Despite the considerable impacts of the COVID-19 pandemic on every aspect of the economy, Vietnam's exports maintained growth in the first month of this year, causing the trade balance to reach a surplus of USD 1.3 billion.
The merchandise export turnover in January 2021 was estimated at USD 27.7 billion, increased by 0.2% compared to the previous month and up 50.5% over the same period last year. In this month, there were six items with an export turnover of over USD 1 billion, accounting for 67.3% of the total export turnover.
Regarding the structure of export in January, the heavy industrial goods and minerals were estimated at USD 15.6 billion, sharply increased by 71.6% over the same period last year. The light industrial goods and handicraft products were estimated at USD 9.7 billion, up 32.3%. The agricultural and forestry products reached USD 1.8 billion, rose by 21.4%; meanwhile, the seafood products reached USD 600 million, up 19.6%.
Regarding the export market in January 2021, the United States was the largest export market of Vietnam with a turnover of USD 7.5 billion, which increased by 57.4% over the same period last year. The China market ranked second with an export turnover of USD 5.8 billion, rose by 111.6%, followed by the EU market with 2.8 billion USD (up 14.8%), the ASEAN market with USD 2.3 billion (up 31.9%), Japan with USD 1.9 billion (up 22.7%), and South Korea with USD 1.7 billion (up 24.2%).
Regarding importation, Vietnam's import turnover was estimated at USD 26.4 billion, decreased by 5.4% compared to the previous month but increased by 41% compared to the same period last year. There were four items with an import turnover of over USD 1 billion, accounting for 50.6% of the total import turnover.
In the import structure in January, the materials for production were estimated at USD 24.7 billion, up 41% year over year and accounting for 93.7% of the total import turnover. The consumer goods were estimated at USD 1.7 billion, increased by 41.5%, and accounting for 6.3% of the total import turnover.
Regarding the import market in January 2021, China remained the largest import market of Vietnam with a turnover of USD 9.6 billion, an increase of 72.7% over the same period last year, followed by Korea with USD 5.1 billion (up 29.3%), ASEAN with USD 3.4 billion (up 63.3%), Japan with USD 2 billion (up 52.9%), EU with USD 1.3 billion (up 23.3%), the US with USD 1 billion (up 4.2%).
With boosted exportation, the trade surplus in January 2021 was estimated at USD 1.3 billion. Previously, the trade balance in December 2020 had a trade deficit of USD 252 million. The year 2020 saw a trade surplus of USD 20 billion.
This is also the moment before the Lunar New Year; therefore, domestic trade, transport, and tourism increased compared to the previous month. Along with the investment attraction activities and the participation of many large economic groups and multinational companies in Vietnam, domestic enterprises have made strong progress. Notably, large economic groups operating in the fields of basic industry, materials, mechanical engineering have been established and developed, such as Vingroup, Viettel, Thanh Cong, Truong Hai, Hoa Phat, creating a foundation for supporting the industries, making Vietnam gradually participate in the global production networks and value chains.
Compiled by VietnamCredit