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

10:00 | 18/08/2022

Highlights 1. According to trade statistics of Vietnam Customs, in June 2022, a 2.4% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of May 2022. Exports went up 6.2 %, to USD 32.84 billion and imports decreased 1.2 %, to USD 32.23 billion in terms of month-on- month basis. As a result, there was a USD 611 million surplus in Vietnam’s trade balance in this month.

2. In the first half of 2022, Vietnam‘s trade-in-goods totaled US dollars 371.32 billion in value terms, 16.4% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 17.3%, to US dollars 186.03 billion and the total merchandise imports value increased 15.5% to US dollars 185.29 billion. Accordingly, Vietnam’s trade balance for January-June period of 2022 was in the surplus of US dollars 743 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 44.38 billion in total for June of 2022, up by 3.4 % on month-on-month basis. FDI’s export value of USD 23.96 billion and FDI’s import value of USD 20.42 billion led to a trade surplus of USD 3.54 billion.

For January-June period of 2022, trade-in-goods by FDI traders totaled US dollars 255.83 billion, up by 16% on year-on-year basis. Total value of FDI exportation was USD 135.9 billion, increased by 16.4%. On import side, the total value of those companies was USD 119.93 billion, up by 15.5%. As a result, FDI’s trade balance was in surplus of USD 15.97 billion.

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

Main Exports and Imports

4. The May of 2022 to June of 2022 increase in total merchandise exports was due to the upwards in textiles and garments (up by USD 415 million); machine, equipments, tools and instruments (up by USD 337 million); computers, electrical products, spare-parts and components thereof (up by USD 314 million); telephones, mobile phones and parts thereof (up by USD 266 million); foot-wears (up by USD 253 million);..

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

On a year-on-year basis, exports increase USD 27.46 billion, to USD 186.03 billion. The main products, which contributed to the increase, were: telephones, mobile phones and parts thereof (up by USD 4.12 billion); machine, equipments, tools and instruments (up by USD 4.08 billion); computers, electrical products, spare-parts and components thereof (up by USD 3.74 billion); textiles and garments (up by USD 3.19 billion); fishery products (up by USD 1.58 billion); foot-wears (up by USD 1.4 billion);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first half 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 29.17 billion in export value and was up by USD 16.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 53.7% on year-on-year basis, to USD 6.61 billion); China (up by 16.6% on year-on-year basis, to USD 6.45 billion); EU (27) (down by 7.7% on year-on-year basis, to USD 3.2 billion); Republic of Korea (up by 29.8% on year-on-year basis, to USD 2.78 billion).

Computers, electrical products, spare-parts and components thereof reached USD 27.68 billion in export value; went up 15.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 26.9% on year-on-year basis, to USD 7.32 billion); China (up by 12.1% on year-on-year basis, to USD 5.89 billion); EU (27) (up by 18.5% on year-on-year basis, to USD 3.73 billion); Hong Kong (up by 1.3% on year-on-year basis, to USD 2.88 billion); Republic of Korea (down by 5.1% on year-on-year basis, to USD 1.79 billion).

Machine, equipments, tools and instruments reached USD 21.2 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 22.5% on year-on-year basis, to USD 9.49 billion); EU (27) (up by 24% on year-on-year basis, to USD 2.7 billion); Republic of Korea (up by 26.9% on year-on-year basis, to USD 1.38 billion); China (up by 25.9% on year-on-year basis, to USD 1.48 billion).

Textiles and garments reached nearly USD 18.53 billion in export value ; went up by 20.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.7% on year-on-year basis, to USD 9.33 billion); EU (27) (up by 37.5% on year-on-year basis, to USD 2.13 billion); Japan (up by 6.1% on year-on-year basis, to USD 1.67 billion); Republic of Korea (up by 9.7% on year-on-year basis, to USD 1.37 billion).

6. The May of 2022 to June of 2022 decrease in total merchandise imports was due to the downwards of the commodities as follows: fabrics (down by USD 293 million); computers, electrical products, spare-parts and components thereof (down by USD 213 million).

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

On a year-on-year basis, imports went up USD 24.86 billion, to USD 185.29 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 9.26 billion); petroleum products (up by USD 2.83 billion); coal (up by USD 2.49 billion); chemicals (up by USD 1.3 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first half 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 43 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 29.3% on year-on-year basis, to USD 12.5 billion); Republic of Korea (up by 39.3% on year-on-year basis, to USD 12.31 billion); Taiwan (China) (up by 33.8%, to USD 5.85 billion); Japan (up by 40.6%, to USD 3.51 billion).

Machine, equipments, tools and instruments reached USD 22.46 billion in import value; went down 2.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 0.1% on year-on-year basis, to USD 11.9 billion); Republic of Korea (up by 0.3% on year-on-year basis, to USD 3.38 billion); Japan (down by 3.4% on year-on-year basis, to USD 2.14 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 14.71 billion in import value; was up by 8.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 11.7% on year-on-year basis, to USD 7.76 billion); Taiwan (China) (up by 6%, to USD 1.4 billion); Republic of Korea (up by 1.9% on year-on-year basis, to USD 1.3 billion); the United States (up by 0.4%, to USD 961 million).

Telephones, mobile phones and parts thereof reached USD 10.28 billion in import value; was up by 13.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 28.3% on year-on-year basis, to USD 5.1 billion); China (down by 0.1% on year-on-year basis, to USD 4.2 billion).

Trading Partners

8. In the first half of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 239.45 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 79.72 billion and increased by 20%. The values of other continents were Europe: USD 39.07 billion, up by 9.7%; Oceania: USD 9 billion, up by 35.1% and Africa: USD 4.08 billion, down by 0.3% in comparison with the same period of 2021.

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

9. For Jan-June period of 2022, 4 exporting markets of Vietnam with turnover of over USD 11 billion were: The United States of America (reached USD 56.6 billion); China (reached USD 26.17 billion); Republic of Korea (reached USD 11.10 billion) and Japan (reached USD 11.38 billion).

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

10. On import side, four partners exporting goods to Vietnam with turnover of over 12 billion were as follows: China (reached USD 61.12 billion); Republic of Korea (reached USD 32.54 billion); Taiwan (reached USD 12.13 billion); Japan (reached USD 12.04 billion).

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

Source: Vietnam Customs