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The Financial Express

Vietnam posts highest trade surplus in five years

| Updated: January 01, 2021 18:50:14


Evaly and Fianancial Express Evaly and Fianancial Express
File photo (Collected) File photo (Collected)

Vietnam recorded export turnovers of approximately 281.5 billion US dollars in 2020, up 6.5 per cent year-on-year, and import turnovers of over $262.4 billion, up 3.6 per cent, with a trade surplus of $19.1 billion, the highest in the past five years, the General Statistics Office said on Monday.

Specifically, Vietnam gained nearly $50.9 billion from exporting phones and components, down 1.0 per cent; roughly $44.7 billion from electronic goods, computers, and components, up 24.4 per cent; around $29.5 billion from garments and textiles, down 10.2 per cent; and nearly $16.6 billion from footwear, down 9.6 per cent, reports Xinhua.

The United States remained Vietnam's biggest importer with turnovers of $76.4 billion, tailed by China with $48.5 billion and the European Union with $34.8 billion, said the office.

In the same period, Vietnam spent nearly $64 billion importing electronic goods, computers and components, up 24.6 per cent; roughly $37.4 billion on machines, equipment and spare parts, up 1.7 per cent, and $16.6 billion on phones and components, up 13.3 per cent.

Meanwhile, China was Vietnam's largest exporter with turnovers of $83.9 billion, followed by South Korea with $46.3 billion and the Association of Southeast Asian Nations (ASEAN) with $30 billion, according to the office.

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