Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

Highlights 1. According to trade statistics of Vietnam Customs, in December 2022, a 1.7% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of the last month. Exports went up US dollars 10 million, to US dollars 29.03 billion and imports decreased 3.5%, to US dollars 27.29 billion in terms of month-on-month basis. As a result, there was a US dollars 1.74 billion surplus in Vietnam’s trade balance in this month.

2. In 2022, Vietnam‘s trade-in-goods totaled US dollars 730.2 billion in value terms, 9.1% above compared with last year. In which, total merchandise exports value rose 10.5%, to US dollars 371.3 billion and the total merchandise imports value increased 7.8% to US dollars 358.9 billion. Accordingly, Vietnam’s trade balance of 2022 was in the surplus of US dollars 12.4 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 38.04 billion in total for December of 2022, down by 4.0 % on month-on-month basis. FDI’s export value of USD 20.94 billion and FDI’s import value of USD 17.1 billion led to a trade surplus of USD 3.83 billion.

For 2022, trade-in-goods by FDI traders totaled US dollars 506.83 billion, up by 9.3% on year-on-year basis. Total value of FDI exportation was USD 273.63 billion, increased by 11.6%. On import side, the total value of those companies was USD 233.2 billion, up by 6.7%. As a result, FDI’s trade balance was in surplus of USD 40.42 billion.

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

Main Exports and Imports

4. The November of 2022 to December of 2022 remained in total merchandise exports. Some selected export groups was in downward trend such as telephones, mobile phones and parts thereof (down by USD 1.42 billion); still image, video cameras and sprats thereof (down by USD 108 million)... In contrast, some selected groups was increased as compared to the last month such as computers, electrical products, spare-parts and components thereof (up by USD 716 million); wood and wooden products (up by USD 135 million);

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

On a year-on-year basis, exports increase USD 35.14 billion, to USD 371.3 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 7.43 billion); foot-wears (up by USD 6.15 billion); textiles and garments (up by USD 4.82 billion); computers, electrical products, spare-parts and components thereof (up by USD 4.74 billion); telephones; fishery products (up by USD 2.04 billion);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in 2022 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 57.99 billion in export value and was up by 0.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (up by 7.1% on year-on-year basis, to USD 16.26 billion); United States (up by 22.5% on year-on-year basis, to USD 11.88 billion); EU (27) (down by 15.1% on year-on-year basis, to USD 6.7 billion); Republic of Korea (up by 5.3% on year-on-year basis, to USD 5.05 billion).

Computers, electrical products, spare-parts and components thereof reached USD 55.54 billion in export value; went up 9.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 25% on year-on-year basis, to USD 15.94 billion); China (up by 7.3% on year-on-year basis, to USD 11.88 billion); EU (27) (up by 4.7% on year-on-year basis, to USD 6.87 billion); Hong Kong (China) (down by 6.7% on year-on-year basis, to USD 5.88 billion); Republic of Korea (down by 3.1% on year-on-year basis, to USD 3.38 billion).

Machine, equipments, tools and instruments reached USD 45.75 billion in export value; went up by 19.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 13.3% on year-on-year basis, to USD 20.18 billion); EU (27) (up by 32.2% on year-on-year basis, to USD 5.76 billion); China (up by 28.3% on year-on-year basis, to USD 3.68 billion).

Textiles and garments reached USD 37.57 billion in export value ; went up by 14.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 7.9% on year-on-year basis, to USD 17.36 billion); EU (27) (up by 34.7% on year-on-year basis, to USD 4.46 billion); Japan (up by 25.8% on year-on-year basis, to USD 4.07 billion); Republic of Korea (up by 12.1% on year-on-year basis, to USD 3.31 billion).

6. The November of 2022 to December of 2022 decreased in total merchandise imports was due to the downturns of the commodities as follows: telephones, mobile phones and parts thereof (down by USD 526 million); machine, equipments, tools and instruments (down by USD 246 million); plastics (down by USD 222 million)…

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

On a year-on-year basis, The growth in imports to USD 358.9 billion was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 6.33 billion); petroleum products (up by USD 4.86 billion); chemicals (up by USD 1.5 billion); coal (up by USD 2.69 billion); crude oil (up by USD 2.61 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in 2022 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; textile, leather and foot-wears materials and auxiliaries group.

Computers, electrical products, spare-parts and components thereof reached USD 81.88 billion in import value; went up by 8.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 9.6% on year-on-year basis, to USD 24.06 billion); Republic of Korea (up by 14.3% on year-on-year basis, to USD 23.2 billion); Taiwan (China) (up by 15.1%, to USD 11.07 billion).

Machine, equipments, tools and instruments reached USD 45.19 billion in import value; went down 2.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 2.5% on year-on-year basis, to USD 24.29 billion); Republic of Korea (up by 2.1% on year-on-year basis, to USD 6.24 billion); Japan (down by 3.8% on year-on-year basis, to USD 4.29 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 27.96 billion in import value; was up by 6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 3.1% on year-on-year basis, to USD 14.06 billion); Taiwan (China) (up by 4.7%, to USD 2.59 billion); Republic of Korea (down by 1.2% on year-on-year basis, to USD 2.53 billion); the United States (up by 10.2%, to USD 1.78 billion).

Telephones, mobile phones and parts thereof reached USD 21.13 billion in import value; was down by 1.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 7.1% on year-on-year basis, to USD 11.49 billion); China (down by 12.7% on year-on-year basis, to USD 8.06 billion); Taiwan (China) (up by 13.9%, to USD 414 million).

Trading Partners

8. In 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 475.29 billion in value terms, which moved up 9.6% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 153.73 billion and increased by 10.5%. The values of other continents were Europe: USD 75.45 billion, up by 2.8%; Oceania: USD 17.62 billion, up by 24.3% and Africa: USD 8.1 billion, down by 3.9% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

9. For 2022, 4 exporting markets of Vietnam with turnover of over USD 24 billion were: The United States of America (reached USD 109.39 billion); China (reached USD 57.7 billion); Republic of Korea (reached USD 24.29 billion) and Japan (reached USD 24.23 billion).

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 22 billion were as follows: China (reached USD 117.95 billion); Republic of Korea (reached USD 62.09 billion); Japan (reached USD 23.37 billion); Taiwan (reached USD 22.63 billion).

Preliminary assessment of Vietnam international merchandise trade performance in full year 2022
Source: Vietnam Customs

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