Vietnam’s merchandise exports in the first seven months of 2021 increase by 25.5% year-on-year

Vietnam's merchandise exports in the first seven months of 2021 increase by 25.5% year-on-year

According to data released by the General Statistics Office of Vietnam on July 29, in July this year, the country’s merchandise exports reached approximately US$27 billion, a month-on-month decrease of 0.8% and a year-on-year increase of 8.4%.

In the first July of 2021, Vietnam’s national merchandise exports reached approximately US$185.33 billion, a year-on-year increase of 25.5%. Among them, the export value of domestic enterprises reached 48.52 billion U.S. dollars, a year-on-year increase of 14.6%, accounting for 26.2% of total merchandise exports, and the export value of foreign-funded enterprises (including oil) reached 136.81 billion U.S. dollars, an increase of 29.9% year-on-year, accounting for 73.8% of total exports.

According to the General Administration of Statistics, in the first seven months of this year, exports of 27 categories of goods exceeded US$1 billion, accounting for 90.2% of total exports. Among them, the export value of 5 kinds of commodities exceeded 10 billion U.S. dollars, accounting for 57.8%.

From the perspective of the export commodity structure, the export value of fuels and minerals reached approximately US$1.87 billion, an increase of 1.4% over the same period last year; the export value of processing and industrial commodities reached approximately US$164.89 billion, an increase of 27%; agricultural products and forest products export value reached USD 13.65 billion, an increase of 16.7%; the export value of aquatic products reached USD 4.92 billion, an increase of 12%.

As for the commodity export market, the United States is Vietnam’s largest export market, with exports amounting to 53.6 billion U.S. dollars, an increase of 37.4% over the same period last year. Secondly, Vietnam’s exports to China reached 28.7 billion U.S. dollars, an increase of 24.2%. Vietnam’s exports to the EU market reached 22.5 billion U.S. dollars, an increase of 15.5%.

According to the General Administration of Statistics, in July 2021, commodity imports reached 28.7 billion U.S. dollars, an increase of 3.8% month-on-month and a year-on-year increase of 29.9%.

In the first seven months of 2021, merchandise imports reached approximately US$188.03 billion, an increase of 35.3% year-on-year. Among them, domestic enterprises’ imports reached US$66.31 billion, an increase of 29.8%, and foreign-invested enterprises reached US$121.72 billion, an increase of 38.5%.

In the first seven months of this year, imports of 31 categories of goods exceeded US$1 billion, accounting for 87.5% of total imports. Regarding the structure of imported commodities, the import value of production materials reached 176 billion US dollars, a year-on-year increase of 35.8%. Among them, the import value of mechanical equipment, tools and accessories reached 84.3 billion US dollars, an increase of 30%; the import value of raw materials, fuels and materials reached 92 billion US dollars, an increase of 41.5%, and the import value of consumer goods reached 11.6 billion US dollars, an increase of 28.5%.

Regarding the import market, China is Vietnam’s largest import market, with imports amounting to US$62.3 billion, a year-on-year increase of 48.5%. Secondly, the import value of the Korean market reached 29.7 billion US dollars, an increase of 19.9%; the ASEAN market reached 24.7 billion US dollars, an increase of 48.2%; Japan reached 12.6 billion US dollars, an increase of 13.8%, and so on.

In July 2021, the national trade deficit reached US$1.7 billion. In the first seven months of this year, the trade deficit reached US$2.7 billion.

To help domestic enterprises increase their production and export efforts, the Ministry of Industry and Trade will make full use of the opportunities of various free trade agreements to look for measures to open up markets, eliminate trade barriers, and enter new markets.

At the same time, the Ministry of Industry and Trade will give priority to promoting exports to the rapid recovery of the market in the post-epidemic era, pay attention to the situation of each market, develop the energy industry, precision machinery industry and machinery manufacturing industry, and ensure the development conditions of auxiliary industries.