The domestic economic sector has become a bright spot for export

In the context of the Covid-19 epidemic strongly affecting global and Vietnamese trade, the domestic economic sector has surpassed the foreign-invested sector in exporting goods, to contribute to the export surplus is nearly 12 billion USD in the first 8 months.

In the first 8 months of the year, rice products reached $ 2.2 billion, up 10.4% over the same period

Data of the General Statistics Office shows that, for the eight months of 2020, export turnover is estimated at $ 174.11 billion, up 1.6% over the same period last year.

It is noteworthy that the domestic economic sector became a bright spot with export turnover reaching US $ 60.80 billion, up 15.3%; foreign investment sector (including crude oil) reached 113.31 billion USD (accounting for 65.1% of total export turnover), down 4.5%. This positive result contributed to the trade surplus of nearly 12 billion USD in the first eight months of the year, despite the disease affecting global trade activities and Vietnam.

The domestic economic sector became a bright spot with export turnover reaching 60.80 billion USD, up 15.3%; foreign investment sector (including crude oil) reached 113.31 billion USD (accounting for 65.1% of total export turnover), down 4.5%.

The United States became Vietnam’s largest export market in eight months with a turnover of $ 46.7 billion, up 19% over the same period last year. Next is China with 27 billion USD, up 13%; EU market reached 22.9 billion USD, down 4%; ASEAN market reached USD 15 billion, down 13.6%; South Korea reached 12.6 billion USD, down 1.5%; Japan reached 12.5 billion USD, down 6.1% …

In 8 months, there were 27 items with export turnover of over 1 billion USD, accounting for 89.7% of total export turnover, of which: Phones and components reached 31.5 billion USD, down 5.5% compared to that of in the same period last year; electronics, computers and components reached 27.6 billion USD, up 24.8%; textiles and garments reached 19.2 billion USD, down 11.6%; machinery, equipment and tools by 31.9%; footwear reached 10.9 billion USD, down 8.6%; wood and wood products reached 7.3 billion USD, up 9.6%; seafood reached 5.2 billion USD, down 5.3%; means of transport and spare parts reached 5.2 billion USD, down by 9.5% …

It is quite surprising that in the context of epidemics, the export turnover of most agricultural products decreased compared to the same period last year: Vegetables and fruits reached 2.3 billion USD, down by 11.3%; cashew nuts reached $ 2 billion, down 5.4% (volume up 9%); coffee reached 2 billion USD, decreased by 1.3% (volume decreased by 1.3%); rubber reached 1.2 billion USD, down 12.7% (down 5.9%); peppercorn was 445 million USD, down by 20% (down by 7.4%); tea reached 134 million USD, down 6.2% (volume increased by 3.5%). Rice products alone reached $ 2.2 billion, up 10.4% (volume decreased by 1.7%) …

According to experts, in the current difficult context, the domestic economic sector becomes a bright spot with the export turnover of 60.80 billion USD is a remarkable effort. In addition, the 8-month balance of trade in goods was estimated to have an export surplus of 11.9 billion USD, despite the Covid-19 epidemic continuing to negatively affect import and export activities, showing that the Government and the business community Vietnam has been very proactive in responding to difficulties to continue to maintain growth momentum.

It is known that from now to the end of the year, in order to promote export activities, the Ministry of Industry and Trade will develop a Trade Promotion Activity Plan for the period of 2020-2025 to contribute to sustainable export development in the context of enforce EVFTA, CPTPP and free trade agreements with the aim of reviewing and selecting a number of commodity industries with potential products, with room for development in the markets of partner countries that have signed the agreement. Free trade with Vietnam.

In addition, to increase the deployment of trade promotion forms applying online tools to maintain the market, relationship with partners, support businesses to quickly find customers for agricultural products. food products, essential goods, products for epidemic prevention …

Hoa Son
Source: Finance Magazine

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