Vietnam's trade turnover tops $659B in 7 months

Vietnam's trade turnover exceeded $659 billion within a span of seven months, marking a significant increase in economic activity. However, this growth came with a trade deficit of $20.52 billion, primarily due to increased imports of raw materials, machinery, and production inputs. Merchandise exports surged by 21.7% year-on-year to $319.53 billion, driven by the domestic sector contributing $63.64 billion and foreign-invested enterprises contributing $255.89 billion.

Notably, 31 export items surpassed $1 billion in value, contributing to 93% of the total export value, with seven products accounting for over $10 billion each. Among the exported goods, manufactured goods led with $287.91 billion, accounting for 90.1% of total exports. Meanwhile, merchandise imports skyrocketed by 34.8% year-on-year to $340.05 billion, with the domestic sector importing $92.14 billion and foreign-invested companies importing $247.91 billion.

Of the 40 imported products exceeding $1 billion in value, two products alone contributed to 52% of the total imports, mainly comprising production inputs, machinery, and raw materials. The U.S. remained Vietnam's largest export market, while China was the primary source of imports. Vietnam's trade surplus with the U.S. grew by 22.6% year-on-year, but its trade deficit with China expanded by 39.7%.

To stimulate exports further, the National Statistics Office suggested implementing measures to promote exports, diversify supply chains, enhance product quality, and explore new markets such as the Halal, Latin American, and African markets.