Vietnam posts trade surplus of 23.31 bln USD in 10 months

Vietnam posted a trade surplus of 23.31 billion USD during January-October, reported the Ministry of Planning and Investment's General Statistics Office (GSO).

October alone witnessed a significant surge in trade activity, with the total value of foreign trade reaching 69.19 billion USD. This marks a substantial 5.1% increase from the previous month and a 11.8% year-on-year growth.

The cumulative trade value for the first 10 months of the year soared by 15.8% annually to 647.87 billion USD.

Vietnam's export revenue during this period stood at 335.59 billion USD, reflecting a 14.9% increase year on year. The domestic economic sector contributed 93.97 billion USD, accounting for 28.0% of the total. Meanwhile, the foreign-invested sector, including crude oil, generated 241.62 billion USD, up 12.8% and constituting 72% of the total.

Notably, 31 export products each surpassed 1 billion USD in value, collectively accounting for 92.6% of the total. Among them, seven standout items exceeded 10 billion USD, contributing a substantial 66.5% to the overall value.

Imports also saw an uptick, rising by 16.8% annually to 312.28 billion USD. The domestic economic sector’s spending went up 18.8% to 113.58 billion USD while the foreign-invested sector recorded 198.7 billion USD, a 15.8% increase.

A total of 42 import products surpassed the 1 billion USD threshold, making up 92.1% of the total, with four exceeding 10 billion USD, representing 48.3%.

The US remained Vietnam's largest export market with an export turnover of 98.4 billion USD. On the import front, China continued to be Vietnam’s top supplier with an import turnover totaling 117.7 billion USD.