The month of July saw the nation enjoy a trade surplus of US$2.77 billion, boosting the seven-month trade surplus to a record high of US$8.23 billion, according to figures released by the Ministry of Industry and Trade (MoIT).

The MoIT stated that these figures are far higher than the previous estimate of US$6.5 billion which had been released by the General Statistics Office. 

In line with these statistics, import-export turnover during July witnessed a surge of 8.5% to US$46.96 billion in comparison to June, with total exports over the seven-month period increasing by 1.5% to US$147.6 billion in comparison with the same period from last year, while imports suffered a year-on-year decline of 3% to US$129.21 billion.

Furthermore, strong export growth was seen in commodity categories, including telephones of all types, computers, electronic products and components, machinery, equipment and spare parts, textile and footwear, whilst mobile phones recorded the highest export value in July.

The sharp increase in export value of mobile phones can largely be attributed to the fact that Samsung launched a new smartphone model, the Galaxy Note20, which was recently launched worldwide.

Despite the negative effects of the COVID-19) on import and export activities, Vietnam still recorded a high trade surplus, which can be considered a positive sign for the national economy.

According to economists, the high trade surplus is expected to have a favourable impact on the macroeconomy as it has contributed to stabilising exchange rates and regaining the confidence of businesses in markets, meaning that they will likely continue investing in production expansion.

Amid challenges caused by the COVID-19, the MoIT has initiated a range of solutions to facilitate export activities by boosting trade promotion through e-commerce, disseminating information on fee trade agreements, and simplifying import and export procedures.

Moreover, Vietnamese Trade Offices abroad are also seeking new markets for Vietnamese goods, with the aim of fulfilling the export turnover target of US$300 billion for the year.