Preliminary assessment of Vietnam international merchandise trade performance in the first 11 months of 2022

2. In the first 11 months of 2022, Vietnam‘s trade-in-goods totaled US dollars 673.7 billion in value terms, 11.8% above the corresponding period of last year. As compared to result of corresponding period of 2021, total merchandise exports value rose 13.4%, to US dollars 342.2 billion and the total merchandise imports value increased 10.1% to US dollars 331.5 billion. Accordingly, Vietnam’s trade balance for January-November period of 2022 was in the surplus of US dollars 10.68 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 39.64 billion in total for November of 2022, down by 3.5 % on month-on-month basis. FDI’s export value of USD 21.45 billion and FDI’s import value of USD 18.18 billion led to a trade surplus of USD 3.27 billion.

For January-November period of 2022, trade-in-goods by FDI traders totaled US dollars 468.7 billion, up by 12.1% on year-on-year basis. Total value of FDI exportation was USD 252.64 billion, increased by 14.5%. On import side, the total value of those companies was USD 216.06 billion, up by 9.5%. As a result, FDI’s trade balance was in surplus of USD 36.58 billion.

Main Exports and Imports

4. The October of 2022 to November of 2022 decrease in total merchandise exports was due to the downwards in telephones, mobile phones and parts thereof (down by USD 747 million); computers, electrical products, spare-parts and components thereof (down by USD 667 million); crude oil (down by USD 134 million); still image, video cameras and sprats thereof (down by USD 124 million); fishery products (down by USD 119 million);...

On a year-on-year basis, exports increase USD 40.5 billion, to USD 342.2 billion. The main products, which contributed to the increase, were: machine, equipments, tools and instruments (up by USD 7.98 billion); foot-wears (up by USD 6.22 billion); textiles and garments (up by USD 5.51 billion); computers, electrical products, spare-parts and components thereof (up by USD 5.22 billion); telephones, mobile phones and parts thereof (up by USD 2.97 billion); fishery products (up by USD 2.19 billion); other means of transportation, parts and accessories thereof (up by USD 1.32 billion); wood and wooden products (up by USD 1.31 billion); still image, video cameras and sprats thereof (up by USD 1.27 billion); toys and sports requisites; parts and accessories thereof (up by USD 1.23 billion); handbags, purses, suit-cases, headgear and umbrellas (up by USD 1.07 billion);…

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 11 months of 2022 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 54.89 billion in export value and was up by USD 5.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (up by 10.4% on year-on-year basis, to USD 14.98 billion); United States (up by 29.9% on year-on-year basis, to USD 11.35 billion); EU (27) (down by 9.1% on year-on-year basis, to USD 6.44 billion); Republic of Korea (up by 9.8% on year-on-year basis, to USD 4.82 billion).

Computers, electrical products, spare-parts and components thereof reached USD 54.89 billion in export value; went up 5.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 26% on year-on-year basis, to USD 14.57 billion); China (up by 10.1% on year-on-year basis, to USD 10.66 billion); EU (27) (up by 8.1% on year-on-year basis, to USD 6.38 billion); Hong Kong (China) (down by 2.7% on year-on-year basis, to USD 5.41 billion); Republic of Korea (down by 3.1% on year-on-year basis, to USD 3.03 billion).

Machine, equipments, tools and instruments reached USD 42.02 billion in export value; went up by 23.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 19.2% on year-on-year basis, to USD 18.55 billion); EU (27) (up by 36.3% on year-on-year basis, to USD 5.32 billion); China (up by 30.6% on year-on-year basis, to USD 3.34 billion).

Textiles and garments reached USD 34.65 billion in export value ; went up by 18.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 12.7% on year-on-year basis, to USD 16.09 billion); EU (27) (up by 41.5% on year-on-year basis, to USD 4.1 billion); Japan (up by 27.3% on year-on-year basis, to USD 3.69 billion); Republic of Korea (up by 12.5% on year-on-year basis, to USD 3.05 billion).

6. The October of 2022 to November of 2022 growth in total merchandise imports was due to the upturns of the commodities as follows: machine, equipments, tools and instruments (up by USD 370 million); crude oil (up by USD 209 million); petroleum products (up by USD 186 million); motor vehicles (up by USD 149 million).

On a year-on-year basis, imports went up USD 30.42 billion, to USD 331.5 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 7.87 billion); petroleum products (up by USD 4.42 billion); chemicals and chemical products (up by USD 2.79 billion); crude oil (up by USD 2.72 billion); coal (up by USD 2.66 billion); textiles, leather and foot-wears materials and auxiliaries group (up by USD 2.06 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 11 months of 2022 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; textile, leather and foot-wears materials and auxiliaries group.

Computers, electrical products, spare-parts and components thereof reached USD 76.07 billion in import value; went up by 11.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 13.5% on year-on-year basis, to USD 22.47 billion); Republic of Korea (up by 17.5% on year-on-year basis, to USD 21.44 billion); Taiwan (China) (up by 17.8%, to USD 10.35 billion); Japan (up by 19.8%, to USD 6.45 billion).

Machine, equipments, tools and instruments reached USD 41.64 billion in import value; went up 10.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 1% on year-on-year basis, to USD 22.58 billion); Republic of Korea (up by 33% on year-on-year basis, to USD 5.76 billion); Japan (down by 3.1% on year-on-year basis, to USD 3.91 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 26.04 billion in import value; was up by 8.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 6.3% on year-on-year basis, to USD 13.11 billion); Taiwan (China) (up by 7.8%, to USD 2.42 billion); Republic of Korea (up by 1.2% on year-on-year basis, to USD 2.33 billion); the United States (up by 11.7%, to USD 1.74 billion).

Telephones, mobile phones and parts thereof reached USD 19.71 billion in import value; was up by 2.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 12.5% on year-on-year basis, to USD 10.75 billion); China (down by 9.2% on year-on-year basis, to USD 7.5 billion).

Trading Partners

8. In the first 11 months of 2022, Vietnamese merchandise trade with trading partners in Asia was totaled USD 437.79 billion in value terms, which moved up 12% as compared to the same period of 2021. Trade-in-goods of Vietnam with America was followed, which reached USD 142.33 billion and increased by 13.6%. The values of other continents were Europe: USD 69.53 billion, up by 5.2%; Oceania: USD 16.5 billion, up by 29% and Africa: USD 7.56 billion, down by 2.2% in comparison with the same period of 2021.

9. For Jan-November period of 2022, 4 exporting markets of Vietnam with turnover of over USD 22 billion were: The United States of America (reached USD 101.22 billion); China (reached USD 52.59 billion); Republic of Korea (reached USD 22.41 billion) and Japan (reached USD 22.10 billion).

10. On import side, four partners exporting goods to Vietnam with turnover of over 21 billion were as follows: China (reached USD 109.46 billion); Republic of Korea (reached USD 57.65 billion); Japan (reached USD 21.5 billion);Taiwan (reached USD 21.11 billion).