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Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

17:06 | 03/10/2022

Highlights 1. According to trade statistics of Vietnam Customs, in August 2022, a 7.9% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of July 2022. Exports went up 14.1 %, to USD 34.92 billion and imports increased 1.7%, to USD 31.06 billion in terms of month-on- month basis. As a result, there was a USD 3.86 billion surplus in Vietnam’s trade balance in this month.

2. In the first 8 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 499.71 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 18.2%, to US dollars 252.56 billion and the total merchandise imports value increased 13.7% to US dollars 247.11 billion. Accordingly, Vietnam’s trade balance for January-August period of 2022 was in the surplus of US dollars 5.49 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 46.85 billion in total for August of 2022, up by 10.8 % on month-on-month basis. FDI’s export value of USD 26.13 billion and FDI’s import value of USD 20.72 billion led to a trade surplus of USD 5.42 billion.

For January-August period of 2022, trade-in-goods by FDI traders totaled US dollars 346.23 billion, up by 16.2% on year-on-year basis. Total value of FDI exportation was USD 185.44 billion, increased by 18.2%. On import side, the total value of those companies was USD 160.89 billion, up by 13.9%. As a result, FDI’s trade balance was in surplus of USD 24.55 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

Main Exports and Imports

4. The July of 2022 to August of 2022 increase in total merchandise exports was due to the upwards in telephones, mobile phones and parts thereof (up by USD 1.72 billion); computers, electrical products, spare-parts and components thereof (up by USD 1 billion); machine, equipments, tools and instruments (up by USD 398 million); textiles and garments (up by USD 319 million);...

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

On a year-on-year basis, exports increase USD 38.85 billion, to USD 252.60 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 6.80 billion); textiles and garments (up by USD 5.14 billion); computers, electrical products, spare-parts and components thereof (up by USD 4.84 billion); telephones, mobile phones and parts thereof (up by USD 4.77 billion); foot-wears (up by USD 3.75 billion); fishery products (up by USD 2.07 billion); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 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 40.10 billion in export value and was up by USD 13.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 48.3% on year-on-year basis, to USD 9.25 billion); China (up by 11.3% on year-on-year basis, to USD 8.97 billion); EU (27) (down by 4.8% on year-on-year basis, to USD 4.61 billion); Republic of Korea (up by 22.5% on year-on-year basis, to USD 3.88 billion).

Computers, electrical products, spare-parts and components thereof reached USD 36.71 billion in export value; went up 15.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 25% on year-on-year basis, to USD 10.12 billion); China (up by 16% on year-on-year basis, to USD 7.70 billion); EU (27) (up by 19.2% on year-on-year basis, to USD 4.88 billion); Hong Kong (up by 0.4% on year-on-year basis, to USD 3.83 billion); Republic of Korea (down by 2.1% on year-on-year basis, to USD 2.29 billion).

Machine, equipments, tools and instruments reached USD 30.06 billion in export value; went up by 29.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 27.9% on year-on-year basis, to USD 13.19 billion); EU (27) (up by 37.8% on year-on-year basis, to USD 3.91 billion); China (up by 37.2% on year-on-year basis, to USD 2.29 billion); Republic of Korea (up by 22.1% on year-on-year basis, to USD 1.91 billion).

Textiles and garments reached nearly USD 26.28 billion in export value ; went up by 24.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.6% on year-on-year basis, to USD 12.88 billion); EU (27) (up by 41.1% on year-on-year basis, to USD 3.02 billion); Japan (up by 22% on year-on-year basis, to USD 2.54 billion); Republic of Korea (up by 20.5% on year-on-year basis, to USD 2.14 billion).

6. The July of 2022 to August of 2022 growth in total merchandise imports was due to the upturns of the commodities as follows: crude oil (up by USD 453 million); computers, electrical products, spare-parts and components thereof (up by USD 255 million); animal fodders and animal fodder materials (up by USD 112 million); machine, equipments, tools and instruments (up by USD 104 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

On a year-on-year basis, imports went up USD 29.84 billion, to USD 247.11 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 10.23 billion); petroleum products (up by USD 3.45 billion); coal (up by USD 2.72 billion); crude oil (up by USD 1.63 billion); chemicals (up by USD 1.62 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 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 57.24 billion in import value; went up by 21.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 22.4% on year-on-year basis, to USD 16.66 billion); Republic of Korea (up by 32.7% on year-on-year basis, to USD 16.56 billion); Taiwan (China) (up by 29.3%, to USD 7.82 billion); Japan (up by 36.1%, to USD 4.80 billion).

Machine, equipments, tools and instruments reached USD 30.73 billion in import value; went down 1.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 0.6% on year-on-year basis, to USD 16.63 billion); Republic of Korea (up by 2.9% on year-on-year basis, to USD 4.39 billion); Japan (down by 2% on year-on-year basis, to USD 2.86 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 19.36 billion in import value; was up by 9.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 9.4% on year-on-year basis, to USD 10.02 billion); Taiwan (China) (up by 11.8%, to USD 1.87 billion); Republic of Korea (up by 2.1% on year-on-year basis, to USD 1.74 billion); the United States (up by 8.4%, to USD 1.38 billion).

Telephones, mobile phones and parts thereof reached USD 13.87 billion in import value; was up by 9.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 24.3% on year-on-year basis, to USD 7.25 billion); China (down by 4.7% on year-on-year basis, to USD 5.48 billion).

Trading Partners

8. In the first 8 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 321.48 billion in value terms, which moved up 15.4% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 107.92 billion and increased by 19.8%. The values of other continents were Europe: USD 52.22 billion, up by 9.9%; Oceania: USD 12.32 billion, up by 34.4% and Africa: USD 5.77 billion, up by 2.4% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

9. For Jan-August period of 2022, 4 exporting markets of Vietnam with turnover of over USD 15 billion were: The United States of America (reached USD 77 billion); China (reached USD 35.63 billion); Republic of Korea (reached USD 16.72 billion) and Japan (reached USD 15.82 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 15 billion were as follows: China (reached USD 81.75 billion); Republic of Korea (reached USD 43.32 billion); Taiwan (reached USD 16.10 billion); Japan (reached USD 15.99 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2022

Source: Vietnam Customs