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Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

13:59 | 17/12/2022

Highlights 1. According to trade statistics of Vietnam Customs, in October 2022, a 0.1% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of September 2022. Exports went up 1.9 %, to USD 30.37 billion and imports decreased 1.7%, to USD 27.90 billion in terms of month-on- month basis. As a result, there was a USD 2.47 billion surplus in Vietnam’s trade balance in this month.

2. In the first 10 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 616.3 billion in value terms, 14.1% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 16%, to US dollars 312.94 billion and the total merchandise imports value increased 12.2% to US dollars 303.35 billion. Accordingly, Vietnam’s trade balance for January-October period of 2022 was in the surplus of US dollars 9.59 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 41.08 billion in total for October of 2022, down by 0.9 % on month-on-month basis. FDI’s export value of USD 22.73 billion and FDI’s import value of USD 18.35 billion led to a trade surplus of USD 4.38 billion.

For January-October period of 2022, trade-in-goods by FDI traders totaled US dollars 428.99 billion, up by 14.6% on year-on-year basis. Total value of FDI exportation was USD 231.04 billion, increased by 17%. On import side, the total value of those companies was USD 197.95 billion, up by 11.9%. As a result, FDI’s trade balance was in surplus of USD 33.1 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

Main Exports and Imports

4. The September of 2022 to October of 2022 increase in total merchandise exports was due to the upwards in telephones, mobile phones and parts thereof (up by USD 285 million); foot-wears (up by USD 171 million); crude oil (up by USD 156 million);...

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

On a year-on-year basis, exports increase USD 43.1 billion, to USD 312.94 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 8.27 billion); foot-wears (up by USD 5.89 billion); computers, electrical products, spare-parts and components thereof (up by USD 5.75 billion); textiles and garments (up by USD 5.64 billion); telephones, mobile phones and parts thereof (up by USD 3.78 billion);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 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 50.37 billion in export value and was up by USD 8.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (up by 9.5% on year-on-year basis, to USD 12.99 billion); United States (up by 37.2% on year-on-year basis, to USD 10.8 billion); EU (27) (down by 6.4% on year-on-year basis, to USD 5.89 billion); Republic of Korea (up by 12.6% on year-on-year basis, to USD 4.57 billion).

Computers, electrical products, spare-parts and components thereof reached USD 46.62 billion in export value; went up 14.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 26.4% on year-on-year basis, to USD 13.23 billion); China (up by 12.9% on year-on-year basis, to USD 9.81 billion); EU (27) (up by 13.6% on year-on-year basis, to USD 5.99 billion); Hong Kong (China) (up by 2.6% on year-on-year basis, to USD 5.03 billion); Republic of Korea (down by 1% on year-on-year basis, to USD 2.78 billion).

Machine, equipments, tools and instruments reached USD 38.17 billion in export value; went up by 27.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 26% on year-on-year basis, to USD 16.83 billion); EU (27) (up by 44.7% on year-on-year basis, to USD 5.09 billion); China (up by 34.8% on year-on-year basis, to USD 3.03 billion); Republic of Korea (up by 10.6% on year-on-year basis, to USD 2.32 billion).

Textiles and garments reached USD 31.73 billion in export value ; went up by 21.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 16.3% on year-on-year basis, to USD 14.89 billion); EU (27) (up by 44.6% on year-on-year basis, to USD 3.73 billion); Japan (up by 28.4% on year-on-year basis, to USD 3.3 billion); Republic of Korea (up by 16.1% on year-on-year basis, to USD 2.86 billion).

6. The September of 2022 to October of 2022 reduction in total merchandise imports was due to the downturns of the commodities as follows: machine, equipments, tools and instruments (down by USD 309 million); crude oil (down by USD 224 million); computers, electrical products, spare-parts and components thereof (down by USD 221 million); textile, leather and foot-wears materials and auxiliaries group (down by USD 105 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

On a year-on-year basis, imports went up USD 32.88 billion, to USD 303.35 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 10.04 billion); petroleum products (up by USD 4.08 billion); chemicals and chemical products (up by USD 2.81 billion); coal (up by over USD 2.7 billion); crude oil (up by USD 2.31 billion); textiles, leather and foot-wears materials and auxiliaries group (up by USD 2.24 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 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 70.45 billion in import value; went up by 16.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 17.7% on year-on-year basis, to USD 20.6 billion); Republic of Korea (up by 23.2% on year-on-year basis, to USD 20 billion); Taiwan (China) (up by 22.6%, to USD 9.62 billion); Japan (up by 30%, to USD 6.03 billion).

Machine, equipments, tools and instruments reached USD 37.83 billion in import value; went down 1.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 0.6% on year-on-year basis, to USD 20.5 billion); Republic of Korea (up by 3.3% on year-on-year basis, to USD 5.27 billion); Japan (down by 2.3% on year-on-year basis, to USD 3.55 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 23.83 billion in import value; was up by 10.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 8.2% on year-on-year basis, to USD 12.03 billion); Taiwan (China) (up by 11.5%, to USD 2.26 billion); Republic of Korea (up by 2.6% on year-on-year basis, to USD 2.1 billion); the United States (up by 12.6%, to USD 1.67 billion).

Telephones, mobile phones and parts thereof reached USD 17.78 billion in import value; was up by 5.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 15.1% on year-on-year basis, to USD 9.56 billion); China (down by 6.1% on year-on-year basis, to USD 6.58 billion).

Trading Partners

8. In the first 10 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 398.41 billion in value terms, which moved up 13.8% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 131.23 billion and increased by 16.8%. The values of other continents were Europe: USD 64.7 billion, up by 8.9%; Oceania: USD 15.02 billion, up by 30.4% and Africa: USD 6.94 billion, down by 1.5% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

9. For Jan-October period of 2022, 4 exporting markets of Vietnam with turnover of over USD 19 billion were: The United States of America (reached USD 93.36 billion); China (reached USD 47.08 billion); Republic of Korea (reached USD 20.62 billion) and Japan (reached USD 19.94 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 19 billion were as follows: China (reached USD 100.01 billion); Republic of Korea (reached USD 53 billion); Taiwan (reached USD 19.77 billion); Japan (reached USD 19.55 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2022

Source: Vietnam Customs