AsemconnectVietnam - In the first five months of the year, the trade balance of goods was estimated to have a trade surplus of 9.8 billion USD, of which the domestic economic sector had a trade deficit of 8.76 billion USD, the foreign-invested sector had a trade surplus of 18.56 billion USD.

According to data released by the General Statistics Office, the trade promotion activities were strongly promoted, so the import and export turnover in May increased compared to April.
The total import and export turnover of goods in May was estimated at 55.86 billion USD, up by 5.3% over the previous month and down by 12.3% over the same period last year.
Generally in the first 5 months of this year, the total import and export turnover of goods was estimated at more than 262 billion USD, down by 14.7% over the same period last year; in which the exports of goods were estimated at over 136 billion USD, down by 11.6%; goods imports were estimated at 126.37 billion USD, down by 17.9% over the same period last year. The trade balance of goods in the first 5 months of the year was estimated to have a trade surplus of 9.8 billion USD.
Specifically, in the first 5 months of this year, the domestic economic sector exported 35.19 billion USD worth of goods, down by 13.2%, accounting for 25.8% of total export turnover; the exports of the foreign-invested sector (including crude oil) reached 100.98 billion USD, down by 11.1%, accounting for 74.2%.
There were 23 items with export turnover of over 1 billion USD, accounting for 87.4% of total export turnover (there were 7 export items with over 5 billion USD, accounting for 65.4%).
Regarding the structure of export products in the first 5 months of the year, the exports of fuel and mineral products were estimated at 1.77 billion USD, accounting for 1.3%; the exports of the group of processed industrial products were estimated at 120.24 billion USD, accounting for 88.3%; the exports of the group of agricultural and forestry products were estimated at 10.79 billion USD, accounting for 7.9%; and the exports of seafood products were estimated at 3.37 billion USD, accounting for 2.5%.
As for goods imports, in the first 5 months of this year, the domestic economic sector imported 43.95 billion USD worth of goods, down by 18.5%; the exports of the foreign-invested sector reached 82.42 billion USD, down by 17.5%.
There were 24 imported items with a value of over 1 billion USD, accounting for 81.2% of the total import turnover (there were 03 imported items with over 5 billion USD, accounting for 41.6%).
Regarding the structure of the group of imported goods in the first 5 months of the year, the imports of the group of production materials were estimated at 118.31 billion USD, accounting for 93.6%; in which, the imports of the group of machinery, equipment, tools and spare parts accounted for 43.9%; the imports of the group of raw materials, fuel and materials accounted for 49.7% and the imports of the group of consumer products were estimated at 8.06 billion USD, accounting for 6.4%.
Regarding the export and import market of goods in the first 5 months of the year, 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 the year, trade surplus to the US was estimated at 31.2 billion USD, down by 22% over the same period last year; the 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%.
The General Statistics Office said that the preliminary trade balance of goods in May was estimated to have a trade surplus of $2.24 billion. Generally, in the first 5 months of the year, the trade balance of goods is estimated to have a trade surplus of 9.8 billion USD (in the same period last year, a trade surplus of 0.24 billion USD); in which the domestic economic sector has a trade deficit of 8.76 billion USD; FDI sector (including crude oil) had a trade surplus of 18.56 billion USD.
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/Vietnam+