Five month import-export turnover up 15.6 percent

ABO/NDO- Vietnam’s import-export turnover during the first five months of this year reached 305.1 billion USD, a year-on-year increase of 15.6 percent, according to a report released on May 29 from the General Statistics Office of Vietnam (GSO).

Of the total, Vietnam reported 152.81 billion in export revenue, a year-on-year increase of 16.3 percent.
Twenty-six groups of commodities posted an export value of over 1 billion USD each, with six with over 5 billion USD, in the first five months of 2022. Together they accounted for 89.6 percent of the country’s total export, of which manufacturing industry accounted for 88.6 percent (0.5 percent decrease from the same period last year), seafood 3.1 percent (0.6 percent increase) and agricultural and forestry products 6.9 percent (0.5 percent decline).

A garment factory in Hung Yen Province. (Photo: VNA).

Meanwhile, imports turnover reached 152.29 billion USD, a 14.9 percent increase year-on-year with the domestic sector accounting for 53.36 billion USD and the foreign-invested one 98.93 billion USD, up 14.7 percent and 14.9 percent, respectively.

The US remained Vietnam's largest export market with an estimated turnover of 46.7 billion USD, while China was the largest import market with 49.6 billion USD in the first five months of 2022.

The country posted a trade surplus of 516 billion USD in the period. Specifically, it reported a trade plus of 13.4 billion USD with the European Union, a 43.6 percent increase year-on-year, but a trade deficit of 27.1 billion USD with China, 17.9 billion USD with the Republic of Korea and 6.5 billion USD with ASEAN.

(Source: NDO)