According to data announced by the General Statistics Office, in May, total import and export turnover of goods was estimated at US$66.62 billion, climbing 9.1% over the previous month and rising 22.6% compared to the same period last year.

Accordingly, the export turnover of goods in May is estimated at US$32.81 billion, increasing 5.7% over the previous month and growing 15.8% over the same period last year. In the first 5 months of 2024, merchandise export turnover is estimated to reach US$156.77 billion, climbing 15.2% over the same period last year. In particular, the domestic economic sector reached US$43.69 billion, an increase of 20.5%, accounting for 27.9% of total export turnover; foreign-invested sector (including crude oil) reached US$113.08 billion, an increase of 13.3%, accounting for 72.1%. Regarding the structure of export goods, the group of processed industrial goods is estimated at US$137.39 billion, accounting for 87.7%.

On the contrary, the import turnover of goods in May was estimated at US$33.81 billion, rising 12.8% over the previous month and an increase of 29.9% over the same period last year. In the first 5 months of 2024, import turnover is estimated at US$148.76 billion, up 18.2% over the same period last year. In particular, the domestic economic sector reached US$54.95 billion, a growth of 24.2%; foreign investment sector reached US$93.81 billion, an increase of 14.9%. The group of capital goods is estimated at US$139.89 billion, accounting for 94%.

Regarding the import and export market of goods, the United States continues to be Vietnam's largest export market with an estimated turnover of US$44 billion. China is Vietnam's largest import market with an estimated turnover of US$54.9 billion.

The trade balance of goods in May was estimated at a trade deficit of US$1 billion. Overall, for the first 5 months of 2024, the trade balance of goods is estimated to have a trade surplus of US$8.01 billion (in the same period last year witnessed a trade surplus of US$10.2 billion). In particular, the domestic economic sector experienced trade deficit of US$11.26 billion; foreign-invested sector (including crude oil) witnessed a trade surplus of US$19.27 billion.

Source: Customs News