According to data from General Department of Customs, total import-export turnover between Vietnam and Malaysia in the first 5 months of 2024 reached 6.2 billion USD, an increase of 22.1% over the same period last year. Of which, export turnover was 2.1 billion USD, only a slight increase of 2.5% over the same period. In opposite direction, import turnover reached 4 billion USD, a sharp increase of 35.8% over the same period.
Because exports increased only slightly while imports increased rapidly, trade balance was in deficit by 1.9 billion USD, an increase of 113.9% over the same period. In absolute value, trade balance deficit was almost equal to export value and increased to more than 1 billion USD.
Regarding exports, most items grew. Notably, rice grew by 125% and became a major export item, accounting for 9.4%, ranking 4th among the largest export items of Vietnam to Malaysia. Along with rice, other agricultural products such as coffee also had an impressive growth rate of 93.1% over the same period last year. Plastic products also increased by 72.6%, however, proportion of this item was still low. Items with a notable decrease in turnover were chemical products down by 44.9%, and seafood down by 17.8%.
However, two items with the largest proportion both had negative growth, such as iron and steel of all kinds decreased by 5.4% and phones and components of all kinds decreased by 18%. This is a reason why exports to Malaysia increased slowly. Regarding imports, it is worth noting that petroleum products have become the largest imported item, accounting for 28.4% in proportion, pushing computers, electronic products and components down to second place with a proportion of 20.9%. These are also two items with the largest proportion and are superior to the remaining items (all accounting for a proportion of 6% or less). Both of these items increased sharply, with gasoline and oil of all kinds increasing by 123.5%, while computers, electronic products and components also increased by 19.7%, fabrics of all kinds increased by 28.5% and papers of all kinds increased by 33.9%.
Although imports increased sharply from raw materials and fuels that account for a large proportion such as gasoline and oil, gas of all kinds, trade deficit is too large while investment from Malaysia to Vietnam is increasing slowly, which will be disadvantageous for current account balance between the two countries.

Source: Vitic/ congthuong.vn