- June 24, 2021
- Posted by: GBS
- Category: Economics
Vietnam’s total export turnover was estimated at US$ 143.36 billion, representing a year-on-year growth of 29.67 percent, according to the Vietnam Customs.
Meanwhile, country’s total import volume was worth US$ 145.32 billion, or year-on-year increase of 36 percent. Online Newspaper of the Government reported.
With the above figures, Vietnam ran a trade deficit of US$ 1.96 billion in the first half of this year, mainly attributed to rising import of raw materials for production of spare parts, garments and textiles.
Last year, exports and imports exports rose by 6.5% to US$281.5 billion and by 3.6% to US$262.4 billion, respectively.
Exports to EU from Vietnam surge amidst COVID-19
Trade in goods between Vietnam and the European Union (EU) has seen positive growth since the beginning of 2021, despite the impact of the COVID-19 pandemic, Vietnam News Agency reported.
The EU is currently Vietnam’s fifth largest trade partner and second biggest importer of Vietnamese goods, following the US. Last year, two-way trade reached 49.8 billion USD, down 0.1 percent year-on-year, and accounting for 9.13 percent of Vietnam’s total foreign trade.
With the EU-Vietnam Free Trade Agreement, Vietnam’s export to the bloc has bounced back since the end of 2020, according to the Ministry of Industry and Trade’s Import-Export Department.
Thanks to the preferential tariffs under the deal, footwear exports to the bloc’s 27 member countries increased by 19.2 percent year-on-year in the first quarter of 2021.
Countries that saw surges included Spain (39.2 percent), Belgium (37 percent), Czech Republic (36.5 percent) and Sweden (30.8 percent).
The agreement is also creating favorable conditions for the export of Vietnamese farm produce.
In recent days, batches of fresh lychees have been shipped to the Czech Republic, Germany, France and Belgium, according to Vietnam News Agency