In January, Vietnam had a trade surplus of about USD 3.6 billion. In which, the domestic economic sector has a trade deficit of USD 1.04 billion; the foreign-invested sector (including crude oil) had a trade surplus of USD 4.64 billion.

According to estimates of the General Department of Customs, the total export and import turnover of goods in January decreased compared to the previous month and compared to the same period last year. The main reason is that the Lunar New Year holiday is in January (in 2022, the Lunar New Year was in February).

Preliminary trade balance of goods in December 2022 had a trade surplus of USD 1.74 billion; in 2022, a trade surplus of USD 12.4 billion; January 2023 with an estimated trade surplus of USD 3.6 billion. In which, the domestic economic sector has a trade deficit of USD 1.04 billion; FDI sector (including crude oil) had a trade surplus of USD 4.64 billion.

Total import and export turnover of goods in January 2023 is estimated at USD 46.56 billion, a decrease of 17.3% compared to the previous month and a decrease of 25% over the same period last year (in which exports decreased by 21.3%; imports decreased by 28.9%). Merchandise trade balance in January 2023 is estimated to have a trade surplus of USD 3.6 billion.

Specifically, the preliminary export turnover of goods in December 2022 reached USD 29.03 billion, USD 631 million lower than the estimated number.

Merchandise export turnover in January 2023 is estimated at USD 25.08 billion, a decrease of 13.6% over the previous month. In which, the domestic economic sector reached USD 6.44 billion, a decrease of 18%; FDI sector (including crude oil) reached USD 18.64 billion, a decrease of 12%.

Compared to the same period last year, the export turnover of goods in January decreased by 21.3%, of which: The domestic economic sector decreased by 27.1%, the foreign-invested sector (including crude oil) decreased by 19%.

In January, there were 7 items with export turnover of USD 1 billion or more, accounting for 66.6% of total export turnover. The export value of these 7 items all decreased compared to the same period last year. In which, the largest decrease was in the textile and garment segment (decreased by 30.7%).

In terms of the share of import-export markets, the US is Vietnam's largest export market with an estimated turnover of USD 7.6 billion. China is Vietnam's largest import market with an estimated turnover of USD 8.1 billion.

In January 2023, trade surplus to the EU is estimated at USD 1.8 billion, a decrease of 45% over the same period last year; trade surplus to Japan of USD 100 million, a decrease of 65.3%; trade deficit with China of USD 3.4 billion, a decrease of 52.6%; trade deficit with Korea Republic of USD 2.5 billion, a decrease of 20.9%; trade deficit with ASEAN of USD 1.3 billion, an increase of 74.3%.

Kylie Nguyen