2022 trade surplus estimated at US$1 billion

Wednesday, August 31, 2022  14:45

           Seafood is one of Vietnam's key export products. (Illustrative image)

VOV.VN - Vietnam is likely to produce a trade surplus of US$1 billion in 2022 – a record low figure compared to the previous years, according to the Ministry of Industry and Trade (MoIT).

The MoIT statistics show the total import-export value hit US$497.6 billion in the past eight months of the year, up 15.5% year on year. Of the total, businesses raked in US$250.8 billion from exports and spent US$246.8 billion on imports, resulting an export surplus of US$3.96 billion.

Vietnam is actively taking advantage of preferences of free trade agreements (FTAs) it has signed with partners to penetrate deep into FTA markets. Among the FTAs that have brought about a good profit are the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).

The Vietnam Association of Seafood Exporters and Producers (VASEP) reported that the first seven months of the year saw CPTPP markets consume more than 13% of Vietnam’s total pangasius exports valued at US$211.4 million, an increase 73% over the same period in 2021.

Along with the CPTPP, the implementation of the EVFTA also achieved positive results. During the first eight months of 2022, Vietnam enjoyed a trade surplus of US$21.6 billion with the EU, up 46.4% over the same period in 2021 - a record increase to this market.

However, two thirds of the country’s total export value were generated by foreign-invested businesses that have so far made the best use of opportunities from FTAs.


                                               Vietnam's trade surplus in six years 2017 - 2022 (In million US$)

According to the MoIT, export businesses will continue to face difficulties in the remaining months of the year due to economic recession and high inflation in major economies that will eventually affect consumption of goods and reduce the demand for imported goods.

Judging from influential factors, the MoIT forecast Vietnam would still produce a trade surplus of approximately US$1 billion this year compared to US$4.1 billion recorded in 2021 and US$19.1 billion in 2020.