Vietnam records 24.3 billion USD trade surplus in 11 months

Vietnam posted a trade surplus of 24.31 billion USD in the January-November period, according to the General Statistics Office.

Rice sector is among the product categories achieving high export growth rates. (Photo: VNA)

In November alone, import-export turnover reached 66.4 billion USD, down 4.1% month on month but up 9% year on year.

The cumulative trade value for the first 11 months of the year rose by 15.4% annually to 715.55 billion USD.

In this peirod, export revenue expanded by 14.4% to 369.93 billion USD, while imports grew by 16.4% to 345.62 billion USD. The domestic economic sector contributed 103.88 billion USD or a 20% increase, accounting for 28.1% of the total, Meanwhile, the foreign-invested sector, including crude oil, generated 266.05 billion USD, up 12.4% and making up 71.9%.

Up to 36 key export items each surpassed 1 billion USD in value, collectively accounting for 94.1% of the total. Among them, seven standout products exceeded 10 billion USD, contributing a substantial 66.5% to the overall value.

Meanwhile, imports were valued at 345.62 billion USD, up 16.4% annually. The domestic economic sector’s spending went up 18.5% to 126.05 billion USD while the foreign-invested sector recorded 219.57 billion USD, a 15.2% increase.

A total of 44 import products surpassed the 1 billion USD threshold, making up 92.6% of the total, with five exceeding 10 billion USD, representing 51.4%.

The US remained Vietnam's largest export market with 108.9 billion USD, while China led as the top supplier at 130.2 billion USD.

Efforts to improve export quality, reduce costs, and leverage Free Trade Agreements (FTAs) were emphasised, along with the need for digital transformation and enhanced market linkages./.

VNA