Vietnam recorded a trade surplus of over 8 billion USD in the first 5 months of the year
In May 2024, the total export and import turnover of goods reached an estimated $66.62 billion. The trade balance of goods recorded a surplus of $8.01 billion after the first five months of the year.
Data released by the General Statistics Office shows that in May 2024, Vietnam’s estimated export reached $32.81 billion, up 5.7% compared to the previous month. Domestic economic areas contributed $9.37 billion, an increase of 2.7%, while areas with foreign investment (including crude oil) reached $23.44 billion, up 6.9%.
Compared to the same period last year, the export turnover of goods in May also increased significantly by 15.8%. Domestic economic areas increased by 13%, while areas with foreign investment (including crude oil) increased by 17%.
In the first five months of 2024, the total export turnover of goods reached an estimated $156.77 billion, up 15.2% compared to the same period last year. Domestic economic areas contributed $43.69 billion, up 20.5%, accounting for 27.9% of the total export turnover. Areas with foreign investment (including crude oil) reached $113.08 billion, up 13.3%, accounting for 72.1%.
Vietnam had 26 commodity groups with export turnover exceeding $1 billion, accounting for 90% of the total export turnover (with 7 commodity groups exporting over $5 billion, accounting for 65.3%).
Specifically, the structure of fuel and mineral groups reached an estimated $2.06 billion, accounting for 1.3%; industrial processed goods reached $137.39 billion, accounting for 87.7%; agricultural and forestry products reached $13.82 billion, accounting for 8.8%; and aquatic products reached $3.5 billion, accounting for 2.2%.
In contrast, the import turnover of goods in May 2024 reached an estimated $33.81 billion, up 12.8% compared to the previous month. Domestic economic areas contributed $12.81 billion, an increase of 11.2%, while areas with foreign investment reached $21.0 billion, up 13.7%.
Compared to the same period last year, the import turnover of goods in May increased by 29.9%, with domestic economic areas up 38.2% and areas with foreign investment up 25.3%.
Overall, in the first five months of 2024, the total import turnover of goods reached $148.76 billion, up 18.2% compared to the same period last year, with domestic economic areas contributing $54.95 billion, up 24.2%, and areas with foreign investment reaching $93.81 billion, up 14.9%.
Although there was a return to trade deficit in May 2024, the trade balance for the first five months of the year is estimated to have a surplus of $8.01 billion. This figure is lower than the surplus of $10.2 billion in the same period last year. Domestic economic areas recorded a trade deficit of $11.26 billion, while areas with foreign investment (including crude oil) recorded a trade surplus of $19.27 billion.
Statistics also show that in the first five months of this year, the export turnover of goods reached an estimated $156.77 billion, up 15.2% compared to the same period last year. Domestic economic areas contributed $43.69 billion, up 20.5%, accounting for 27.9% of the total export turnover, while areas with foreign investment (including crude oil) reached $113.08 billion, up 13.3%, accounting for 72.1%.
In particular, there were 26 commodity groups with export turnover exceeding $1 billion, accounting for 90.0% of the total export turnover (with 7 commodity groups exporting over $5 billion, accounting for 65.3%). These commodity groups all showed positive export growth rates.
Regarding the export and import market of goods, the United States is the largest export market of Vietnam with an estimated turnover of $44 billion, while China is the largest import market with an estimated turnover of $54.9 billion.
Nguyen Le
