887 million U.S. dollars, down 3.8 percent) and cassava (698 million U.S. dollars, down 25.7 percent), said GSO.

The United States continues to be the largest market of Vietnamese exported goods with revenue of 24.6 billion U.S. dollars, up 13 percent year-on-year, followed by the European Union (21.9 billion U.S. dollars), China (12.6 billion U.S. dollars) and Japan (9.3 billion U.S. dollars).

At the same time, during January-August period, the country is likely to spend 109.74 billion U.S. dollars on imports, down 0.3 percent year-on-year, said the office.

Specifically, the domestic sector's import revenue hits 45.35 billion U.S. dollars, up 0.5 percent year-on-year, while that of FDI experiences a year-on-year decrease of 0.8 percent to reach 64.39 billion U.S. dollars.

Import items with decreasing revenue include machines, tools, and spare parts (17.7 billion U.S. dollars, down 4.2 percent), materials for garment, textile and footwear (3.4 billion U.S. dollars, down 0.3 percent) and animal feed (2.1 billion U.S. dollars, down 5.8 percent) among others.

China remained the largest supplier for Vietnamese imports during eight-month period. Vietnam spent 31.6 billion U.S. dollars on importing goods from China, down 2.8 percent year-on-year.

In total, Vietnam is estimated to enjoy a trade surplus of 2.45 billion U.S. dollars in January-August period, said GSO. Endit