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Home  >>   Daily News  >>   Vietnam News  >>Trade  >> Trade surplus hits $1.7b as exports see growth
NEW UPDATES Asean Affairs  27  August 2014  




Trade surplus hits $1.7b as exports see growth

Viet Nam has gained a trade surplus of US$1.7 billion for the first eight months of 2014, figures from the General Statistics Office (GSO) show.

The figures also showed that the nation incurred a trade deficit, worth $100 million, only in January, and began earning a surplus in February, at $244 million.

The surplus reached $1 billion in the first quarter, $683 million in the first four months, $1.6 billion in the first five months and $1.3 billion in the first half. After seven months, the surplus increased to $1.26 billion.

The nation's total exports reached $97 billion in the first eight months, which was 14.1 per cent higher than that of the same period of last year. The nation's total imports reached $95.3 billion, which was 12 per cent higher than that of the same period of last year. It mainly imported materials and sub-materials for production.

The United States was the country's largest export market in the first eight months, accounting for $18.5 billion in exports, or 22.5 per cent more than that of the same period last year.

Other significant export markets include the European Union with $17.9 billion in exports, or a 13.3 per cent rise from that of last year; ASEAN with $12.4 billion, or a 0.5 per cent rise; Japan with $9.9 billion, or a 12.7 per cent rise; and China with $9.8 billion, or a 15.2 per cent rise.

Foreign direct investment (FDI) enterprises exported products worth $65.2 billion, or 15.6 per cent more than in the same period of last year, while domestic enterprises exported products worth $31.8 billion, or 11.1 per cent more than in the same period last year.

A number of key exports achieved high growth in the first eight months of the year, including seafood with $5 billion, a 23.6 per cent rise from that of last year; textiles and garments with $13.65 billion, a 19.7 per cent rise; telephone and telephone components with $15.23 billion, a 13.7 per cent rise; and crude oil with $5.59 billion, a 14.3 per cent rise.

However, a number of agricultural exports suffered a decline, including rice with $2.46 billion, a 3.7 per cent fall from that of last year; rubber with $992 million, a 31.7 per cent fall; and tea with $140 million, a 0.6 per cent fall.

The GSO also reported that the largest import market was China with $27.6 billion, a 17.3 per cent rise from that of the same period last year. Viet Nam achieved a $17.8-billion trade deficit with China in the first eight months, a year-on-year surge of 18.5 per cent.

FDI enterprises imported $53.4 billion worth of equipment and products, or 12 per cent more than in the same period last year, while domestic enterprises imported $41.9 billion worth of equipment and products, or 13.4 per cent more than in the same period last year.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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