Vietnam’s trade in goods with the Americas increased in the first five months of the year
In the first five months of the year, Vietnam traded goods with Asia the most, reaching USD 126.42 billion. Meanwhile, trade in goods to the Americas increased by 6.5% to USD 38.56 billion.
Preliminary statistics of the General Department of Customs indicate that in May, the country's total import-export turnover of goods reached USD 37.36 billion, increased by 3.5% compared to April, equivalent to an increase of USD 1.26 billion.
Export and import values were more positive than the previous month: exports reached USD 19.19 billion, up 9.1% (equivalent to an increase of USD 1.6 billion), imports reached USD 18.18 billion, down 1.9% (equivalent to a decrease of USD 347 million).
From the beginning of the year to the end of May, the total import-export turnover of the whole country reached USD 196.89 billion, down 2.8% (equivalent to USD 5.62 billion) compared to the same period last year. In particular, the value of exported goods reached USD 100.21 billion, down 0.9% and the value of imported goods of USD 96.67 billion, down 4.6%.
The merchandise trade balance in May saw a surplus of USD 1 billion. Since the beginning of the year, the country's trade balance had a surplus of USD 3.54 billion.
In the first 5 months, Vietnam's trade with Asia reached USD 126.42 billion, down 4.4% over the same period but still accounted for the highest proportion (64.2%) of the total import -export turnover of the country. Specifically, the export value was USD 50.2 billion, down 1.4% and the import value was USD 76.21 billion, down 6.3%.
Vietnam's trade in goods to the Americas reached USD 38.56 billion, up 6.5% over the same period in 2019 and the continent achieved the highest growth rate in the first five months of this year. With the U.S., Vietnam exported USD 25.11 billion and imported USD 6 billion of goods.
Import-export turnover between Vietnam and Europe is USD 24.35 billion, down 7%; with Oceania is USD 3.91 billion, up 1.9% and with Africa is USD 2.38 billion, down 7.5% over the same period in 2019.
For exports, the groups with high increase in May were phones and components with USD 2.93 billion, up 17.1%; computers, electronic products and components reached USD 3.40 billion, up 11.9%; textiles and garments reached USD 1.87 billion, up 16%.
However, by the end of May, phones and components with export value reached only USD 18.31 billion, the second lowest decline (down 7.1%, equivalent to USD 1.41 billion). Textiles and garments saw the strongest decline, reaching USD 10.56 billion, down 13.6%.
Meanwhile, in May, there were 34/53 major import groups decreased in value over the previous month with strong decrease recorded in the group of machinery, equipment and spare parts and reduction recorded in most items in the group of input materials for the textile, footwear, wood, plastic, steel and chemical industries, ... There was a large decrease in the group of machinery, equipment and spare parts, and the reduction of most of the input materials group
Imports of a number of commodity groups increased sharply over April, including computers, electronic products and components, agricultural products, raw materials for production of animal feed, petroleum, gas and fertilizer.
In the first five months of the year, petroleum import of all kinds decreased by 19% (equivalent to 748,000 tons) in volume, down 46% (equivalent to USD 1.13 billion) in value; CBU cars decreased by 42.5% (equivalent to more than 27,000 units) in volume, down 43.1% (equivalent to USD 616 million) in value.
- Vietnam has basically accomplished its dual task
- Despite the Covid-19 pandemic, Vietnam maintained a trade surplus
- Vietnam’s trade in goods with the Americas increased in the first five months of the year
- Vietnam’s National Assembly ratifies EVFTA and EVIPA
- Positive signs emerging for exports
- Five months: 17 items with export turnover of over USD 1 billion, accounting for 82% of total export turnover
- Covid-19 pandemic brought under control in Vietnam, PMI in May rose 10 index points
- Vietnam's trade surplus of nearly USD 2 billion
- Vietnam's economic growth will recover and is expected to reach 7% by 2021
- Exports still increased in many major markets