Exports to EU nearly reach US$26 billion in eight months

Exports to EU nearly reach US$26 billion in eight months

VGP – Viet Nam’s exports to the EU hit US$25.92 billion over the recent eight months of 2020, according to the General Department of Customs.

VGP – Viet Nam’s exports to the EU hit US$25.92 billion over the recent eight months of 2020, according to the General Department of Customs. 

During the first month that the EU-Viet Nam Free Trade Agreement (EVFTA) took effect (August 1, 2020), Viet Nam gains US$3.78 billion from exporting to the EU.

During the first month that the EU-Viet Nam Free Trade Agreement (EVFTA) took effect (August 1, 2020), the nation earned US$3.78 billion from exporting to the EU. 

 

In comparison with the average export value of the seven previous months of the year, the export turnover in August witnessed an increase of US$600 million. 

Currently, phones and accessories took the lead among export items to the EU with more than US$1 billion in August only, raising the total export value in eight months to US$6.96 billion, a year-on-year decrease of 17.2%. 

In addition, the EU is also the top export market of Viet Nam’s other crucial commodities such as computers, electronics, spare parts, garments, agricultural products and footwear.  

As of the end of August, Viet Nam’s imports from the EU reached US$9.82 billion. In August only, Viet Nam spent US$1.4 billion from importing EU’s products, an increase of US$200 million compared to the average import value of the previous seven months. 

By Thuy Dung

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