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Preliminary assessment of Vietnam international merchandise trade performance in the first 4 months of 2022

18:52 | 16/07/2022

Highlights 1. According to trade statistics of Vietnam Customs, in April 2022, a 2.4% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of March 2022. Exports went down 4 %, to USD 33.32 billion and imports decreased 0.6 %, to USD 32.47 billion in terms of month-on- month basis. As a result, there was a USD 849 million surplus in Vietnam’s trade balance in this month.

2. In the first 4 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 242.43 billion in value terms, 15.9% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 16.5%, to US dollars 122.48 billion and the total merchandise imports value increased 15.3% to US dollars 119.95 billion. Accordingly, Vietnam’s trade balance for January-April period of 2022 was in the surplus of US dollars 2.53 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 45.44 billion in total for April of 2022, up by 3.1 % on month-on-month basis. FDI’s export value of USD 24.23 billion and FDI’s import value of USD 21.2 billion led to a trade surplus of USD 3.03 billion.

For January-April period of 2022, trade-in-goods by FDI traders totaled US dollars 168.37 billion, up by 14.9 % on year-on-year basis. Total value of FDI exportation was USD 89.2 billion, increased by 14.1%. On import side, the total value of those companies was USD 78.75 billion, up by 15.9%. As a result, FDI’s trade balance was in surplus of USD 10.87 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 4 months of 2022

Main Exports and Imports

4. The March of 2022 to April of 2022 decrease in total merchandise exports was due to the downwards in computers, electrical products, spare-parts and components thereof (down by USD 845 million); telephones, mobile phones and parts thereof (down by USD 755 million); foot-wears (down by USD 593 million); Other means of transportation, parts and accessories thereof (down by USD 146 million);..

On a year-on-year basis, exports increase USD 17.3 billion, to USD 122.48 billion. The main products, which contributed to the increase, were ; telephones, mobile phones and parts thereof (up by USD 2.48 billion); textiles and garments (up by USD 2.15 billion); computers, electrical products, spare-parts and components thereof (up by USD 1.79 billion); machine, equipments, tools and instruments (up by USD 1.47 billion); fishery products (up by USD 1.16 billion); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 4 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 20.66 billion in export value and was up by USD 13.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 19.7% on year-on-year basis, to USD 4.74 billion); the United States (up by 32.2% on year-on-year basis, to USD 4.19 billion); EU (27) (down by 7.6% on year-on-year basis, to USD 2.25 billion); Republic of Korea (up by 33% on year-on-year basis, to USD 1.98 billion).

Computers, electrical products, spare-parts and components thereof reached USD 17.71 billion in export value; went up 11.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 13.7% on year-on-year basis, to USD 4.47 billion); China (up by 16.6% on year-on-year basis, to USD 3.86 billion); EU (27) (up by 15.2% on year-on-year basis, to USD 2.52 billion); Hong Kong (down by 2.7% on year-on-year basis, to USD 1.82 billion); Republic of Korea (down by 2.1% on year-on-year basis, to USD 1.34 billion)…

Machine, equipments, tools and instruments reached USD 13.68 billion in export value; went up by 12.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 4.9% on year-on-year basis, to USD 6.01 billion); EU (27) (up by 10.2% on year-on-year basis, to USD 1.77 billion); Republic of Korea (up by 24.7% on year-on-year basis, to USD 928 million); China (up by 25.8% on year-on-year basis, to USD 955 million); …

Textiles and garments reached USD 11.83 billion in export value ; went up by 22.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 26.8% on year-on-year basis, to USD 6 billion); EU (27) (up by 34.6% on year-on-year basis, to USD 1.3 billion); Japan (down by 2% on year-on-year basis, to USD 1.05 billion); Republic of Korea (up by 8.7% on year-on-year basis, to USD 1 billion); …

6. The March of 2022 to April of 2022 reduction in total merchandise imports was due to the downwards of the commodities as follows: petroleum products (down by USD 496 million); computers, electrical products, spare-parts and components thereof (down by USD 474 million); cashew nut (down by USD 132 million).

On a year-on-year basis, imports went up USD 15.59 billion, to USD 119.95 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 6.86 billion); petroleum products (up by USD 1.82 billion); coil (up by USD 1.31 billion); telephones, mobile phones and parts thereof (up by USD 1.18 billion);…

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 4 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 29.22 billion in import value ; went up by 30.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 46.1% on year-on-year basis, to USD 8.54 billion); China (up by 29% on year-on-year basis, to USD 8.2 billion); Taiwan (China) (up by 39.1%, to USD 4.1 billion); Japan (up by 40.7%, to USD 2.37 billion);…

Machine, equipments, tools and instruments reached USD 14.35 billion in import value; went down 2.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 2.4% on year-on-year basis, to USD 7.28 billion); Republic of Korea (up by 0.2% on year-on-year basis, to USD 2.3 billion); Japan (down by 5.9% on year-on-year basis, to USD 1.39 billion);…

Textile, leather and foot-wears materials and auxiliaries group reached USD 9.44 billion in import value; was up by 12.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 16.3% on year-on-year basis, to USD 4.88 billion); Taiwan (up by 10%, to USD 924 million); Republic of Korea (up by 4.8% on year-on-year basis, to USD 836 million); …

Telephones, mobile phones and parts thereof reached USD 7.38 billion in import value; was up by 19.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 41.5% on year-on-year basis, to USD 3.66 billion); China (up by 5.2% on year-on-year basis, to USD 3.13 billion);…

Trading Partners

8. In the first 4 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 157.49 billion in value terms, which moved up 16% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 50.71 billion and increased by 17%. The values of other continents were Europe: USD 26.15 billion, up by 11.5%; Oceania: USD 5.44 billion, up by 30% and Africa: USD 2.64 billion, up by 7.9% in comparison with the same period of 2021.

9. For Jan-April period of 2022, 4 exporting markets of Vietnam with turnover of over USD 7 billion were: The United States of America (reached USD 36.2 billion); China (reached USD 17.92 billion); Republic of Korea (reached USD 8.32 billion) and Japan (reached USD 7.39 billion).

10. On import side, four partners exporting goods to Vietnam with turnover of over 5 billion were as follows: China (reached USD 38.08 billion); Republic of Korea (reached USD 22.36 billion); Taiwan (reached USD 8.17 billion); Japan (reached USD 7.92 billion).

Source: Vietnam Customs