AsemconnectVietnam - Vietnam’s import-export turnover in May of 2023 was estimated at 55.86 billion USD, up by 5.3% compared to the previous month, thanks to the strong promotion of trade promotion activities.

Vietnam’s trade revenue saw growth in May and the first 5 months of 2023
The General Statistics Office said that, although the import and export turnover of goods in May has shown signs of improvement, in the first 5 months of 2023, the total import and export turnover of goods was estimated at 262.54 billion USD, still down by 14.7% over the same period last year.
The country’s export turnover of goods in May of 2023 was estimated at 29.05 billion USD, up by 4.3% over the previous month. In which, the exports of domestic economic sector reached 7.79 billion USD, up by 1%; the exports of foreign-invested sector (including crude oil) reached 21.26 billion USD, up by 5.5%. In comparison to the same period last year, the export turnover of goods in May decreased by 5.9%, of which the domestic economic sector decreased by 5.9%, the foreign investment sector (including crude oil) decreased by 5.8%.
Totally, in the first 5 months of 2023, export turnover of goods was estimated at 136.17 billion USD, down by 11.6% over the same period last year. In which, the exports of domestic economic sector reached 35.19 billion USD, down by 13.2%, accounting for 25.8% of total export turnover; the foreign-invested sector (including crude oil) reached 100.98 billion USD, down by 11.1%, accounting for 74.2%.
Rice exports saw good signs
Rice was one of the export items that are having many good signs in the market. At the end of May, Vietnam's 5% broken rice was offered for sale at 490-495 USD/tonne, higher than 485-495 USD/tonne last week. The competitor of Vietnamese rice was Thailand's 5% broken rice, which is listed at a price of 5 USD/tonne higher than Vietnamese rice.
The preliminary data from the General Department of Customs showed that in May of 2023, 213,000 tonnes of rice were unloaded at the Ho Chi Minh City port, with most of the rice being shipped to the Philippines, Indonesia and Africa.
According to Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - Ministry of Industry and Trade, in the past time, Vietnam's rice exports have made many progress when increasing both in volume and value. Especially in recent months, the export price of rice has always been at a high level, surpassing even that of Thailand and India.
Explaining the reason for this positive result, Mr. Tran Thanh Hai said, the main reason is that over the past time, ministries and branches have supported businesses to convert exported rice from low and medium grade to high quality, fragrant rice, organic rice, etc. This is the main reason for the high export prices and helps Vietnam's rice maintain its export position.
In addition to rice, which has prospered, in the first 5 months of 2023, there were 23 products with export turnover of over 1 billion USD, accounting for 87.4% of total export turnover (there were 07 export items of over 5 billion USD, accounting for 65.4%).
Regarding the structure of export goods in the first 5 months of 2023, the group of fuel and mineral products was estimated at 1.77 billion USD, accounting for 1.3%; the group of processed industrial products was estimated at 120.24 billion USD, accounting for 88.3%; group of agricultural and forestry products was estimated at 10.79 billion USD, accounting for 7.9%; seafood products were estimated at 3.37 billion USD, accounting for 2.5%.
Vietnam’s trade surplus reached 9.8 billion USD in the first 5 months of 2023
Also according to the General Statistics Office, the import turnover of goods in May of 2023 was estimated at 26.81 billion USD, up by 6.4% over the previous month. In which, the import turnover of the domestic economic sector reached 9.31 billion USD, up by 3.8%; the import turnover of the FDI sector reached 17.5 billion USD, up by 7.8%. In comparison to the same period last year, the import turnover of goods in May decreased by 18.4%, of which the import turnover of the domestic economic sector decreased by 24.6%; and that of the FDI sector decreased by 14.7%.
Generally in the first 5 months of 2023, import turnover of goods was estimated at 126.37 billion USD, down by 17.9% over the same period last year, of which the import turnover of the domestic economic sector reached 43.95 billion USD, down by 18.5%; and the import turnover of the foreign-invested sector reached 82.42 billion USD, down by 17.5%.
In the first 5 months of 2023, there were 24 imported items with a value of over 1 billion USD, accounting for 81.2% of the total import turnover (there were 3 imported items with over 5 billion USD, accounting for 41.6%). .
Regarding the structure of imported goods in the first 5 months of 2023, the import turnover of the group of materials of production was estimated at 118.31 billion USD, accounting for 93.6%, of which the group of machinery, equipment, tools and spare parts accounted for 43.9 %; group of raw materials, fuel and materials accounted for 49.7%. The import turnover of the group of consumer products was estimated at 8.06 billion USD, accounting for 6.4%.
Regarding the export and import market of goods in the first 5 months of 2023, the United States was the largest export market of Vietnam with an estimated turnover of 37.2 billion USD. China was Vietnam's largest import market with an estimated turnover of 43.4 billion USD. In the first 5 months of 2023, trade surplus to the US was estimated at 31.2 billion USD, down by 22% over the same period last year; trade surplus to the EU was 12.6 billion USD, down by 3.6%; trade surplus to Japan was 521 million USD (same period was 564 million USD); trade deficit from China was 23.6 billion USD, down by 16.7%; trade deficit from South Korea was 10.8 billion USD, down by 38.3%; trade deficit from ASEAN was 3.4 billion USD, down by 41.3%.
Generally for the first 5 months of 2023, the trade surplus reached 9.8 billion USD (same period last year, trade surplus was 0.24 billion USD). In which, the domestic economic sector had a trade deficit of 8.76 billion USD; FDI sector (including crude oil) had a trade surplus of 18.56 billion USD.
The outstanding export turnover of May showed that, the trade promotion solutions have brought certain effects. In the coming time, to further improve the efficiency of imports and exports, the Ministry of Industry and Trade has determined to focus on implementing a number of tasks such as promoting innovation and strengthening trade promotion activities towards new and potential markets such as India, Africa, the Middle East, Latin America, Eastern Europe, etc. and markets less affected by inflation and positive growth (ASEAN). Specifically, we should drastically break into new markets where the middle class is growing such as emerging markets E7 (China, India, Turkey, Russia, Mexico and Indonesia; Halal market (China) East, Malaysia, Brunei)
In addition, businesses will also effectively exploit Free Trade Agreements (FTAs), facilitate and enhance digital transformation in the granting of preferential C/O certificates of origin, thereby supporting businesses to take advantage of commitments in FTAs.
Ministry of Industry and Trade efforts to support expanding export markets
With unpredictable developments in import and export activities, the Ministry of Industry and Trade is continuing to closely monitor developments in the world market, advising and proposing cooperation frameworks and solutions to simultaneously develop the global market, traditional markets and diversifying export markets. Besides, supporting businesses should take advantage of signed free trade agreements (FTAs) to effectively exploit markets and boost exports.
Along with that, the Ministry of Industry and Trade determined to continue diversifying export markets and products, focusing on developing exports through cross-border e-commerce, foreign distribution systems and promoting brand development of Vietnamese goods, increasing the proportion of exports of goods with deep processing content, high technology and a large localization rate.
In addition, the Ministry of Industry and Trade also develops e-commerce into an important distribution channel, actively supporting in the consumption of goods, especially agricultural products and consumer industrial goods; develop new consumer centers; digitization of trade promotion activities.
CK
Source: VITIC/ VNA/congthuong.vn