HANOI: Vietnam enjoyed a trade surplus of US$20.19bil in the first eight months of this year, according to the General Statistics Office.

       However, total trade value in the period posted a year-on-year (y-o-y) decrease of 13.1% to US$435.23bil.

       Specifically, exports hit US$227.7bil, a drop of 10% y-o-y and imports were down by 16.2% to US$207.52bil.

       In August, the country’s total trade value hit US$60.92bil, marking an increase of 6.7% compared to the previous month and a decline of 7.9% compared to the same period last year.

       In eight months, 30 items posted export turnover of over US$1bil, accounting for 91.8% of the country’s total export turnover. Particularly, five commodities posted an export turnover of more than US$10bil, accounting for 58.4%.

       The United States was Vietnam’s largest export market with an estimated turnover of US$62.3bil, while China was Vietnam’s largest import market with US$68.1bil.

       To further improve trade revenue, the Industry and Trade Ministry plans to strengthen trade promotion activities for new and potential markets like India, Africa, the Middle East, Latin America, and Eastern Europe, and markets less affected by inflation such as Asean.

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       The ministry expected exports to recover in the fourth quarter of this year due to factors such as the recovery of demand for imports in the United States.

       Besides that, Britain’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership will bring more opportunities for Vietnamese exports.

       Meanwhile, the Agriculture and Rural Development Ministry (MARD) reported that Vietnam’s total export-import turnover of agro-forestry and aquatic products in the eight months of this year was estimated at US$59.69bil.

       Of the figure, US$33.21bil was exports, down 9.5% annually, but still resulting in a trade surplus of US$6.72bil.

       In August alone, agro-forestry and aquatic products brought home US$4.36bil from exports, down 6.5% annually.

       Several commodity groups posted an increase in export value, such as fruits and vegetables, rice, and coffee.

       Vietnam earned US$3.45bil from exporting vegetables and fruits in the first eight months of this year, up 57.5% y-o-y, according to MARD.

       The figure exceeded last year’s export turnover of US$3.16bil. And with that growth pace, it is expected to surpass the record of US$3.81bil set in 2018.

       China remained Vietnam’s largest veggie and fruit importer, accounting for 65% of the revenue in eight months.

       According to Deputy Minister of Agriculture and Rural Development Hoàng Trung, Vietnam’s central highlands region will enter the main durian crop, which is off-season compared to other countries. This will be an advantage in helping the fruit’s export value surge.

       To date, more than 300 durian growing area codes and nearly 100 packaging codes have been granted in the country.

       Dang Phuc Nguyen, general-secretary of the Vietnam Fruit and Vegetables Association (Vinafruit), said that with the two-digit growth rate at present, the export revenue of vegetables and fruits could hit the US$5bil mark.

       Meanwhile, rubber, tea, cashew nuts, pepper, and cassava and their associated products saw their export prices fall by 2.6% to 19.6%.

       China, the United States and Japan remained the top-three importers of Vietnamese agro-forestry and aquatic products, with China accounting for 21.9%, up 9.8%; the United States 20.6%, down 27.4%; and Japan 7.6%, down 10.6%.

       Seizing market opportunities, especially in commodity groups experiencing strength, the ministry has instructed regional governments to regulate production plans and boost exports, step up negotiations and market access for official exports while expanding export markets. — Viet Nam News/ANN