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Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

18:53 | 16/07/2022

Highlights 1. According to trade statistics of Vietnam Customs, in May 2022, a 3.4% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of April 2022. Exports went down 7.2 %, to USD 30.92 billion and imports increased 0.5 %, to USD 32.61 billion in terms of month-on- month basis. As a result, there was a USD 1.69 billion deficit in Vietnam’s trade balance in this month.

2. In the first 5 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 306.14 billion in value terms, 16% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 16.7%, to US dollars 153.29 billion and the total merchandise imports value increased 15.3% to US dollars 152.86 billion. Accordingly, Vietnam’s trade balance for January-May period of 2022 was in the surplus of US dollars 434 million.

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 42.90 billion in total for May of 2022, down by 5.6 % on month-on-month basis. FDI’s export value of USD 22.43 billion and FDI’s import value of USD 20.47 billion led to a trade surplus of USD 1.96 billion.

For January-May period of 2022, trade-in-goods by FDI traders totaled US dollars 211.42 billion, up by 15.2 % on year-on-year basis. Total value of FDI exportation was USD 111.99 billion, increased by 15%. On import side, the total value of those companies was USD 99.42 billion, up by 15.5%. As a result, FDI’s trade balance was in surplus of USD 12.57 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

Main Exports and Imports

4. The April of 2022 to May of 2022 decrease in total merchandise exports was due to the downwards in telephones, mobile phones and parts thereof (down by USD 1.67 billion); wood and wooden products (down by USD 213 million); iron and steel (down by USD 207 million); machine, equipments, tools and instruments (down by USD 107 million);..

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

On a year-on-year basis, exports increase USD 21.93 billion, to USD 153.29 billion. The main products, which contributed to the increase, were: telephones, mobile phones and parts thereof (up by USD 3.02 billion); textiles and garments (up by USD 2.73 billion); computers, electrical products, spare-parts and components thereof (up by USD 2.71 billion); machine, equipments, tools and instruments (up by USD 2.52 billion); fishery products (up by USD 1.43 billion); foot-wears (up by USD 1.02 billion);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 5 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 24.78 billion in export value and was up by USD 13.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 15.9% on year-on-year basis, to USD 5.61 billion); the United States (up by 43.6% on year-on-year basis, to USD 5.32 billion); EU (27) (down by 11.3% on year-on-year basis, to USD 2.63 billion); Republic of Korea (up by 32.3% on year-on-year basis, to USD 2.42 billion).

Computers, electrical products, spare-parts and components thereof reached USD 22.51 billion in export value; went up 13.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 18.3% on year-on-year basis, to USD 5.78 billion); China (up by 15.1% on year-on-year basis, to USD 4.69 billion); EU (27) (up by 15.3% on year-on-year basis, to USD 3.11 billion); Hong Kong (down by 1.4% on year-on-year basis, to USD 2.31 billion); Republic of Korea (down by 6.9% on year-on-year basis, to USD 1.55 billion).

Machine, equipments, tools and instruments reached USD 17.29 billion in export value; went up by 17.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 12.5% on year-on-year basis, to USD 7.62 billion); EU (27) (up by 15.8% on year-on-year basis, to USD 2.23 billion); China (up by 29.2% on year-on-year basis, to USD 1.24 billion); Republic of Korea (up by 23.7% on year-on-year basis, to USD 1.14 billion).

Textiles and garments reached nearly USD 15 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 26.1% on year-on-year basis, to USD 7.58 billion); EU (27) (up by 36.4% on year-on-year basis, to USD 1.66 billion); Japan (up by 2.8% on year-on-year basis, to USD 1.35 billion); Republic of Korea (up by 8.4% on year-on-year basis, to USD 1.16 billion).

6. The April of 2022 to May of 2022 growth in total merchandise imports was due to the upwards of the commodities as follows: iron and steel (up by USD 367 million); animal fodders and animal fodder materials (up by USD 211 million); maize (corn) (up by USD 211 million); machine, equipments, tools and instruments (up by USD 175 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

On a year-on-year basis, imports went up USD 20.26 billion, to USD 152.86 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 8.25 billion); petroleum products (up by USD 2.32 billion); coil (up by USD 1.68 billion); telephones, mobile phones and parts thereof (up by USD 1.24 billion); chemicals (up by USD 1.03 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 5 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 36.25 billion in import value; went up by 29.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 44% on year-on-year basis, to USD 10.53 billion); China (up by 29.2% on year-on-year basis, to USD 10.36 billion); Taiwan (China) (up by 35.5%, to USD 4.98 billion); Japan (up by 39.8%, to USD 2.89 billion).

Machine, equipments, tools and instruments reached USD 18.35 billion in import value; went down 3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 1.5% on year-on-year basis, to USD 9.56 billion); Republic of Korea (up by 0.01% on year-on-year basis, to USD 2.87 billion); Japan (down by 6.9% on year-on-year basis, to USD 1.72 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 12.31 billion in import value; was up by 11.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 14.1% on year-on-year basis, to USD 6.44 billion); Taiwan (China) (up by 10.5%, to USD 1.19 billion); Republic of Korea (up by 3.7% on year-on-year basis, to USD 1.1 billion).

Telephones, mobile phones and parts thereof reached USD 8.85 billion in import value; was up by 16.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 35.7% on year-on-year basis, to USD 4.36 billion); China (up by 0.9% on year-on-year basis, to USD 3.7 billion).

Trading Partners

8. In the first 5 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 198.63 billion in value terms, which moved up 16.1% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 64.78 billion and increased by 18.4%. The values of other continents were Europe: USD 32.39 billion, up by 9.8%; Oceania: USD 7.03 billion, up by 29.9% and Africa: USD 3.30 billion, up by 0.4% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

9. For Jan-May period of 2022, 4 exporting markets of Vietnam with turnover of over USD 9 billion were: The United States of America (reached USD 45.89 billion); China (reached USD 21.98 billion); Republic of Korea (reached USD 10.22 billion) and Japan (reached USD 9.35 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 9 billion were as follows: China (reached USD 49.61 billion); Republic of Korea (reached USD 27.78 billion); Taiwan (reached USD 10.23 billion); Japan (reached USD 9.86 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2022

Source: Vietnam Customs