In August and 8 months of 2022, although the demand for goods in markets that are Vietnam's major trading partners decreased significantly, there was still consumption demand, so the country’s production and exports still grew well in many key export groups. Vietnam's trade balance in August 2022 is estimated to have a trade surplus of 2.42 billion USD.
In August 2022, Vietnam's total import and export turnover was estimated at 64.34 billion USD, up 5.2% over the previous month and up 17.3% over the same period last year.
In the first eight months of 2022, Vietnam's total import and export turnover of goods was estimated at 497.64 billion USD, up 15.5% over the same period in 2021. Specifically, exports increased by 17.3%; imports increased by 13.6%.
For the first 8 months of 2022, Vietnam's trade balance maintained a trade surplus, with an estimated surplus of about 3.96 billion USD.
Specifically, the domestic economic sector had a trade deficit of 19.44 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 23.4 billion USD.
In the first eight months of 2022, the export turnover of goods was estimated at 250.8 billion USD, up 17.3% over the same period last year. The domestic economic sector reached 66.14 billion USD, up 18.4%, accounting for 26.4% of total export turnover; the FDI sector reached 184.66 billion USD, up 17%, accounting for 73.6%.
Export turnover of agriculture, forestry and fishery group reached 20.66 billion USD, up 15.4% over the same period in 2021, accounting for 8.2% of total export turnover, becoming a bright spot in the overall export of Vietnam.
Export turnover of processed industrial products in 8 months of 2022 continued to make an important contribution to the overall growth rate of export activities, with an estimated turnover of 215.39 billion USD, up 17.2% over the same period last year, accounting for 85.88% of the total export turnover.
Export turnover of mineral fuels in the first 8 months of 2022 remained the highest increase among commodity groups, increasing by 55% over the same period last year. Specifically, exports of petroleum, coal, and other ores and minerals increased due to the high prices of these commodities (coal exports increased by 105%; crude oil increased by 65%; gasoline of all kinds increased by 41%).
The United States continues to be the largest export market in terms of export growth of Vietnam in the first 8 months of 2022 with an estimated turnover of 77.7 billion USD, up 25.6% over the same period last year and accounting for 31% of the total export turnover of Vietnam.
On the basis of preliminary export figures in the first 8 months of 2022, it is forecast that the export turnover of 2022 is estimated at about 369 billion USD, an increase of about 9.46% compared to 2021, exceeding the target assigned by the government. Imports are estimated at about 367 billion USD. Regarding the trade balance, it is expected that in 2022, the trade surplus will be about 1 billion USD, reaching the planned target.
Regarding the trade development target set for 2023, the Industry and Trade industry has set a target that export turnover will increase by about 8% compared to 2022, and the trade balance will maintain a trade surplus.
Regarding the structure of imported goods in the first eight months of 2022, capital goods accounted for 94%, up 0.1 percentage point over the same period last year, in which machinery, equipment, tools, and spare parts accounted for 94%. 44.3%, down 1.2 percentage points; raw materials, fuel, and materials accounted for 49.7%, up 1.3 percentage points. The group of consumer products accounted for 6%, down 0.1 percentage points.
In the first eight months of 2022, China is still Vietnam's largest import market with an estimated turnover of 81.8 billion USD, up 12.8% over the same period last year; followed by South Korea with 37.28 billion USD, up 23.7%; ASEAN 43.8 billion USD, up 24.6%; Japan 15.7 billion USD, up 7.9%; EU reached 10.3 billion USD, down 7% over the same period last year; the United States 9.9 billion USD, down 4% year-on-year.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit