News

Import and export reaches nearly 200 billion USD

Summary

By the end of May 2019, Vietnam's import and export value has reached nearly 200 billion USD, which is a record so far, with 8.8% growth rate (corresponding to increase 16.5 billion USD) compared to the same period in 2018.

Updated on : 26-06-2019

New record

According to the latest statistics of the General Department of Customs, the total import-export turnover in May reached 21.9 billion USD, up 7.2% compared to the previous month. In imports, turnover reached nearly 23.2 billion USD, up 10.5% compared to April 2019.

From the beginning of the year to the end of May, the total export turnover reached over 101 billion USD, up 7.1% over the same period in 2018; the total import turnover of Vietnam reached 101.555 billion USD, up 10.5%.

Although the growth rate of import and export turnover in May was lower than the same period in recent years, accumulated in May, the total value of import and export goods of Vietnam reached 202.68 billion USD, the record in the first 5 months of the year so far.

Notably, import and export value of enterprises with foreign direct investment still accounted for a higher proportion but the growth rate was lower than domestic enterprises.

By the end of May, the total value of import and export of FDI enterprises reached 128.2 billion USD, took up 63% and increased by 6.5%, while the total value of import and export of domestic enterprises reached US $ 74.5 billion, took up 37%, but increased by 13.1%, double the growth rate of FDI enterprises.

Regarding the trade balance, after the chorus of "trade surplus, trade deficit" continuously changed in each month, accumulated in May, Vietnam suffered a deficit of 434 million USD, the trade deficit rate was 0.4%. However, the number of trade deficit and trade deficit rate is still much lower than the same period some years ago.

Trade balance and trade deficit rate of 5 months in the period of 2015-2019. Chart: T.BINH.

Value and growth rate of Vietnam's exports to some markets in 5 months / 2018 and 5 months / 2019. Chart: T.BINH.

The "export and import" mutations in the US and China markets

Currently, Vietnam has the largest trade surplus with the United States to 17 billion USD, up 31.5% over the same period in 2018; while China is the largest import market and also has the biggest deficit of 16.3 billion USD, sharply increased to over 47%.

In particular, in the export market, in the first 5 months, the export value to the US increased sharply, and most of the major markets slowed down, even declined, such as China, Hong Kong, Germany and the Netherlands.

In particular, exports to the United States reached 22.7 billion USD, took up over one fourth of the total export value of Vietnam. The growth rate of exports to the US in 5 months was 29%, nearly 3 times higher than the rate of 10.3% compared to the same period last year.

While Vietnam's export of goods to China reached 13.6 billion USD, declined 1.4% compared to the same period last year. Besides that, Hong Kong market decreased by 18.4%; Netherlands decreased 9.4%; Germany decreased by 2.3%.

In another big market is South Korea, though reaching 7.7 billion USD, only increased by 7%, while the growth rate of the same period in 2018 was up to 31.5%.

Regarding the import market, in the first 5 months of this year, the import turnover from the Chinese market reached 29.9 billion USD, a sharp increase by 20.3% compared to the same period in 2018.

Other notable markets include: Korea reached 19.1 billion USD, up 0.7%; United States reached 5.7 billion USD, up 22%; Japan reached US $ 7.4 billion, down slightly by 0.4%.

In terms of items, data of the General Department of Customs recorded strong growth in commodity groups such as computers, electronic products and components increased by 1.45 billion USD; textiles and garments increased by 1.26 billion USD; types of footwear increased by 864 million USD; wood and wood products increased by 636 million USD; machinery, equipment and spare parts increased 427 million USD; phones and accessories increased 423 million USD.

While the group of imports with the largest increase in turnover was computers, electronic products and components, which increased over 3.3 billion USD; machinery and equipment and spare parts increased nearly 2 billion USD; automobiles of all types increased by 1.2 billion USD; crude oil increased by 1.3 billion USD and coal increased by 659 million USD.

Export value of commodity groups with the largest contribution in 5 months / 2018 and 5 months / 2019. Chart: T.BINH.

Import values ​​of some commodity groups with the largest contribution and sharp decrease in petroleum products of 5 months / 2018 and 5 months / 2019. Chart: T.BINH.

 

Source: Customs News