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

18:52 | 16/07/2022

Highlights 1. According to trade statistics of Vietnam Customs, in March 2022, a 38.1% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of February 2022. Exports went up 48.2 %, to USD 34.71 billion and imports increased 28.7 %, to USD 32.66 billion in terms of month-on- month basis. As a result, there was a USD 2.05 billion surplus in Vietnam’s trade balance in this month.

2. In the first quarter of 2022, Vietnam‘s trade-in-goods totaled US dollars 176.75 billion in value terms, 14.3% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 13.4%, to US dollars 89.1 billion and the total merchandise imports value increased 15.2% to US dollars 87.64 billion. Accordingly, Vietnam’s trade balance for January-March period of 2022 was in the surplus of US dollars 1.46 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 46.89 billion in total for March of 2022, up by 35.7 % on month-on-month basis. FDI’s export value of USD 25.84 billion and FDI’s import value of USD 21.05 billion led to a trade surplus of USD 4.79 billion.

For January-March period of 2022, trade-in-goods by FDI traders totaled US dollars 123.05 billion, up by 12.8 % on year-on-year basis. Total value of FDI exportation was USD 65.36 billion, increased by 10.6%. On import side, the total value of those companies was USD 57.69 billion, up by 15.3%. As a result, FDI’s trade balance was in surplus of USD 7.68 billion.

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

Main Exports and Imports

4. The February of 2022 to March of 2022 increase in total merchandise exports was due to the upwards in telephones, mobile phones and parts thereof (up by USD 2.7 billion); computers, electrical products, spare-parts and components thereof (up by USD 1.47 billion); textiles and garments (up by USD 1 billion); machine, equipments, tools and instruments (up by USD 869 million); foot-wears (up by USD 644 million)..

On a year-on-year basis, exports increase USD 10.55 billion, to USD 89.1 billion. The main products, which contributed to the increase, were ; textiles and garments (up by USD 1.46 billion); computers, electrical products, spare-parts and components thereof (up by USD 1.22 billion); machine, equipments, tools and instruments (up by USD 829 million); fishery products (up by USD 788 million); …

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first quarter 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 14.88 billion in export value and was up by USD 3.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 14.4% on year-on-year basis, to USD 3.68 billion); the United States (up by 13.2% on year-on-year basis, to USD 2.81 billion); EU (27) (down by 16.6% on year-on-year basis, to USD 1.7 billion); Republic of Korea (up by 35.7% on year-on-year basis, to USD 1.45 billion).

Computers, electrical products, spare-parts and components thereof reached USD 13.24 billion in export value; went up 10.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 15.7% on year-on-year basis, to USD 3.31 billion); China (up by 10.1% on year-on-year basis, to USD 3 billion); EU (27) (up by 18.5% on year-on-year basis, to USD 1.85 billion); Hong Kong (down by 5.5% on year-on-year basis, to USD 1.39 billion); Republic of Korea (down by 0.6% on year-on-year basis, to USD 1.03 billion)…

Machine, equipments, tools and instruments reached USD 9.95 billion in export value; went up by 9.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 0.3% on year-on-year basis, to USD 4.38 billion); EU (27) (up by 7.2% on year-on-year basis, to USD 1.28 billion); Republic of Korea (up by 25.7% on year-on-year basis, to USD 699 million); China (up by 21.4% on year-on-year basis, to USD 668 million); …

Textiles and garments reached USD 8.68 billion in export value ; went up by 20.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 24.2% on year-on-year basis, to USD 4.36 billion); EU (27) (up by 31.4% on year-on-year basis, to USD 896 million); Japan (down by 2.9% on year-on-year basis, to USD 771 million); Republic of Korea (up by 6.9% on year-on-year basis, to USD 754 million); …

6. The February of 2022 to March of 2022 growth in total merchandise imports was due to the upwards of the commodities as follows: computers, electrical products, spare-parts and components thereof (up by USD 1.45 billion); petroleum products (up by USD 725 million); machine, equipments, tools and instruments (up by USD 580 million); crude oil (up by USD 523 million); cashew nut (up by USD 371 million).

On a year-on-year basis, imports went up USD 11.54 billion, to USD 87.64 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 5.06 billion); petroleum products (up by USD 1.38 billion); coil (up by USD 748 million); telephones, mobile phones and parts thereof (up by USD 690 million);…

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first quarter 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 21.73 billion in import value ; went up by 30.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 46.4% on year-on-year basis, to USD 6.43 billion); China (up by 30.9% on year-on-year basis, to USD 6.1 billion); Taiwan (China) (up by 36.7%, to USD 3.05 billion); Japan (up by 38.7%, to USD 1.75 billion);…

Machine, equipments, tools and instruments reached USD 10.53 billion in import value; went down 3.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (down by 0.5% on year-on-year basis, to USD 5.3 billion); Republic of Korea (down by 5.7% on year-on-year basis, to USD 1.67 billion); Japan (down by 7% on year-on-year basis, to USD 1.02 billion);…

Textile, leather and foot-wears materials and auxiliaries group reached USD 6.81 billion in import value; was up by 17.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 21.8% on year-on-year basis, to USD 3.43 billion); Taiwan (up by 10.7%, to USD 674 million); Republic of Korea (up by 7.3% on year-on-year basis, to USD 607 million); …

Telephones, mobile phones and parts thereof reached USD 5.54 billion in import value; was up by 14.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 38.8% on year-on-year basis, to USD 2.89 billion); China (down by 0.9% on year-on-year basis, to USD 2.24 billion);…

Trading Partners

8. In the first quarter of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 115.39 billion in value terms, which moved up 15.1% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 36.38 billion and increased by 13.7%. The values of other continents were Europe: USD 19.17 billion, up by 9.8%; Oceania: USD 3.96 billion, up by 28.7% and Africa: USD 1.86 billion, up by 1.7% in comparison with the same period of 2021.

9. For Jan-Feb period of 2022, 4 exporting markets of Vietnam with turnover of over USD 5 billion were: The United States of America (reached USD 25.96 billion); China (reached USD 13.44 billion); Republic of Korea (reached USD 6.15 billion) and Japan (reached USD 5.38 billion).

10. On import side, four partners exporting goods to Vietnam with turnover of over 5 billion were as follows: China (reached USD 27.43 billion); Republic of Korea (reached USD 16.77 billion); Taiwan (reached USD 6.07 billion); Japan (reached USD 5.82 billion).

Source: Vietnam Customs