In the first 5 months of 2023, Vietnam's import-export value was estimated at US$262.54 billion. Photo: VNA

In the first 5 months of 2023, Vietnam's import-export value was estimated at US$262.54 billion, down 14.7% over the same period last year.

The export of goods was estimated at US$136.17 billion, down 11.6%. Import of goods was estimated at US$126.37 billion, down 17.9% over the same period last year. The trade balance of goods in the first 5 months of 2023 is estimated to have a trade surplus of US$9.8 billion.

Specifically, in five months, the domestic economic sector exported US$35.19 billion, down 13.2%, accounting for 25.8% of total export turnover. The FDI sector (including crude oil) reached US$100.98 billion, down 11.1%, accounting for 74.2%.

There are 23 items with an export turnover of over US$1 billion - accounting for 87.4% of total export turnover (there are 7 export items with over US$5 billion, accounting for 65.4%).

Regarding the structure of export groups in the first 5 months of 2023, the group of fuels and minerals is estimated at US$1.77 billion, accounting for 1.3%.

Processed industrial goods are estimated at US$120.24 billion, accounting for 88.3%, and agricultural and forestry products is estimated at US$10.79 billion, accounting for 7.9%. The group of aquatic products is estimated at US$3.37 billion, accounting for 2.5%.

For goods imports, in five months, the domestic economic sector imported US$43.95 billion, down 18.5%, and the foreign-invested sector reached US$82.42 billion, down 17. 5%.

There are 24 imported items with a value of over US$1 billion, accounting for 81.2% of the total import turnover (there are 3 imported items with over US$5 billion, accounting for 41.6%).

Regarding the structure of imported goods in the first five months of 2023, the group of capital goods is estimated at US$118.31 billion, accounting for 93.6%.

The group of machinery, equipment, tools, and spare parts accounted for 43.9%, and raw materials, fuel, and materials accounted for 49.7%. The group of consumer products is estimated at US$8.06 billion, accounting for 6.4%.

Regarding the import and export market of goods in the first 5 months of 2023, the United States is the largest export market of Vietnam with an estimated turnover of US$37.2 billion. China is Vietnam's largest import market with an estimated turnover of US$43.4 billion.

Illustrative photo (Photo: VNA)

In the first five months of 2023, the trade surplus to the US was estimated at US$31.2 billion, down 22% over the same period last year. The trade surplus to the EU was US$12.6 billion, down 3.6%, and the trade surplus to Japan was US$521 million.

The trade deficit from China was US$23.6 billion, down 16.7%, trade deficit from Korea was US$10.8 billion, down 38.3%. The trade deficit from ASEAN was US$3.4 billion, down 41.3%.

According to the General Statistics Office, the preliminary trade balance of goods in May 2023 is estimated to have a trade surplus of US$2.24 billion.

In the first 5 months of 2023, the trade balance of goods was estimated to have a trade surplus of US$9.8 billion. The domestic economic sector had a trade deficit of US$8.76 billion, and the foreign investment sector (including crude oil) had a trade surplus of US$18.56 billion.

Given unpredictable developments in import and export activities, the Ministry of Industry and Trade is continuing to closely monitor developments in the world market and propose cooperation frameworks and solutions to develop traditional markets and diversify export markets. It will also continue supporting businesses to take advantage of signed free trade agreements (FTAs) to effectively exploit markets and boost exports.

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