Import and export turnover in October is estimated at more than US$50 billion and Vietnam continues to set a new record of trade surplus, according to a press release from the General Department of Customs on the afternoon of October 28.

Vietnam's trade surplus set a new record of more than US$18 billion USD.
Photo: T. Binh. 

Regarding import and export activities, the total value in October is estimated at US$50.7 billion, down 1.3% from the previous month. Of which, total export value is estimated at US$26.2 billion, down by 3.5% and total import value US$24.5 billion, up 1.2%. The country's export value increased by 7.9% and import value increased by 10.1% compared to the same period in 2019.

With the above developments, Vietnam’s merchandise trade balance of Vietnam in October is estimated to see a surplus of US$1.7 billion.

Thus, by the end of October, the total import-export turnover is estimated at US$439.32 billion, up 2.5% over the same period in 2019. Of which, the total export value is estimated at US$228.77 billion, up 4.2% and the total import value is estimated at US$210.55 billion, up 0.4% over the same period in 2019.

Vietnam merchandise trade balance in the first 10 months of 2020 maintains a record surplus of over US$18.22 billion.

The exported items with notable fluctuations in October are crude oil and ores of all kinds.

Specifically, crude oil exports in October are estimated at 446,000 tons, up 6.9% and worth US$135 million, up 3.9% over the previous month.

In the first 10 months of the year, the volume of exported crude oil is estimated at 4,341 million tons and valued at US$1,447 billion, up 28.1% in volume and down 16.4% in value over the same period in 2019.

Exports of ores of all kinds in October are estimated at 400,000 tons, up 99.3% and worth US$9 million, down 18.8% over the previous month.

By the end of October, the export volume of ores is 2.767 million tons, worth US$188 million; up 10% in volume and down 1.2% in value compared to the same period last year.

The imported goods with notable fluctuations include: crude oil is estimated at 1.35 million tons and valued at US$424 million. By the end of October, it is estimated at 10.219 million tons and valued at US$3.338 billion, up 51.6% in volume and 4.7% in value over the same period in 2019.

Petroleum of all kinds is estimated at 450,000 tons, up 0.9% and valued at US$170 million, up 3.1% over the previous month. By the end of October, it is estimated at 6,841 million tons and valued at US$2,703 billion, down 15.4% in volume and 45.4% in value over the same period in 2019.

Computers, electronic products and components are estimated at US$6.2 billion, down 2% from the previous month; by the end of October, they are estimated at US$51.28 billion, up 20.2% over the same period in 2019.

Notable imported products are CBU cars estimated at 15,000 units, up 14.4% and valued at US$297 million, up 16.1% over the previous month.

By the end of October, car imports are estimated at 81,000 units, worth US$1,774 billion, down 33.1% in volume and 34% in value over the same period in 2019.

Customs revenue from 1st to 26th of October reached VND22,418 billion, thereby bringing the accumulated revenue from the beginning of the year to October 26 to VND247,219 billion, or 73.1% of the estimate, reaching and 69.7% of the desired target, a year-on-year decrease of 13.59%, according to the press release from the General Department of Customs on the afternoon of October 28.