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Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

13:57 | 17/12/2022

Highlights 1. According to trade statistics of Vietnam Customs, in September 2022, a 11.8% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of August 2022. Exports went down 14.6 %, to USD 29.82 billion and imports decreased 8.6%, to USD 28.39 billion in terms of month-on- month basis. As a result, there was a USD 1.43 billion surplus in Vietnam’s trade balance in this month.

2. In the first 9 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 557.93 billion in value terms, 15 % above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 17.2%, to US dollars 282.35 billion and the total merchandise imports value increased 12.8% to US dollars 275.58 billion. Accordingly, Vietnam’s trade balance for January-September period of 2022 was in the surplus of US dollars 6.76 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 41.44 billion in total for September of 2022, down by 11.6 % on month-on-month basis. FDI’s export value of USD 22.71 billion and FDI’s import value of USD 18.73 billion led to a trade surplus of USD 3.98 billion.

For January-September period of 2022, trade-in-goods by FDI traders totaled US dollars 387.77 billion, up by 15.2% on year-on-year basis. Total value of FDI exportation was USD 208.12 billion, increased by 17.7%. On import side, the total value of those companies was USD 179.64 billion, up by 12.5%. As a result, FDI’s trade balance was in surplus of USD 28.48 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

Main Exports and Imports

4. The August of 2022 to September of 2022 decrease in total merchandise exports was due to the downwards in textiles and garments (down by USD 1.28 billion); telephones, mobile phones and parts thereof (down by USD 1.1 billion); foot-wears (down by USD 502 million);...

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

On a year-on-year basis, exports increase USD 41.46 billion, to USD 282.35 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 7.95 billion); textiles and garments (up by USD 5.57 billion); computers, electrical products, spare-parts and components thereof (up by USD 5.2 billion); foot-wears (up by USD 4.86 billion); telephones, mobile phones and parts thereof (up by USD 4.07 billion); fishery products (up by USD 2.31 billion); still image, video cameras and sprats thereof (up by USD 1.26 billion); wood and wooden products (up by USD 1.14 billion); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 9 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 45.09 billion in export value and was up by USD 9.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 11% on year-on-year basis, to USD 10.87 billion); China (up by 42.1% on year-on-year basis, to USD 10.07 billion); EU (27) (down by 7.4% on year-on-year basis, to USD 5.15 billion); Republic of Korea (up by 16.8% on year-on-year basis, to USD 4.26 billion).

Computers, electrical products, spare-parts and components thereof reached USD 41.85 billion in export value; went up 14.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 24.7% on year-on-year basis, to USD 11.62 billion); China (up by 12.8% on year-on-year basis, to USD 8.88 billion); EU (27) (up by 17.4% on year-on-year basis, to USD 5.45 billion); Hong Kong (China) (up by 2.5% on year-on-year basis, to USD 4.54 billion); Republic of Korea (down by 1.4% on year-on-year basis, to USD 2.52 billion).

Machine, equipments, tools and instruments reached USD 34.2 billion in export value; went up by 30.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 30.1% on year-on-year basis, to USD 15.1 billion); EU (27) (up by 43.2% on year-on-year basis, to USD 4.52 billion); China (up by 39.8% on year-on-year basis, to USD 2.66 billion); Republic of Korea (up by 14.4% on year-on-year basis, to USD 2.11 billion).

Textiles and garments reached nearly over USD 29 billion in export value ; went up by 23.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 19.5% on year-on-year basis, to USD 13.87 billion); EU (27) (up by 44.7% on year-on-year basis, to USD 3.36 billion); Japan (up by 27.9% on year-on-year basis, to USD 2.92 billion); Republic of Korea (up by 20.3% on year-on-year basis, to USD 2.52 billion).

6. The August of 2022 to September of 2022 reduction in total merchandise imports was due to the downturns of the commodities as follows: computers, electrical products, spare-parts and components thereof (down by USD 430 million); machine, equipments, tools and instruments (down by USD 410 million); coal (down by USD 248 million); other base metals (down by USD 230 million); crude oil (down by USD 184 million); animal fodders and animal fodder materials (down by USD 162 million);.

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

On a year-on-year basis, imports went up USD 31.26 billion, to USD 275.58 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 10.02 billion); petroleum products (up by USD 3.89 billion); coal (up by USD 2.67 billion); chemicals and chemical products (up by USD 2.61 billion); textiles, leather and foot-wears materials and auxiliaries group (up by USD 2.08 billion); crude oil (up by USD 2.01 billion);.

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 9 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 63.97 billion in import value; went up by 18.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 20.4% on year-on-year basis, to USD 18.74 billion); Republic of Korea (up by 26% on year-on-year basis, to USD 18.27 billion); Taiwan (China) (up by 25%, to USD 8.78 billion); Japan (up by 33%, to USD 5.49 billion).

Machine, equipments, tools and instruments reached USD 34.46 billion in import value; went down 1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 0.3% on year-on-year basis, to USD 18.73 billion); Republic of Korea (up by 2.8% on year-on-year basis, to USD 4.83 billion); Japan (down by 1.9% on year-on-year basis, to USD 3.2 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 21.7 billion in import value; was up by 10.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 9.3% on year-on-year basis, to USD 11.07 billion); Taiwan (China) (up by 13.3%, to USD 2.1 billion); Republic of Korea (up by 2.2% on year-on-year basis, to USD 1.9 billion); the United States (up by 10.4%, to USD 1.56 billion).

Telephones, mobile phones and parts thereof reached USD 15.79 billion in import value; was up by 6.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 16.3% on year-on-year basis, to USD 8.35 billion); China (down by 5.2% on year-on-year basis, to USD 6.15 billion).

Trading Partners

8. In the first 9 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 360.33 billion in value terms, which moved up 14.6% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 119.57 billion and increased by 18.5%. The values of other continents were Europe: USD 58.15 billion, up by 9.4%; Oceania: USD 13.49 billion, up by 29.1% and Africa: USD 6.39 billion, down by 0.1% in comparison with the same period of 2021.

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

9. For Jan-September period of 2022, 4 exporting markets of Vietnam with turnover of over USD 17 billion were: The United States of America (reached USD 85.16 billion); China (reached USD 41.22 billion); Republic of Korea (reached USD 18.68 billion) and Japan (reached USD 17.84 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

10. On import side, four partners exporting goods to Vietnam with turnover of over 17 billion were as follows: China (reached USD 91.16 billion); Republic of Korea (reached USD 48.12 billion); Taiwan (reached USD 17.92 billion); Japan (reached USD 17.85 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2022

Source: Vietnam Customs