Preliminary assessment of Vietnam international merchandise trade performance in the second half of May, 2024

Vietnam‘s trade-in-goods in the first 5 months of 2024 totaled US dollars 303.94 billion in value terms, climbed up by 16% (USD 42 million equally) 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 2024 reached USD 205.44 billion, up by 13.7% (USD 24.82 billion equally) in comparison to the same period of 2023.

Export:

As compared to the first half of May-2024, second half of the month increase in the total export value (20.2% - USD 2.95 billion equally) is reflected by upturn in telephone, mobile phones and part there of ( up by 39.9% - USD 710 million equally); machine, tools and equipment ( up by 31.2% - USD 558 million equally); computer, electrical products, spare-parts and components thereof (up by 12.6% - USD 327 million equally); irons and steels (up by 98% - 262 million equally).

Totally, in the first 5 months of 2024 total export value from Vietnam was USD 156.28 billion, climbed up 14.9% as compared to the same period of 2023 (equivalent to USD 20.23 billion in absolute value terms).

Chart 1: Top 10 main exported commodities of the second half over the first half of May 2024

Source: Vietnam Customs

Import:

The first half to second half of May shrunk in the total of import value (12.1%) reflected downturn in computer, electrical products , spare-parts and components thereof (down by 12% - USD 543 million equally); fabrics ( down by 24.6% - USD 200 million equally); machine, tools and equipments (down by 6.3% - USD 139 million equally); plastics (down by 22.4% - USD 133 million equally); petroleum products (down by 30.4% - USD 132 million equally); irons and steels (down by 20.4% - USD 127 million).

From January to second half of May-2024, total import value into Vietnam was USD 147.67 billion, went up by 17.3% as compared to the same period of 2023 (equivalent to USD 21.77 billion in absolute value terms).

Chart 2: Top 10 main imported commodities of the second half over the first half of May 2024