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Wednesday, June 19, 2024

January to May 2024, Vietnam’s trade surplus exceeded $8 billion

Between January and May of this year, Vietnam achieved a trade surplus of $8.01 billion, as reported by the General Statistics Office (GSO). Export revenue totaled $156.77 billion, while imports reached $148.76 billion, representing increases of 15.2% and 18.2% year on year (YoY), respectively.

Of the export earnings, $43.69 billion came from the domestic sector and $113.08 billion from foreign-invested enterprises, marking YoY growth of 20.5% and 13.3%, respectively.

During this period, 26 product categories surpassed $1 billion in export turnover, accounting for 90% of the total, with seven exceeding $5 billion.

The processing sector contributed significantly to export revenue, reaching $137.39 billion, equivalent to 87.7% of the total export revenue.

Imports by the domestic sector amounted to $54.95 billion, while foreign-invested enterprises imported goods worth $93.81 billion, marking YoY increases of 24.2% and 14.9%, respectively.

Imports of 27 groups of goods exceeded $1 billion each, with capital goods being the major import category, valued at approximately $139.89 billion.

The United States was Vietnam’s largest export market, with revenues of $44 billion, while China was the leading import market, with purchases totaling $54.9 billion.

Vietnam recorded trade surpluses of $38.1 billion with the United States, $14.3 billion with the European Union, and $290 million with Japan during the period. However, it experienced trade deficits of $32.3 billion with China, $11.1 billion with South Korea, and $4.2 billion with the Association of Southeast Asian Nations (ASEAN).

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