In the first five months of 2022, the cumulative total import and export of goods reached 305.1 billion US dollars, a year-on-year increase of 15.6%. Among them, exports increased by 16.3%, imports increased by 14.9%, and a trade surplus of 516 million US dollars.
Specifically, in May 2022, Vietnam's exports of goods are expected to reach US$30.48 billion, down 8.5% from the previous month. Among them, the export value of domestic-funded enterprises reached US$8.25 billion, down 7% from the previous month; the export value of foreign-funded enterprises (including crude oil) reached US$22.23 billion, down 9.1% from the previous month. Compared with the same period of last year, the export value of goods in May 2022 increased by 16.4%, of which domestic enterprises increased by 14.5% and foreign enterprises (including crude oil) increased by 17.1%.
The total export value of goods in the first five months of this year is expected to reach 152.81 billion US dollars, a year-on-year increase of 16.3%. Among them, the export value of domestic-funded enterprises was 40.25 billion US dollars, an increase of 20.8%, accounting for 26.3% of the national total export value, and the export value of foreign-funded enterprises (including crude oil) reached 112.56 billion US dollars, an increase of 14.8%, accounting for 73.7%.
In the first five months of 2022, there were 26 commodities with an export value of more than US$1 billion, accounting for 89.6% of the total export value.
From the perspective of the structure of export products in the first five months of 2022, fuel and minerals accounted for 1.4%, an increase of 0.4 percentage points over the same period last year; processed and manufactured products accounted for 88.6%, a decrease of 0.5 percentage points; agricultural and forest products accounted for 6.9%, a decrease of 0.5 percentage points. 0.5 percentage points; aquatic products accounted for 3.1%, up 0.6 percentage points.
Regarding imports, the General Statistics Office said that in May 2022, Vietnam’s imports of goods are expected to reach US$32.21 billion, down 0.8% from the previous month. Among them, the import value of domestic-funded enterprises was 12.03 billion US dollars, a month-on-month increase of 6.8%, and the import value of foreign-funded enterprises was 20.18 billion US dollars, a month-on-month decrease of 4.8%. Compared with the same period of last year, the import value of goods in May increased by 12.9%, of which domestic-funded enterprises increased by 15.4% and foreign-funded enterprises increased by 11.4%.
In the first five months of 2022, the cumulative import value of goods is expected to reach US$152.29 billion, a year-on-year increase of 14.9%, of which the import value of domestic enterprises reached US$53.36 billion, a year-on-year increase of 14.7%, and the import value of foreign-funded enterprises was US$98.93 billion, a year-on-year increase of 14.9%.
In the first five months of 2022, there are 28 kinds of commodities with an import value of over US$1 billion, accounting for 85.7% of the total import value.
From the perspective of the structure of imported goods in the first five months of 2022, means of production accounted for 93.9%, an increase of 0.1 percentage points year-on-year. Among them, machinery equipment, tools and spare parts accounted for 44.8%, down 0.3 percentage points, raw materials and fuels accounted for 49.1%, up 0.4 percentage points, and consumer goods accounted for 6.1%, down 0.1 percentage points.
Regarding the import and export market in the first five months of 2022, the United States is Vietnam's largest export market, with an estimated export value of US$46.7 billion. China became Vietnam's largest import market with an import value of US$49.6 billion.
In the first five months of 2022, Vietnam’s trade surplus with the EU is estimated to reach US$13.4 billion, up 43.6% year-on-year; trade deficit with China is US$27.1 billion, up 15.5%; trade deficit with South Korea is US$17.9 billion, up 46.6%; trade deficit with ASEAN 6.5 billion US dollars, an increase of 6.4%; the trade deficit with Japan was 742 million US dollars, an increase of 18.2%.
In the first five months of 2022, Vietnam’s trade surplus is expected to be US$516 million (versus a trade deficit of US$1.24 billion in the same period last year).
In the coming period, in order to promote the export of goods, the Ministry of Industry and Trade of Vietnam requires industry associations and enterprises participating in export activities to take risk prevention measures, and at the same time make full use of the advantages brought by the 15 free trade agreements signed by Vietnam to achieve market diversification.