Vietnam Exports to Jump 38.5% in July

Vietnam will post $8.4 billion in exports in July on the strength of robust exports of food and commodities, according to the Ministry of Industry and Trade. That represents a 38.5 percent jump over the same month of 2010.

During the first seven months of the year, Vietnam exported an estimated $51.46 billion, up 33.5 percent over last year. Of that $23.7 billion were generated by foreign-invested enterprises, up 32.8 percent.

Thirteen export items posted over $1 billion: seafood, coffee, rice, rubber, crude oil, oil and gas, wood products, garment and textiles, footwear, gem stones, computers, electronics and components, mechanics, equipment, means of transport and spare parts.

Exports by the agro-forestry and seafood sectors soared 38.8 percent to $11.26 billion. They comprised 21.9 percent of Vietnam’s total export turnover.

Fuel and mineral exports jumped 37.6 percent to $6.34 billion. In percentage terms the biggest gains were in oil and gas (68.8 percent), mineral ores (63.7 percent) and crude oil (39.1 percent).

Exports of processed goods rose 24.3 percent to an estimated $25.76 billion during the first seven months.

Other goods with strong export growth cassava (38.8 percent), iron and steel (20.3 percent), coffee (18 percent) and rice (9.0 percent). Export items that posted declines include cashew nuts (16.9 percent), tea (4.8 percent), coal (12.8 percent) and crude oil (3.9 percent).

Vietnam enjoyed the highest export growth to China (57.7 percent) and the EU (47.1 percent), with smaller but healthy gains to Japan (23.1 percent), the U.S. (20.1 percent) and ASEAN (19 percent).