Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2021

Tuesday, September 21, 2021  09:39

​Highlights

1. According to trade statistics of Vietnam Customs, in July 2021, a 3.9% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of June 2021. Exports went up 2.4 %, to USD 27.86 billion and imports increased 5.3%, to USD 29.11 billion in terms of month-on- month basis. As a result, there was a USD 1.25 billion deficit in Vietnam’s trade balance in this month.

2. In the first 7 months of 2021, Vietnam‘s trade-in-goods totaled US dollars 375.12 billion in value terms, 30.9% above the corresponding period of last year. As compared to result of a year earlier, total merchandise exports value rose 26.2%, to US dollars 186.35 billion and the total merchandise imports value increased 35.8% to US dollars 188.76 billion. Accordingly, Vietnam’s trade balance for January-July period of 2021 was in the deficit of US dollars 2.41 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 38.86 billion in total for July of 2021, up by 5 % on month-on-month basis. FDI’s export value of USD 20 billion and FDI’s import value of USD 18.87 billion led to a trade surplus of USD 1.13 billion. 

For January-July period of 2021, trade-in-goods by FDI traders totaled US dollars 259.02 billion, up by 34.7 % on year-on-year basis. Total value of FDI exportation was USD 136.65 billion, increased by 30.9%. On import side, the total value of those companies was USD 122.36 billion, up by 39.2%. As a result, FDI’s trade balance was in surplus of USD 14.29 billion.



 

 Main Exports and Imports                        

3. The  June of 2021 to July of 2021 increase in total merchandise exports was due to the upwards in telephones, mobile phones and parts thereof (up by USD 1.43 billion); machine, equipments, tools and instruments (up by USD 536 million); iron and steels (up by USD 156 million);...



On a year-on-year basis, exports was up USD 38.68 billion, to USD 186.35 billion. The main products, which contributed to the increase, were machine, equipments, tools and instruments (up by USD 7.33 billion); computers, electrical products, spare-parts and components thereof (up by USD 4.06 billion); telephones, mobile phones and parts thereof (up by USD 3.54 billion); …

4. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 29.78 billion in export value and was up by USD 13.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 57.9% on year-on-year basis, to USD 6.57 billion); the United States (up by 4.1% on year-on-year basis, to USD 5.2 billion) and EU (27) (down by 16.7% on year-on-year basis, to USD 4.84 billion).

Computers, electrical products, spare-parts and components thereof reached USD 27.56 billion in export value; went up 17.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 27% on year-on-year basis, to USD 6.77 billion); China (down by 6.3% on year-on-year basis, to USD 5.8 billion); EU (27) (up by 19% on year-on-year basis, to USD 3.8 billion);…     

Machine, equipments, tools and instruments reached USD 20.03 billion in export value; went up by 57.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 84.7% on year-on-year basis, to USD 8.95 billion); EU (27) (up by 55.4% on year-on-year basis, to USD 2.86 billion); Japan (up by 34.6% on year-on-year basis, to USD 1.5 billion);…

Textiles and garments  reached USD 18.46 billion in export value ; went up by 13.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 20.1% on year-on-year basis, to USD 9.19 billion); Japan (down by 6.5% on year-on-year basis, to USD 1.84 billion); Republic of Korea (up by 0.4% on year-on-year basis, to USD 1.49 billion);…

5.  The  June of  2021 to July of 2021 increase in total merchandise imports was due to the upwards of the commodities as follows: computers, electrical products, spare-parts and components thereof (up by USD 522 million); telephones, mobile phones and parts thereof (up by USD 244 million); chemical products (up by USD 203 million)…   

 
 

On a year-on-year basis, imports went up USD 35.3 billion, to USD 131.6 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 5.83 billion); machine, equipments, tools and instruments (up by USD 5.19 billion); telephones, mobile phones and parts thereof (up by USD 2.64 billion); … 

6. Trade statistics of Vietnam Customs shows that 3 biggest commodity groups in the first 7 months of 2021 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; telephones, mobile phones and parts thereof; iron and steels.

Computers, electrical products, spare-parts and components thereof reached USD 39.88 billion in import value ; went up by 21.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 39.2% on year-on-year basis, to USD 11.57 billion); Republic of Korea  (up by 10.8% on year-on-year basis, to USD 10.45 billion);…

Machine, equipments, tools and instruments reached USD 27.17 billion in import value; went up 37.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 73.3% on year-on-year basis, to USD 14.45 billion); Republic of Korea (up by 10% on year-on-year basis, to USD 3.83 billion); Japan (up by 1.5% on year-on-year basis, to USD 2.58 billion);…

Telephones, mobile phones and parts thereof  reached USD 10.71 billion in import value ; was up by 49.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 33.7% on year-on-year basis, to USD 4.97 billion); Republic of Korea (up by 63.9% on year-on-year basis, to USD 4.81 billion); …

Iron and steels reached USD 6.79 billion in import value ; was up by 42.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 111.9% on year-on-year basis, to USD 3.22 billion) and Republic of Korea (up by 26.1% on year-on-year basis, to USD 902 million).. 

 Trading Partners

7. In the first 7 months of 2021, Vietnamese merchandise trade with trading partners in Asia was totaled USD 241.84 billion in value terms, which moved up 31.5% as compared to the same period of 2020. Trade-in-goods of Vietnam with America was followed, which reached USD 78.77 billion and increased by 35.4%. The values of other continents were Europe: USD 41.73 billion, up by 17.9%; Oceania: USD 7.94 billion, up by 45.3% and Africa: USD 4.84 billion, up by 29.2% in comparison with the same period of 2020.



 

 8. For Jan-July period of 2021, 4 exporting markets of Vietnam with turnover of over USD 11 billion were: The United States of America (reached USD 53.96 billion); China (reached USD 28.49 billion); Republic of Korea (reached USD 12.15 billion) and Japan (reached USD 11.83 billion).



 

 

 

 

                                                                                   

9. On import side, four partners exporting goods to Vietnam with turnover of over 11 billion were as follows: China (reached USD 62.87 billion); Republic of Korea (reached USD 30.07 billion); Japan (reached USD 12.66 billion); Taiwan (reached USD 11.90 billion).