Vietnam enjoys surplus worth nearly US$45 billion with G7 countries

According to official statistics from the General Department of Vietnam Customs, the total value of goods exchanged between Vietnam and the G7 (including France, Germany, Italy, Japan, United Kingdom, United States and Canada) in 2017 reached US$113 billion, up 9.5% over 2016 and accounting for more than a quarter of the total import and export turnover.

The total export turnover of Vietnamese enterprises to the G7 market reached US$78.98 billion, an increase of 8.4% (equivalent to US$6.13 billion) compared to a year ago, and accounted for 36.7% of Vietnam’s total export turnover.

In the opposite direction, the total value of goods imported from the G7 member countries was at US$34.03 billion, an increase of 12.3% and accounting for 16% of the total import turnover.

In trade with the G7 in 2017, Vietnam enjoyed a surplus up to US$44.95 billion, greater than the import of goods originating from the G7.

According to the department, Canada, the host country of the G7 Summit this year, ranked seventh in the G7 group and 24th out of more than 200 trading partners of Vietnam in 2017.

In recent years, Canada has always been among Vietnam’s 25 largest trading partners. In 2017, the total value of imports and exports between Vietnam and Canada reached US$3.52 billion, an increase of 15.3% against the performance in 2016.

In particular, Vietnam's exports to Canada reached US$2.72 billion, up 2.4% over 2016, accounting for 1.3% of the total export value of the country, while imported goods from Canada reached nearly US$800 million, a sharp increase of 102.3% over 2016, accounting for 0.4% of the total.

Statistics from the General Department of Customs in recent years show that Vietnam has always enjoyed a trade surplus over Canada. The figure steadily increased during the 2011-2016 period. However, in 2017, the trade surplus decreased due to the sharp increase of imports from this market. Specifically, Vietnam’s strongest surplus to Canada was in 2016 with US$2.26 billion but the surplus shrank to US$1.92 billion a year later.

In the first four months of 2018, the total value of exports and imports between Vietnam and Canada reached US$1.12 billion, up 3.3% over the same period in 2017, in which export turnover reached US$820 million, down 0.6%, and imports at US$303 million, up 15.9%.