Trade with China: $20 billion in exports, $43 billion in imports
Vietnam’s import and export activities in May were affected by the fourth Covid-19 wave, but they still increased generally.
According to a report from the Ministry of Industry and Trade, export turnover in May was estimated at US$26 billion, down 2.1% compared to the previous month.
For the period of January-May 2021, Vietnam’s export turnover of goods was estimated at $130.94 billion, up 30.7% over the same period last year, including $33.06 billion from the domestic sector, up 16.6%, accounting for 25.2% of total export turnover, and $97.88 billion from the foreign-invested sector (including crude oil), up 36.3%, making up 74.8%.
In May 2021, the export turnover of agricultural, aquatic products and fuels and minerals increased, while that of processed and manufactured industrial goods decreased slightly compared to the previous month.
However, in the first five months of 2021, the export turnover of processed industrial products and agricultural and aquatic products increased sharply compared to the same period of last year, while the group of minerals and fuels remained in the downward trend.
Exports of textiles, apparel and footwear of all kinds also witnessed a recovery with a growth rate of 15% and 26.4% compared to the first five months of 2020.
The United States was Vietnam's largest export market during this time, with a turnover of $37.6 billion, up 49.8% year on year; followed by China with $20.1 billion, up 26%; the European Union with $16.1 billion, up 20.8%; ASEAN with $11.5 billion, up 23.6%; South Korea with $8.9 billion, up 17.1%; and Japan with $8.4 billion, up 7.7%.
Imports had a strong increase in the past five months of 2021 thanks to the expansion of the manufacturing sector, which boosted demand for imported input materials and recovery of domestic consumption.
Specifically, in May 2021, import turnover of goods reached $28 billion, up 0.8% compared to the previous month.
In the first five months of 2021, the import turnover of goods was estimated at $131.31 billion, up 36.4% over the same period last year, including $45.8 billion from the domestic economic sector, up 30.2%, and $85.51 billion from the foreign-invested sector, up 39.9%.
During this period, China was still Vietnam's largest import market with a turnover of $43.5 billion, up 53.3% year on year, followed by South Korea with $20.9 billion, up 20.5%.
Total import and export turnover of goods in the first five months of 2021 is estimated at $262.25 billion, up 33.5% over the same period last year. The economy returned to a trade deficit of $370 million during this time.
Vietnam’s exports and imports rose over 24 percent year-on-year in the first quarter, driven by the country’s free trade agreements (FTAs), an expert has said.