In March 2022, export and import of goods recovered strongly with total export and import of goods estimated at 66.73 billion USD, up 36.8% compared to the previous month and up 14.7% compared to the same period last year.

This is the figure published by the General Statistics Office on the morning of March 29.

Overall, in the first quarter of 2022, the total export and import of goods reached 176.35 billion USD, up 14.4% compared to the same period last year.

Regarding exports of goods, it is estimated that in March 2022, the export turnover of goods reached 34.06 billion USD, increased 45.5% compared to the previous month and increased 14.8% compared to the same period last year. The export volume of goods in the first quarter of 2022 is estimated at 88.58 billion USD, an increase of 12.9% compared to the same period last year.

Notably, export turnover in the domestic economic sector reached $23.27 billion, up 22%, accounting for 26.3% of the total export turnover. This is a relatively high growth rate in the context of export and import activities still facing many difficulties due to the impact of the epidemic, the difficult situation at the border gate has not been definitively resolved…

In the structure of export goods, the whole country has had 15 exports of over USD 1 billion, accounting for 80% of the total export turnover (there are 5 exports of over USD 5 billion, accounting for 58%).

Regarding the structure of exports in the first quarter of 2022, the group of fuel and mineral products accounted for 1.4%, an increase of 0.5 percentage points compared to the same period of the previous year; the group of processed goods accounted for 89%, a decrease of 0.9 percentage points; the group of agricultural and forest products accounted for 6.9%, a decrease of 0.1 percentage points; the group of seafood products accounted for 2.7%, an increase of 0.5 percentage points.

In the opposite direction, merchandise import turnover in March 2022 was estimated at $32.67 billion, up 28.7% compared to the previous month and up 14.6% compared to the same period last year. Overall, in the first quarter of 2022, the import turnover of goods is estimated at 87.77 billion USD, an increase of 15.9% compared to the same period last year.

Regarding the structure of imported goods in the first quarter of 2022, the group of manufactured goods accounted for 93.8%, an increase of 0.1 percentage point compared to the same period last year.

Evaluating the import of goods, Assoc. Prof. Dr Pham Tat Thang, Senior Researcher of the Institute of Strategic Studies, Trade Policy (Ministry of Industry and Trade) said that, in the structure of imported goods, the group of production materials accounted for 93.8% of the total import turnover. This figure reflects that Vietnam imports raw materials and equipment for production account for almost absolute. This is a welcome sign that production will be vibrant again in the coming time, facilitating the export of goods.

With this result, in March, the country estimated a super-export of $1.39 billion. Overall, in the first quarter of 2022, the trade balance of goods is estimated at US $809 million (same period of the previous year, US $2.76 billion).

Regarding the export and import markets of goods in the first quarter of 2022, the United States is the largest export market of Vietnam with an estimated turnover of $25.2 billion. China is Vietnam’s largest import market.

Notably, in the first quarter of 2022, the figure of super exports to the EU was estimated at USD 7 billion, up 24.5% year-on-year. This is a positive signal that the Vietnam – EU Free Trade Agreement continues to be relatively well leveraged. With extensive commitments to reduce taxes, increase the competitiveness of Vietnamese goods in the EU market, this is also considered one of the free trade agreements that bring the greatest efficiency to our country’s export activities.

In the coming time, Pham Tat Thang said that the import and export of goods, especially Vietnam’s exports, will face high production costs due to the high price of petroleum. In addition, logistics costs have remained high since the end of last year, which continues to cause cost to the business. Not to mention, the tensions on the world market caused by the Russian-Ukrainian conflict have been directly affecting the world economy in general, our country’s import and export activities in particular.

In the face of these problems, from the beginning of the year, the Ministry of Industry and Trade has made advance forecasts of the political tensions and proposed in writing to the Prime Minister on response measures. During the meeting on the recent export situation, Minister Nguyen Hong Dien requested the Department of Internal Affairs of the Ministry to continue to study market fluctuations, provide timely advice to the Government on export and import of goods.

In addition, the identification of FTAs is still an important lever for export activities in the coming time, the Ministry of Industry and Trade is actively implementing propaganda on FTAs for enterprises to catch in time, increase export turnover.

Source: Cong Thuong