Trade surplus signals Vietnam's changing economic landscape

The latest data from the General Department of Customs show that exports outstripped imports by US$760 million in the first eleven months of the year, and the gap is expected to rise to US$1 billion for the whole of 2013.

In 2012, Vietnam's exports exceeded imports for the first time since 1993. Between 2006 and 2011, the country turned in large trade deficits, averaging US$12.1 billion per year.

Export revenue in 2013 is projected to reach US$132.5 billion, while imports should total US$131.5 billion, leaving the trade surplus at US$1 billion.

Such results were mostly caused by strong exports and weaker-than-expected imports.

A breakdown of exports shows that the proportion of raw goods and pre-processed products has been falling, while highly processed and manufactured goods have been exported in higher volumes.

Coffee and rice export value dropped by more than 20%, and coal and crude oil fell by 27.2% and 13.1% respectively.

Meanwhile export revenue of mobile phones, computers and chemicals rose a staggering 76.4%, 40.5% and 31.9% respectively.

The export sector in 2013 was driven primarily by foreign-invested companies, which accounted for 65% of Vietnam's total export value when oil revenue is excluded.

Vietnam's exports outpaced imports in 48 of 79 major markets for which statistical data were available.

(Source: Nhan Dan Newspaper Online)