Import-export turnover reaches $620 billion in the first 10 months

Exports climbed by 17.2% to reach $282.3 billion, exceeding the industry's target by two times (the target for the entire year saw a growth in exports of roughly 8%).

The trade balance maintained its $6.76 billion trade surplus (during the same period, there was a $3.44 billion trade deficit), making a positive contribution to the balance of payments, stabilizing exchange rates, and stabilizing macroeconomic indicators of other aspects of the economy.

As of October 21, 2022, the import-export turnover increased by about $620 billion. In order to reach the amount of 2021, only more than $40 billion remains. At the same time, the trade surplus recorded almost $8 billion, with 32 products with an export turnover of a hit over $1 billion, up from two products during the same period.

The growth focused on Vietnamese products that had the strength and benefited from FTAs such as textiles and garments (up 24%) and footwear (up 36%).

Chemicals, plastics, fertilizers, steel, and other commodities can all benefit from high prices to increase exports. Businesses are successfully utilizing the benefits of FTAs to boost exports; traditional markets are fully used, creating new markets.

According to the Ministry of Industry and Trade's report on the estimated value of goods exported in 2022 is $368 billion, up about 9.46% from 2021 and exceeding the target set by the government by about 8%; the estimated value of imports was $367 billion.

It is expected that in 2022, the trade balance will have a trade surplus of about $1 billion USD, exceeding the planned target.