31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Mar 01, 2022 / 21:36

Vietnam's trade turnover exceeds US$100 billion in two months

Industrial and manufacturing goods made up the majority of Vietnam’s exports during the two-month period.

Vietnam’s trade turnover in the first two months of 2022 was estimated at US$108.52 billion, a sharp increase of 13% year-on-year, according to the General Statistics Office (GSO).

 Cargo handling at Haiphong Port. Photo: Cong Hung

Upon breaking down, the country’s exports in February rose by 13.2% year-on-year with a major contribution from the domestic sector by posting an export growth of 20.3%, and the foreign-invested sector of 11.1%.

This resulted in total export revenue of $53.79 billion in the two months, up 10.2% year-on-year.

Vietnam also boasted nine groups of export products with a turnover of over $1 billion, accounting for 71.6% of total shipments. Industrial and manufacturing goods accounted for the majority of export products at 89.4%, followed by agroforestry products (6.9%), and seafood of 2.7%.

In the same period, Vietnam posted imports of $54.73 billion in the first two months of 2022, up 15.9% year-on-year, which resulted in a trade deficit of $937 million during the period.

The domestic sector recorded a trade deficit of $3.96 billion, and their foreign peers a gain of $3.02 billion.

The US remained Vietnam’s largest customer with goods exports totaling $18.3 billion while China is the country’s largest supplier,  with goods imports of $20.8 billion.

Hanoi’s exports in February rose by 53% year-on-year to $1.31 billion, in which the domestic sector contributed $690 million, up 44.8%, and the foreign-invested sector $628 million, an increase of 63.1%.

Export staples that saw a strong rise year-on-year in February included computers, electronics, and parts of $254 million, or a 2.5 fold increase; garment and textile ($237 million), twice as much as in the same period last year; machinery and equipment of $186 million, up 50.6%.

For the two months, Hanoi posted an export turnover of $2.67 billion, up 30.9%, and imports of $6 billion, representing an increase of 23%.