Preliminary assessment of Vietnam international merchandise trade performance in the second half of May, 2023

Vietnam‘s trade-in-goods in the first 5 months of 2023 totaled US dollars 260.79 billion in value terms, climbed down by 15.3% as compared to the performance of the same period of last year.

In the view of Foreign Direct Invested (FDI) traders, the total value of exportation and importation in the first 5 months of 2023 reached USD 180.59 billion, down by 15.1% in comparison to the same period of 2022.

Export:

As compared to the first half of May-2023, second half of the month increase in the total export value (43.4% - USD 4.98 billion equally) is reflected by upturn in computer, electrical products and thereof (up by 38.1% - 714 million equally); machine tools equipments (up by 48.4% - USD 632 million); textile and garments (up by 46.7% - USD 547 million equally).

Totally, in the first 5 months of 2023 total export value from Vietnam was USD 135.22 billion, climbed down by 12.3% as compared to the same period of 2022 (equivalent to USD 18.88 billion in absolute value terms).

Chart 1: Top 10 main exported commodities of the second half over the first half of May 2023

Source: Vietnam Customs

Import:

The first half to second half of May widen in the total of import value (7.5%) reflected upturn in machine tools equipments (up by 8% - USD 137 million); crude oil (up by 8% - USD 106 million equally); liquefied petroleum gas (up by 502.6% - USD 75 million).

From January to second half of May-2023, total import value into Vietnam was USD 125.57 billion, went down by 18.4% as compared to the same period of 2022 (equivalent to USD 28.29 billion in absolute value terms).

Chart 2: Top 10 main imported commodities of the second half over the first half of May 2023

Source: Vietnam Customs