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Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

09:53 | 25/08/2022

Highlights 1. According to trade statistics of Vietnam Customs, in July 2022, a 6.4% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of June 2022. Exports went down 6.8 %, to USD 30.61 billion and imports decreased 5.3%, to USD 30.53 billion in terms of month-on- month basis. As a result, there was a USD 74 million surplus in Vietnam’s trade balance in this month.

2. In the first 7 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 433.60 billion in value terms, 15.3% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 16.6%, to US dollars 217.34 billion and the total merchandise imports value increased 14% to US dollars 216.26 billion. Accordingly, Vietnam’s trade balance for January-July period of 2022 was in the surplus of US dollars 1.08 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 42.29 billion in total for July of 2022, down by 4.7 % on month-on-month basis. FDI’s export value of USD 22.40 billion and FDI’s import value of USD 19.89 billion led to a trade surplus of USD 2.51 billion.

For January-July period of 2022, trade-in-goods by FDI traders totaled US dollars 299.26 billion, up by 15.3% on year-on-year basis. Total value of FDI exportation was USD 159 billion, increased by 16.3%. On import side, the total value of those companies was USD 140.26 billion, up by 14.3%. As a result, FDI’s trade balance was in surplus of USD 18.74 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

Main Exports and Imports

4. The June of 2022 to of July 2022 decrease in total merchandise exports was due to the downwards in computers, electrical products, spare-parts and components thereof (down by USD 1.23 billion); iron and steels (down by USD 268 million); wood and wooden products (down by USD 100 million)...

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

On a year-on-year basis, exports increase USD 30.92 billion, to USD 217.34 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 5.41 billion); telephones, mobile phones and parts thereof (up by USD 4.13 billion); computers, electrical products, spare-parts and components thereof (up by USD 4.09 billion); textiles and garments (up by USD 3.76 billion); foot-wears (up by USD 2.29 billion); fishery products (up by USD 1.67 billion); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 33.9 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 the United States (up by 54.6% on year-on-year basis, to USD 8.04 billion); China (up by 11.9% on year-on-year basis, to USD 7.35 billion); EU (27) (down by 6.9% on year-on-year basis, to USD 3.8 billion); Republic of Korea (up by 22.4% on year-on-year basis, to USD 3.17 billion).

Computers, electrical products, spare-parts and components thereof reached USD 31.72 billion in export value; went up 14.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 27.1% on year-on-year basis, to USD 8.62 billion); China (up by 12.6% on year-on-year basis, to USD 6.65 billion); EU (27) (up by 17.9% on year-on-year basis, to USD 4.25 billion); Hong Kong (down by 0.9% on year-on-year basis, to USD 3.26 billion); Republic of Korea (down by 2.5% on year-on-year basis, to USD 2.07 billion).

Machine, equipments, tools and instruments reached USD 25.48 billion in export value; went up by 27% 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 11.35 billion); EU (27) (up by 30.7% on year-on-year basis, to USD 3.25 billion); China (up by 32.4% on year-on-year basis, to USD 1.86 billion); Republic of Korea (up by 26.9% on year-on-year basis, to USD 1.65 billion).

Textiles and garments reached nearly USD 22.24 billion in export value ; went up by 20.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 21.3% on year-on-year basis, to USD 11.14 billion); EU (27) (up by 36.2% on year-on-year basis, to USD 2.58 billion); Japan (up by 11.9% on year-on-year basis, to USD 2.06 billion); Republic of Korea (up by 12.9% on year-on-year basis, to USD 1.68 billion).

6. The June of 2022 to of July 2022 decrease in total merchandise imports was due to the downturns of the commodities as follows: coal (down by USD 479 million); iron and steels (down by USD 352 million); Telephones, mobile phones and parts thereof (down by USD 346 million); maize (corn) (down by USD 159 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

On a year-on-year basis, imports went up USD 26.53 billion, to USD 216.26 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 10.08 billion); petroleum products (up by USD 3.12 billion); coal (up by USD 2.73 billion); chemicals (up by USD 1.47 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 50.1 billion in import value; went up by 25.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 25.6% on year-on-year basis, to USD 14.64 billion); Republic of Korea (up by 37.1% on year-on-year basis, to USD 14.33 billion); Taiwan (China) (up by 35.7%, to USD 6.98 billion); Japan (up by 34.6%, to USD 4.05 billion).

Machine, equipments, tools and instruments reached USD 26.64 billion in import value; went down 1.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 1.3% on year-on-year basis, to USD 14.23 billion); Republic of Korea (up by 2.8% on year-on-year basis, to USD 3.95 billion); Japan (down by 2.41% on year-on-year basis, to USD 2.5 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 16.96 billion in import value; was up by 7.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 8.8% on year-on-year basis, to USD 8.87 billion); Taiwan (China) (up by 7.7%, to USD 1.62 billion); Republic of Korea (up by 1.1% on year-on-year basis, to USD 1.56 billion); the United States (up by 2.9%, to USD 1.17 billion).

Telephones, mobile phones and parts thereof reached USD 12.08 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 Republic of Korea (up by 30.1% on year-on-year basis, to USD 6.26 billion); China (down by 3.6% on year-on-year basis, to USD 4.79 billion).

Trading Partners

8. In the first 7 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 278.74 billion in value terms, which moved up 14.8% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 93.96 billion and increased by 19.3%. The values of other continents were Europe: USD 45.37 billion, up by 8.7%; Oceania: USD 10.77 billion, up by 36.3% and Africa: USD 4.76 billion, down by 3.2% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

9. For Jan-July period of 2022, 4 exporting markets of Vietnam with turnover of over USD 13 billion were: The United States of America (reached USD 66.99 billion); China (reached USD 30.01 billion); Republic of Korea (reached USD 14.20 billion) and Japan (reached USD 13.44 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 13 billion were as follows: China (reached USD 71.52 billion); Republic of Korea (reached USD 38.16 billion); Taiwan (reached USD 14.27 billion); Japan (reached USD 13.88 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2022

Source: Vietnam Customs