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

11:15 | 24/03/2022

Highlights 1. According to trade statistics of Vietnam Customs, in the first month of 2022, a 8.9% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of December 2021. Exports went down 10.8 %, to USD 30.84 billion and imports shrunken 6.9%, to USD 29.45 billion in terms of month-on-month basis. As a result, there was a USD 1.4 billion surplus in Vietnam’s trade balance in this month.

In comparison with performance of January, 2021, there were increases in total value of both merchandise exports and merchandise imports with the respective percentages: 8.1% and 11.3%.

2. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 41.57 billion in total for January of 2022, down by 9.2 % on month-on-month basis and up by 6.1% on year-on-year basis. FDI’s export value of USD 22.09 billion and FDI’s import value of USD 19.48 billion led to a trade surplus of USD 2.61 billion.

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

Main Exports and Imports

3. The December of 2021 to January of 2022 decrease in total merchandise exports was due to the downwards in computers, electrical products, spare-parts and components thereof (down by USD 1.19 billion); telephones, mobile phones and parts thereof (down by USD 1.11 billion); machine, equipments, tools and instruments (down by USD 799 million);...

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

4. On a year-on-year basis, exports was up USD 2.3 billion, to USD 30.84 billion. The main products, which contributed to the growth, were textiles and garments (up by USD 914 million); iron and steel (up by USD 289 million); machine, equipments, tools and instruments (up by USD 244 million); computers, electrical products, spare-parts and components thereof (up by USD 213 million);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first month 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 4.5 billion in export value and was down by USD 26.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 8.9% on year-on-year basis, to USD 1.07 billion); China (down by 35.5% on year-on-year basis, to USD 956 million); and Republic of Korea (down by 18.3% on year-on-year basis, to USD 299 million).

Computers, electrical products, spare-parts and components thereof reached USD 4.1 billion in export value; went up 5.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 3.9% on year-on-year basis, to USD 975 million); China (down by 6.6% on year-on-year basis, to USD 760 million); EU (27) (up by 20.2% on year-on-year basis, to USD 660 million); Hong Kong (down by 5%, to USD 420 million);…

Textiles and garments reached USD 3.57 billion in export value ; went up by 34.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 42% on year-on-year basis, to USD 1.85 billion); EU (27) (up by 39.1% on year-on-year basis, to USD 382 million); Republic of Korea (up by 33.4% on year-on-year basis, to USD 314 million);…

Machine, equipments, tools and instruments reached USD 3.5 billion in export value; went up by 7.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 0.5% on year-on-year basis, to USD 1.58 billion); EU (27) (up by 18.6% on year-on-year basis, to USD 473 million); Japan (up by 24.2% on year-on-year basis, to USD 255 million);…

6. The December of 2021 to January of 2022 decrease in total merchandise imports was due to the downwards of the commodities as follows: pharmaceuticals (down by USD 395 million); motor vehicles (down by USD 306 million); telephones, mobile phones and parts thereof (down by USD 266 million);…

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

7. On a year-on-year basis, imports went up USD 2.98 billion, to USD 29.45 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 1.46 billion); fabrics (up by USD 285 million); crude oil (up by USD 256 million);…

8. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first month of 2022 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; motor vehicles.

Computers, electrical products, spare-parts and components thereof reached USD 7.12 billion in import value ; went up by 25.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 48% on year-on-year basis, to USD 2.29 billion); Republic of Korea (up by 22.6% on year-on-year basis, to USD 1.96 billion); Taiwan (China) (up by 35%, to USD 1.04 billion);…

Machine, equipments, tools and instruments reached USD 3.93 billion in import value; went up 0.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 8% on year-on-year basis, to USD 2.2 billion); Republic of Korea (down by 13.3% on year-on-year basis, to USD 513 million); Japan (down by 13.2% on year-on-year basis, to USD 312 million);…

Telephones, mobile phones and parts thereof reached USD 2 billion in import value; was down by 12.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 9.3% on year-on-year basis, to USD 1.03 billion); China (down by 18.6% on year-on-year basis, to USD 869 million);…

Motor Vehicles reached USD 127 million in import value; was down by 41.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Thailand (down by 35.4% on year-on-year basis, to USD 54.61 million); China (down by 65.1% on year-on-year basis, to USD 16.80 million); Japan (up by 15.2%, to USD 13.62 million);...

Trading Partners

9. In the first month of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 38.15 billion in value terms, which moved up 7.2% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 13.18 billion and increased by 15.6%. The values of other continents were Europe: USD 7.05 billion, up by 10.2%; Oceania: USD 1.26 billion, up by 24% and Africa: USD 646 million, up by 4.8% in comparison with the same period of last year.

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

10. In January of 2022, 4 exporting markets of Vietnam with turnover of over USD 2 billion were: The United States of America (reached USD 9.7 billion); China (reached USD 3.9 billion); Japan (reached USD 2.0 billion) and Republic of Korea (reached USD 2.0 billion).

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

11. On import side, 3 partners exporting goods to Vietnam with turnover of over 2 billion were as follows: China (reached USD 10.8 billion); Republic of Korea (reached USD 5.1 billion); Taiwan (reached USD 2.0 billion).

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

Source: Vietnam Customs