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Vietnam’s trade turnover for the first five months of 2024 reached a total of US$305.53 billion, a 16.6% increase compared to the same period last year.
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Exports:
The country’s export turnover in May 2024 is estimated at US$32.81 billion, a 5.7% increase compared to the previous month. The domestic economic sector accounted for US$9.37 billion, a 2.7% increase, while the foreign-invested sector (including crude oil) reached US$23.44 billion, a 6.9% increase. Compared to May 2023, export turnover increased by 15.8%, with the domestic sector growing by 13% and the foreign-invested sector (including crude oil) by 17%.
For the first five months of 2024, export turnover is estimated at US$156.77 billion, a 15.2% increase year-on-year. The domestic economic sector contributed US$43.69 billion, a 20.5% increase, accounting for 27.9% of total export turnover, while the foreign-invested sector (including crude oil) reached US$113.08 billion, a 13.3% increase, making up 72.1%. During this period, 26 commodity groups exported for over US$1 billion each, accounting for 90.0% of the total export turnover (with seven groups exporting over US$5 billion each, making up 65.3%).
In terms of export commodity structure for the first five months of 2024, the group of fuel and mineral products is estimated at US$2.06 billion, accounting for 1.3%; the group of processed industrial products is estimated at US$137.39 billion, accounting for 87.7%; the group of agricultural and forestry products is estimated at US$13.82 billion, accounting for 8.8%; and the group of aquatic products is estimated at US$3.5 billion, accounting for 2.2%.
Imports:
Import turnover in May 2024 is estimated at US$33.81 billion, a 12.8% increase compared to the previous month. The domestic economic sector accounted for US$12.81 billion, a 11.2% increase, while the foreign-invested sector reached US$21 billion, a 13.7% increase. Compared to May 2023, import turnover increased by 29.9%, with the domestic sector growing by 38.2% and the foreign-invested sector by 25.3%.
For the first five months of 2024, import turnover is estimated at US$148.76 billion, an 18.2% increase year-on-year, with the domestic economic sector reaching US$54.95 billion, a 24.2% increase, and the foreign-invested sector reaching US$93.81 billion, a 14.9% increase.
During this period, 27 groups of imported commodities had a turnover of over US$1 billion each, accounting for 84.5% of the total import turnover (with four groups having an import turnover of over US$5 billion each, making up 47.0%).
Regarding the import commodity structure for the first five months of 2024, the group of production materials is estimated at US$139.89 billion, accounting for 94%, including machinery, equipment, tools, and spare parts (45.7%) and raw materials, fuels, and materials (48.3%). The group of consumer goods is estimated at US$8.87 billion, accounting for 6%.
Trade balance:
In terms of export and import markets for the first five months of 2024, the United States was Vietnam’s largest export market, with an estimated turnover of US$44 billion. China was the country’s largest import market, with an estimated turnover of US$54.9 billion. During this period, Vietnam recorded a trade surplus of US$38.1 billion with the United States, a 24.2% increase year-on-year, a surplus of US$14.3 billion with the EU, an 18.4% increase, and a surplus of US$290 million with Japan, a 61.8% decrease. Meanwhile, the trade deficit with China was US$32.3 billion, a 55.9% increase, with Korea at US$11.1 billion, a 1.3% increase, and with ASEAN at US$4.2 billion, a 39.1% increase.
Overall, for the first five months of 2024, Vietnam’s trade balance is estimated to be a surplus of US$8.01 billion (compared to a surplus of US$10.2 billion in the same period last year). The domestic economic sector had a trade deficit of US$11.26 billion, while the foreign-invested sector (including crude oil) had a trade surplus of US$19.27 billion.
