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Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2021

15/10/2021 5:00 PM

Highlights

1. According to trade statistics of Vietnam Customs, in August 2021, a 4.2% downwards in total external merchandise turnover of Vietnam was recorded as compared to the result of July 2021. Exports went down 2.3 %, to USD 27.23 billion and imports decreased 6.1%, to USD 27.34 billion in terms of month-on- month basis. As a result, there was a USD 109 billion deficit in Vietnam’s trade balance in this month.

2. In the first 8 months of 2021, Vietnam‘s trade-in-goods totaled US dollars 429.68 billion in value terms, 27.5% above the corresponding period of last year. As compared to result of a year earlier, total merchandise exports value rose 21.8%, to US dollars 213.52 billion and the total merchandise imports value increased 33.7% to US dollars 216.15 billion. Accordingly, Vietnam’s trade balance for January-August period of 2021 was in the deficit of US dollars 2.63 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 38.44 billion in total for August of 2021, down by 1.1 % on month-on-month basis. FDI’s export value of USD 20.02 billion and FDI’s import value of USD 18.42 billion led to a trade surplus of USD 1.59 billion.

For January-August period of 2021, trade-in-goods by FDI traders totaled US dollars 297.43 billion, up by 31.2% on year-on-year basis. Total value of FDI exportation was USD 156.64 billion, increased by 26.5%. On import side, the total value of those companies was USD 140.78 billion, up by 36.9%. As a result, FDI’s trade balance was in surplus of USD 15.86 billion.


  

Main Exports and Imports                        

4. The July of 2021 to August of 2021 decrease in total merchandise exports was due to the downwards in foot-wears (down by USD 562 million); wood and wooden products (down by USD 522 million); textiles and garments (down by USD 464 million);...

On a year-on-year basis, exports was up USD 38.15 billion, to USD 213.52 billion. The main products, which contributed to the increase, were machine, equipments, tools and instruments (up by USD 7.78 billion); computers, electrical products, spare-parts and components thereof (up by USD 4.09 billion); iron and steels (up by USD 3.95 billion); telephones, mobile phones and parts thereof (up by USD 3.75 billion); …

 

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 months of 2021 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 35.33 billion in export value and was up by USD 11.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 65% on year-on-year basis, to USD 8.06 billion); the United States (up by 1% on year-on-year basis, to USD 6.24 billion) and EU (27) (down by 19% on year-on-year basis, to USD 4.84 billion).

Computers, electrical products, spare-parts and components thereof reached USD 31.8 billion in export value; went up 14.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 28% on year-on-year basis, to USD 8.09 billion); China (down by 8% on year-on-year basis, to USD 6.62 billion); EU (27) (up by 11% on year-on-year basis, to USD 4.08 billion);…     

Machine, equipments, tools and instruments reached USD 23.15 billion in export value; went up by 50.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 68% on year-on-year basis, to USD 10.31 billion); EU (27) (up by 54% on year-on-year basis, to USD 2.84 billion); Japan (up by 33% on year-on-year basis, to USD 1.7 billion); China (up by 46% on year-on-year basis, to USD 1.6s7 billion);..

Textiles and garments reached USD 21.11 billion in export value ; went up by 9.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 16.4% on year-on-year basis, to USD 10.52 billion); Japan (down by 9.4% on year-on-year basis, to USD 2.08 billion); EU (27) (up by 6.2% on year-on-year basis, to USD 2.52 billion);…

6.  The  July of 2021 to August of 2021 decrease in total merchandise imports was due to the downwards of the commodities as follows: crude oil (down by USD 298 million); petroleum products (down by USD 233 million); corn (down by USD 228 million);...


 

On a year-on-year basis, imports went up USD 54.47 billion, to USD 216.15 billion. The growth in imports was mainly contributed by the upturns of the following products: machine, equipments, tools and instruments (up by USD 8.16 billion); computers, electrical products, spare-parts and components thereof (up by USD 8.08 billion); telephones, mobile phones and parts thereof (up by USD 3.82 billion); …

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 months of 2021 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; textile, leather and foot- wears materials and auxiliaries group.

Computers, electrical products, spare-parts and components thereof reached USD 46.84 billion in import value ; went up by 20.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 34% on year-on-year basis, to USD 13.49 billion); Republic of Korea  (up by 13% on year-on-year basis, to USD 12.47 billion);…

Machine, equipments, tools and instruments reached USD 31.16 billion in import value; went up 35.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 71% on year-on-year basis, to USD 16.73 billion); Republic of Korea (up by 8% on year-on-year basis, to USD 4.25 billion); Japan (up by 0% on year-on-year basis, to USD 2.93 billion);…

Telephones, mobile phones and parts thereof  reached USD 12.59 billion in import value ; was up by 43.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 62% on year-on-year basis, to USD 5.83 billion); Republic of Korea (up by 26% on year-on-year basis, to USD 5.74 billion); …

Textile, leather and foot- wears materials and auxiliaries group reached USD 17.7 billion in import value ; was up by 29.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 35% on year-on-year basis, to USD 9.2 billion); Republic of Korea (up by 15% on year-on-year basis, to USD 1.7 billion); Taiwan (China) (up by 32% on year-on-year basis, to 1.7 billion); the United States (down by 5.1%, to 1.3 billion)...

Trading Partners

8. In the first 8 months of 2021, Vietnamese merchandise trade with trading partners in Asia was totaled USD 277.32 billion in value terms, which moved up 28.6% as compared to the same period of 2020. Trade-in-goods of Vietnam with America was followed, which reached USD 90.1 billion and increased by 29.7%. The values of other continents were Europe: USD 47.52 billion, up by 15.1%; Oceania: USD 9.2 billion, up by 46% and Africa: USD 5.55 billion, up by 24.8% in comparison with the same period of 2020.


9. For Jan-August period of 2021, 4 exporting markets of Vietnam with turnover of over USD 13 billion were: The United States of America (reached USD 61.8 billion); China (reached USD 33.3 billion); Republic of Korea (reached USD 14.1 billion) and Japan (reached USD 13.3 billion).

 



 

10. On import side, four partners exporting goods to Vietnam with turnover of over 13 billion were as follows: China (reached USD 72.1 billion); Republic of Korea (reached USD 35.1 billion); Japan (reached USD 14.5 billion); Taiwan (reached USD 13.6 billion).



 

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