Vietnam's Trade Surplus At $4 Billion, Exports At $79.17 Billion In Q1 2023

Vietnam has recorded a trade surplus of $4.07 billion in the first quarter (Q1) of 2023, according to the General Statistics Office (GSO). The country earned $79.17 billion in export revenue, down 11.9 per cent compared to the same period last year, while imports decreased by 14.7 per cent to $75.1 billion.
The US remained the largest importer of Vietnamese goods with a turnover of $20.6 billion, followed by China with $23.6 billion. However, Vietnam's trade surplus with the US was estimated at $17.5 billion, down 23.4 per cent year-on-year, while that with the EU reached $6.9 billion.

The domestic economic sector contributed $19.26 billion to the export revenue, a 17.4 per cent annual decrease, while the foreign-invested sector contributed the rest, down by 10 per cent. Among the exports, four types of goods earned over $5 billion, accounting for 52.8 per cent, while 14 other goods raked in more than $1 billion, making up 77.4 per cent, Vietnamese media reports said quoting the GSO data.

Vietnam's domestic sector spent $26.03 billion on imports, down by 13.3 per cent, while the foreign-invested sector poured $49.07 billion, a 15.4 per cent drop. Most of the imports were materials for production, equivalent to 93.5 per cent.

In line with the scheme on restructuring the industry and trade sector till 2030, Vietnam aims to maintain an annual trade surplus growth of 6-8 per cent.