AsemconnectVietnam - In May of 2024, Vietnam's import-export turnover continued to remain at a high level.

In particular, exports and imports both recorded increases.
May was also the month in which our country achieved the second highest import-export turnover in the first 5 months of the year.
Vietnam's exports of goods in May and the first 5 months of 2024
According to the Ministry of Industry and Trade, the export turnover of goods in May of 2024 was estimated to reach 32.81 billion USD, although it only increased by 5.7% compared to the previous month (of which the export turnover of the domestic economic sector reached 9.37 billion USD , increased by 2.7%; and the export turnover of the foreign invested sector (including crude oil) reached 23.44 billion USD, increased by 6.9%), but compared to the same period last year the figure increased by 15.8% (the export turnover of the domestic economic sector increased by 13.0%, and the export turnover of the foreign invested sector (including crude oil) increased by 17.0%.
In the first 5 months of 2024, merchandise export turnover was estimated to reach 156.77 billion USD, up by 15.2% over the same period last year.
Of which, the export turnover of the domestic economic sector reached 43.69 billion USD, an increase of 20.5%, accounting for 27.9% of total export turnover; while the export turnover of the foreign invested sector (including crude oil) reached 113.08 billion USD, an increase of 13.3%, accounting for 72.1%.
In the first 5 months of 2024, there were 26 items with export turnover of over 1 billion USD, accounting for 90% of total export turnover (there were 7 export items with export turnover of over 5 billion USD, accounting for 65.3%).
Exports grew strongly and evenly in all three product groups.
Specifically, the agricultural product group has maintained its growth momentum from 2023 until now, the total export turnover of this product group was estimated to reach 15.18 billion USD, up by 22% over the same period in 2023, accounting for 9.68% of the total export turnover of the country.
Due to increased export prices, most products in this group achieved high double-digit export turnover growth rates compared to the same period last year, such as coffee increased by 43.9%; rice increased by 38.2%; tea of all kinds increased by 20.1%; vegetables and fruits increased by 28.2%; cashew kernels increased by 19.3%; pepper increased by 19.7%; cassava and cassava products increased by 19.2%.
The export turnover of processing and manufacturing industrial goods was estimated at 132.42 billion USD, accounting for 84.5% of total export turnover and increasing by 14.9% over the same period of 2023.
Many product groups achieved high growth rates in export turnover, including key export items, such as cameras, camcorders and components increased by 61.2%; computers, electronic products and components increased by 33.4%; plastic products increased by 29.6%; wood and wood products increased by 23.5%; iron and steel of all kinds increased by 10.9%; other machinery, equipment, tools and spare parts increased by 11.8%; textiles and garments increased by 6.3%; footwear of all kinds increased by 7.1%; all kinds of phones and accessories increased by 11.6%...
The export turnover of mineral fuel products was estimated to reach 1.96 billion USD, up by 16.2% over the same period of 2023.
Regarding the export market of goods in the first 5 months of 2024, the export turnover to most of our country's major markets and trading partners in the first 5 months of 2024 has recovered well and achieved double-digit growth.
In particular, the United States continued to be our country's largest export market with an estimated turnover of 43.98 billion USD, accounting for 28% of the country's total export turnover and increasing by 21% over the same period last year (the figure of the same period last year decreased by nearly 20%). The next was the Chinese market with an estimated turnover of 22.65 billion USD, an increase of 10.2%; the EU market with 20.69 billion USD, up by 16.1%; South Korea with 10.4 billion USD, up by 12.8%; Japan with 9.5 billion USD, an increase of 4.7%.
Imports of goods and Vietnam's trade balance in May and the first 5 months of 2024
Vietnam's imports of goods in May reached 32.72 billion USD, up by 9.1% over the previous month.
In May, there were 5 groups of imported goods with a turnover of 1 billion USD or more, including computers, electronic products and components; machinery, equipment, tools, spare parts; iron and steel; fabric; and plastic materials.
Thus, in May, the country's total import-export turnover reached approximately 65 billion USD (64.99 billion USD), the second highest level since the beginning of the year (the highest in January reached 65.43 billion USD).
In the first 5 months of 2024, the total import-export turnover reached 303.94 billion USD. Of which, the exports reached 156.28 billion USD, up by 14.9% over the same period last year; and the imports reached 147.66 billion USD, an increase of 17.3%.
In May, our country had a trade deficit of 450 million USD, but overall for 5 months, the balance was still in surplus of 8.62 billion USD.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn