Figures recently released by the General Statistics Office show that in May 2024, Vietnam exported an estimated 32.81 billion USD, up 5.7% over the previous month. Of which, the domestic economic sector reached 9.37 billion USD, up 2.7%; the foreign-invested sector (including crude oil) reached 23.44 billion USD, up 6.9%.

Compared to the same period last year, the export turnover of goods in May also increased by 15.8%. Of which, the domestic economic sector increased by 13%, the foreign-invested sector (including crude oil) increased by 17%.

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Vietnam's trade surplus is over 8 billion USD in the first 5 months of 2024. Photo: Hoang Ha

In the first 5 months of 2024, the total export turnover of goods is estimated at 156.77 billion USD, up 15.2% over the same period last year. The domestic economic sector reached 43.69 billion USD, up 20.5%, accounting for 27.9% of the total export turnover. The foreign-invested sector (including crude oil) reached 113.08 billion USD, up 13.3%, accounting for 72.1%.

Vietnam has 26 products with export turnover of over 1 billion USD, accounting for 90% of total export turnover (there are 7 products with export turnover of over 5 billion USD, accounting for 65.3%).

Specifically, the structure of fuel and mineral products is estimated at 2.06 billion USD, accounting for 1.3%; the processed industrial products group is estimated at 137.39 billion USD, accounting for 87.7%; the agricultural and forestry products group is estimated at 13.82 billion USD, accounting for 8.8%; the aquatic products group is estimated at 3.5 billion USD, accounting for 2.2%.

Meanwhile, the import turnover of goods in May 2024 is estimated at 33.81 billion USD, up 12.8% over the previous month. Of which, the domestic economic sector reached 12.81 billion USD, up 11.2%; the foreign-invested sector reached 21.0 billion USD, up 13.7%.

Compared to the same period last year, import turnover of goods in May increased by 29.9%, of which the domestic economic sector increased by 38.2%; the foreign-invested sector increased by 25.3%.

In the first five months of 2024, the total import turnover of goods 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%.

The trade deficit returned in May 2024, however, in the first 5 months, the trade balance of goods is estimated to have a trade surplus of 8.01 billion USD. This figure is lower than the trade surplus of 10.2 billion USD in the same period last year. 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.

Statistics also show that in the first five months of this year, the export turnover of goods is estimated at 156.77 billion USD, up 15.2% over the same period last year. 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%.

Of these, 26 items achieved export turnover of over 1 billion USD, accounting for 90.0% of total export turnover (7 items had export turnover of over 5 billion USD, accounting for 65.3%). These items all had positive export growth rates.

Regarding the import and export market, the US is Vietnam's largest export market with an estimated turnover of 44 billion USD. China is Vietnam's largest import market with an estimated turnover of 54.9 billion USD.