Vietnam sees USD3.7bn import surplus in first eight months

Vietnam had an import surplus of USD3.7bn in the first eight months of 2021.

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General Department of Vietnam Customs reported that the trade revenue in August dropped by 5.8% on the previous month. Vietnam had an import surplus of VND1.3bn in August alone and USD3.7bn in the first eight months of 2021. This is a huge decline compared to the first eight months of 2020 in which Vietnam had an export surplus of nearly USD13.7bn.

The majority of exported items in August were crude oil, cement, timbers and wooden furniture, textile material and footwear. Many profitable items such as spare parts and fisheries products were not on the list. Vietnam mostly imported petrol, computers, spare parts, mobile phones, cars and steel.

The export revenue for the first eight months was over VND256trn (USD11.2bn), an increase of 29.3% on the same period last year.

Vietnam started to see an import surplus since June when the fourth Covid-19 wave broke out. Many industrial zones had to close and social distancing rules were applied in various areas that are industrial provinces or cities.

Cat Lai Port was overloaded with containers due to travel restrictions. This is a clear sign showing that the domestic production activities were stagnant so imported materials have not been used.