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Trade turnover estimated at more than US$262 billion

Import and export activities through Ta Lung international border gate, Cao Bang. Photo: T.Binh.

According to information released by the General Department of Customs on June 7, in May, Vietnam recorded US$55.86 billion in trade, up 5.3% (or US$2.79 billion month-on-month).

Of which, exports are estimated at US$29.05 billion, up 4.3% or US$1.19 billion and import US$26.81 billion, up 6.4% or US$1.6 billion.

Accordingly, the total import-export turnover of Vietnam in the first five months of the year is estimated at US$262.54 billion, down 14.7% (or US$45.42 billion) year-on-year.

Of which, exports are estimated at US$136.17 billion, down 11.6% (equivalent to US$17.93 billion) over the same period in 2022 and imports are estimated at US$126.37 billion, down 17.9% (equivalent to US$ 27.49 billion).

Vietnam's merchandise trade balance in May 2023 is estimated to have a surplus of US$2.24 billion. Thus, from January to May, 2023, the whole country is estimated to have a surplus of US$9.8 billion.

The sharp decline in import and export turnover greatly affected the revenue results of the Customs sector. The revenue in May reached VND28,614 billion and in the first five months reached VND152,942 billion, equaling 36% of the estimate, down 18% year-on-year.