In October, Vietnam’s trade surplus was US $ 2 billion, which was less than the previous month because imports exceeded exports. Data provided by the General Statistics Office (GSO) on Wednesday showed that imports jumped 13.6 per cent year over year, while sales increased 10.1 per cent.
According to GSO, about 94 per cent of the nation’s imports were raw materials for manufacturing, particularly for the expanding RMG sector, making this October surplus the lowest since May. According to Oxford Economics, the sustained demand for textiles will support export growth.
China continues to be Vietnam’s top import supplier; according to the GSO, imports from China totalled US $ 92 billion by August, up 26 per cent from the same time previous year. In 2023, this amount represents almost 37 per cent of Vietnam’s total imports. Vietnam’s imports of Chinese textiles have increased in 2024, increasing by 12.36 per cent in the first seven months of the year compared to the same time in 2023.
Between January and October, Vietnam’s imports and exports increased by 16.8 per cent and 14.9 per cent, respectively, to US $ 312.28 billion and US $ 335.59 billion of the previous year. After Bangladesh and China, Vietnam is the third-largest exporter of textiles worldwide.
Vietnam’s exports of clothing and textiles rose 6.3 per cent to US $ 20.274 billion in the first seven months of 2024. Vietnam’s textile and apparel exports totalled US $ 4.055 billion in August 2024, a 17.6 per cent increase from the previous year. In 2024, Vietnam also imported more yarn, cotton, and fabric. Vietnam bought US $ 1.239 billion worth of fabrics and textiles, 114,300 tonnes of yarn, and 131,400 tonnes of cotton in August 2024.
October saw a 7.0 per cent increase in industrial production as well, but a slower pace than the 10.8 per cent surge in September. According to Oxford Economics, this slowdown might be caused by Typhoon Yagi, which made landfall in September.
