Analyst Pin-board Strong external demand but headwinds remained
- Trade surplus in Oct was the highest since Jan.
- Strong rebound of domestic sector’s exports.
- Strong external demand but headwinds remained
Trade surplus in Oct was the highest since Jan
Vietnam’s exports showed a rebound of 6.1% yoy and 6.8% mom in Oct, largely thanks to the relaxation of pandemic restrictions and strong external demand of major markets such as China and the US. Surprisingly, export growth of domestic sector was relatively strong in Oct, rising 15.3% yoy vs. an insignificant gain of FDI sector (~2.9% yoy). On the other hand, imports continued to slow down, rising 7.8% yoy but declined 2.0% mom. That left a trade surplus of US$2.7bn for the month, the highest since the beginning of the year. In Jan-Oct, Vietnam’s total exports and imports were up 17.4% yoy and 28.3% yoy, respectively. Notably, thanks to a huge trade surplus in Oct, accumulated trade balance in 10M21 has turned positive to US$0.8 bn in 10M21, vs. a deficit of US$1.9 bn in 9M21
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