Preliminary assessment of Vietnam international merchandise trade performance in the first 5 months of 2024

2. In the first 5 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 303.94 billion in value terms, 16.0% upwards as compared with last year. In which, total merchandise exports value went up 14.9 %, to US dollars 156.28 billion and the total merchandise imports value increased 17.3% to US dollars 147.66 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 8.62 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 43.77 billion in total for May of 2024, up by 8.9% on month-on-month basis. FDI’s export value of USD 23.07 billion and FDI’s import value of USD 20.70 billion led to a trade surplus of USD 2.37 billion.

For Jan-May period, trade-in-goods by FDI traders totaled US dollars 205.44 billion, up by 13.7% on year-on-year basis. Total value of FDI exportation was USD 111.93 billion, increased by 13.1%. On import side, the total value of those companies was USD 93.51 billion, up by 14.5%. As a result, FDI’s trade balance was in surplus of USD 18.42 billion.

Main Exports and Imports

4. The April of 2024 to May of 2024 increase in total merchandise exports was due to the upturns in computers, electrical products, spare-parts and components thereof (up by USD 400 million); machine, equipments, tools and instruments (up by USD 393 million); telephones, mobile phones and parts thereof (up by USD 295 million); other means of transportation, parts and accessories thereof (up by USD 189 million); textiles and garment (up by USD 116 million).

5. On a year-on-year basis, exports was up by USD 20.23 billion, to USD 156.28 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 6.49 billion); machine, equipments, tools and instruments (up by USD 2.29 billion); telephones, mobile phones and parts thereof (up by USD 2.21 billion); still image, video cameras and parts thereof (up by USD 1.33 billion); wood and wooden products (up by USD 1.20 billion).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 5 months of 2024 were: computers, electrical products, spare-parts and components thereof; telephones, mobile phones and parts thereof; machine, equipments, tools and instruments; textiles and garments.

Computers, electrical products, spare-parts and components thereof reached USD 27.01 billion in export value; went up 31.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 50.0% on year-on-year basis, to USD 8.94 billion); China (up by 3.0% on year-on-year basis, to USD 4.76 billion); Hong Kong (China) (up by 75.1%, to USD 3.05 billion) and Republic of Korea (up by 15.1% on year-on-year basis, to USD 2.20 billion).

Telephones, mobile phones and parts thereof reached USD 22.40 billion in export value and was up by 11.0% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (down by 1.3% on year-on-year basis, to USD 4.69 billion); the United States (up by 28.4% on year-on-year basis, to USD 4.62 billion); Republic of Korea (up by 10.3% on year-on-year basis, to USD 1.44 billion); United Arab Emirates (up by 57.8% on year-on-year basis, to USD 1.42 billion).

Machine, equipments, tools and instruments reached USD 18.78 billion in export value; went up by 13.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 10.9% on year-on-year basis, to USD 7.35 billion); EU (27) (up by 18.5% on year-on-year basis, to USD 2.77 billion); Republic of Korea (up by 20.0% on year-on-year basis, to USD 1.34 billion); China (up by 6.8% on year-on-year basis, to USD 1.33 billion).

Textiles and garments reached USD 13.18 billion in export value; went up by 3.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 2.7% on year-on-year basis, to USD 5.64 billion); Japan (up by 7.5%, to USD 1.53 billion); EU (27) (down by 3.1% on year-on-year basis, to USD 1.51 billion); Republic of Korea (up by 1.5% on year-on-year basis, to USD 1.16 billion).

7. The April of 2024 to May of 2024 increase in total merchandise imports was due to the upwards of the commodities as follows: computers, electrical products, spare-parts and components thereof (up by USD 1.03 billion); machine, equipments, tools and instruments (up by USD 533 million); crude oil (up by USD 276 million).

8. On a year-on-year basis, imports went up USD 21.09 billion, to USD 114.96 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 8.66 billion); machine, equipments, tools and instruments (up by USD 2.40 billion); iron and steel (up by USD 1.08 billion).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 5 months of 2024 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textile, leather and foot-wears materials and auxiliaries group; iron and steel.

Computers, electrical products, spare-parts and components thereof reached USD 40.29 billion in import value; went up by 27.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 56.8% on year-on-year basis, to USD 13.09 billion); Republic of Korea (up by 14.4% on year-on-year basis, to USD 11.81 billion); Taiwan (China) (up by 25.4%, to USD 4.99 billion); Japan (up by 21.0%, to USD 3.07 billion).

Machine, equipments, tools and instruments reached USD 18.46 billion in import value; went up 15.0% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 28.8% on year-on-year basis, to USD 10.72 billion); Republic of Korea (down by 3.3% on year-on-year basis, to USD 2.25 billion); Japan (down by 1.2% on year-on-year basis, to USD 1.60 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 11.11 billion in import value; was up by 13.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 20.0% on year-on-year basis, to USD 6.19 billion); Republic of Korea (down by 5.3% on year-on-year basis, to USD 868 million).

Iron and steel reached USD 5.02 billion in import value; was up by 27.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 62.6% on year-on-year basis, to USD 3.06 billion); Japan (down by 6.9% on year-on-year basis, to USD 536 million); Republic of Korea (up by 7.2%, to USD 457 million).

Trading Partners

10. In the first 5 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 197.70 billion in value terms, which moved up 16.0% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 62.81 billion and increased by 18.9%. The values of other continents were Europe: USD 33.63 billion, up by 14.9%; Oceania: USD 6.36 billion, up by 3.1% and Africa: USD 3.44 billion, up by 7.2% in comparison with the same period of last year.

11. For Jan-May period, 4 exporting markets of Vietnam with turnover of over USD 9 billion were: The United States of America (reached USD 44.44 billion); China (reached USD 22.46 billion); Republic of Korea (reached USD 10.21 billion) and Japan (reached USD 9.41 billion).

12. On import side, 3 partners exporting goods to Vietnam with turnover of over 8 billion were as follows: China (reached USD 54.88 billion); Republic of Korea (reached USD 27.75 billion); Japan (reached USD 8.84 billion).

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