VIET NAM BOASTS STRONG EXPORTS TO CPTPP COUNTRIES IN FIRST-HALF OF 2021

Việt Nam's export turnover in July to countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), reached US$3.98 billion, a 0.79 per cent increase from June and a 21.64 per cent increase from the same period last year.

Two-way trade in July reached $7.9 billion, a 0.5 per cent increase from June and a 22.1 per cent increase from the same period last year, according to the latest report from the Ministry of Industry and Trade.

The Southeast Asian country reported a trade surplus of just over $59 million with the bloc, a 60.5 per cent increase from June and a 22.6 per cent decrease from the same period last year. During the first seven months of the year, Việt Nam's trade surplus with the bloc was at $86.3 million, a 75.9 per cent decrease from the same period last year.

While exports to Asian markets including Malaysia, Japan and Singapore have slowed down, the country has recorded growth in those to Australia, Chile and Peru. Among Việt Nam's main exports, mobile phones and phone parts have been on the rise while textile products, computers and footwear have declined.

During the first half of the year, the country recorded robust growth in exports of its commodities with the exception of crude oil, rice and livestock feed, which have only seen modest growth.

Notably, exports of textile products have only grown around 2.6 per cent while growth in exports to CPTPP members was at 10.92 per cent compared to the 13.04 per cent growth recorded last year.

Meanwhile, the country imported $3.92 billion in goods and services from CPTPP members in July, a slight uptick of 0.23 per cent from June but a large increase of 22.7 per cent from the same period last year.

In the first seven months of 2021, Việt Nam imported $25.96 billion in goods and services from CPTPP members, a 24.21 per cent increase from the same period last year, and accounting for 13.75 per cent of the country's total import.

The bulk was made up of machinery and machine parts, which has seen modest growth of 1.82 per cent from the same period last year.

Source: VNS