Estimated trade deficit in May is 1 billion USD

The growth rate of goods imports outperformed that of exports, causing the trade deficit to return in May, after many months without recording this.

Export and import of goods in the first 5 months of 2024

Specifically, data recently released by the General Statistics Office shows that the export turnover of goods in May 2024 is estimated at 32.81 billion USD, up 5.7% over the previous month, up 15.8% over the same period last year. Meanwhile, the import turnover of goods in May 2024 is estimated at 33.81 billion USD, up 12.8% over the previous month; up 29.9% over the same period last year. Therefore, the trade balance of goods in May is estimated to have a trade deficit of 1.0 billion USD.

However, in the first 5 months of 2024, the trade balance of goods is estimated to still have a trade surplus of 8.01 billion USD (the same period last year had a trade surplus of 10.2 billion USD). Of which, the domestic economic sector had a trade deficit of 11.26 billion USD, the foreign-invested sector (including crude oil) had a trade surplus of 19.27 billion USD.

The above trade surplus is due to the estimated export turnover of goods in the first 5 months of 2024 reaching 156.77 billion USD, up 15.2% over the same period last year. Of which, the domestic economic sector reached 43.69 billion USD, up 20.5%, accounting for 27.9% of total export turnover; the foreign-invested sector (including crude oil) reached 113.08 billion USD, up 13.3%, accounting for 72.1%.

In the first 5 months of 2024, there were 26 items with export turnover of over 1 billion USD, accounting for 90.0% of total export turnover (there were 7 items with export turnover of over 5 billion USD, accounting for 65.3%).

Regarding the structure of export goods in the first 5 months of 2024, the fuel and mineral group is estimated to reach 2.06 billion USD, accounting for 1.3%; the processed industrial goods group is estimated to reach 137.39 billion USD, accounting for 87.7%; the agricultural and forestry products group is estimated to reach 13.82 billion USD, accounting for 8.8%; the aquatic products group is estimated to reach 3.5 billion USD, accounting for 2.2%.

Meanwhile, the import turnover of goods in the first 5 months is estimated at 148.76 billion USD, up 18.2% over the same period last year, of which the domestic economic sector reached 54.95 billion USD, up 24.2%; the foreign-invested sector reached 93.81 billion USD, up 14.9%.

In the first 5 months of 2024, there were 27 imported items with a value of over 1 billion USD, accounting for 84.5% of total import turnover (there were 4 imported items with a value of over 5 billion USD, accounting for 47.0%) .

Structure of imported goods in the first 5 months of 2024

Regarding the structure of imported goods in the first 5 months, the group of production materials is estimated at 139.89 billion USD, accounting for 94%; the group of consumer goods is estimated at 8.87 billion USD, accounting for 6%.

Thus, in May, the total export and import turnover of goods is estimated at 66.62 billion USD, up 9.1% over the previous month and up 22.6% over the same period last year. In the five months, the total export and import turnover reached 305.53 billion USD, up 16.6% over the same period last year, of which export increased by 15.2%; import increased by 18.2%.

Main import and export markets in the first 5 months of 2024

In the first 5 months of 2024, the United States was Vietnam's largest export market with an estimated turnover of 44.0 billion USD. China was Vietnam's largest import market with an estimated turnover of 54.9 billion USD. In the first 5 months of 2024, the trade surplus with the United States was estimated at 38.1 billion USD, up 24.2% over the same period last year; the trade surplus with the EU was estimated at 14.3 billion USD, up 18.4%; the trade surplus with Japan was 290 million USD, down 61.8%; the trade deficit with China was 32.3 billion USD, up 55.9%; the trade deficit with South Korea was 11.1 billion USD, up 1.3%; the trade deficit with ASEAN was 4.2 billion USD, up 39.1%.

Comment (0)