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Import and export maintained double-digit growth momentum

18/05/2022

Import-export turnover of the whole country maintained a high momentum after the first 4 months of the year, in both export and import directions.

According to the General Department of Customs, the import and export turnover of the whole country in April reached USD 65.78 billion, decreased by 2.4%, equivalent to a decrease of USD 1.59 billion compared to the previous month.

In which, exports reached USD 33.32 billion, a decrease of 4% (equivalent to USD 1.39 billion) and imports reached USD 32.47 billion, a decrease of 0.6% (equivalent to a reduction of USD 195 million).

Accumulated over the first four months of the year, Vietnam's total import-export turnover reached  USD 242.43 billion, an increase of 15.9%, equivalent to an increase of USD 33.21 billion compared to the same period in 2021. In which, exports reached USD 122.48 billion, an increase of 16.5% (equivalent to USD 17.3 billion) and imports reached USD 119.95 billion, an increase of 15.3% (equivalent to  USD 15.9 billion).

In April, the trade balance of goods had a surplus of USD 849 million, over the four months, the country had a trade surplus of USD 2.53 billion.

One of the important factors helping the export of goods from the beginning of the year, especially the group of processed industrial products, has achieved positive results, is that Vietnam has taken advantage of the benefits brought from FTAs. Besides FTAs such as the Vietnam-EU FTA (EVFTA) is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-UK FTA (UKVFTA), etc. Taking advantage of the advantages and preferences of FTAs is a matter of interest to the central, local authorities as well as businesses, creating good momentum for exports.

In the coming quarters, the Ministry of Industry and Trade has determined that it will focus on supporting businesses in market information, export promotion, taking advantage of commitments in signed FTAs and through global value chains to find new markets; closely monitor the fluctuations of the international situation, proactively assess the impacts of such events on production, import and export of Vietnam in order to promptly make appropriate adjustments and responses, strengthen the work of providing information and support to associations and businesses.

In addition, the Ministry will also review and assess domestic demand for strategic commodities such as fertilizers, petroleum, coal, etc. to take appropriate management measures for export and import activities, both take advantage of price opportunities for export and ensure sufficient supply for domestic consumption and production needs, especially in case prices of raw materials are too high.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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