Viet Nam’s export and import 2022

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Viet Nam’s export and import 2022

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15/03/2023

In 2022, Vietnam’s merchandise trade with Asia will reach 475,29 billion USD, up 9,6% compared to 2021, continuing to account for the highest proportion (65,1%) in the total value—import and export of the country.

1.      Overview:

In 2022, the total import-export value of Vietnam's goods reached 730,2 billion USD, up 9,1% (equivalent to 61.2 billion USD) compared to 2021. The export value is 371,3 billion USD, up 10,5%, corresponding to 35,14 billion USD increase over the previous year; import value was 358,9 billion USD, up 7,8%, equivalent to 26,06 billion USD.
 
The balance of trade in goods for the whole year 2022 reached 12,4 billion USD, The General Department of Customs recorded the total import and export value of foreign direct investment (FDI) enterprises in 2022 to USD 506.83 billion, up 9,3% (equivalent to USD 43,22 billion) compared to 2021.
The export of goods of FDI enterprises in 2022 of FDI enterprises to USD 273,63 billion, an increase of 11,6% (equivalent to an increase of USD 28,5 billion) compared to 2021. It accounted for 73,7 % of total export value of the country.
 
2.       Import-Export Market

In 2022, Vietnam's merchandise trade with Asia reached 475,29 billion USD, up 9.,% compared to 2021, continuing to account for the highest proportion (65,1%) in the total value—import and export of the country.
 
The import-export value between Vietnam and other continents is respectively: the Americas: 153,73 billion USD, up 10,5%; Europe: 75,45 billion USD, up 2,8%; Oceania: 17,62 billion USD, up 24,3% and Africa: 8,1 billion USD, down 3,9% compared to 2021.
 
Chart 1: Import and export value by continent, country and some major markets in 2022 - Source: General Department of Customs

3.       Export

In 2022, the total export value of Vietnam reached 371.3 billion USD, up 10.5%, corresponding to 35,14 billion USD increase over the previous year. Which, other machinery, equipment, tools, and spare parts increased by 7,43 billion USD; footwear of all kinds increased by 6,15 billion USD; textiles and garments increased by 4,82 billion USD; computers, electronic products, and components increased by 4,74 billion USD; seafood increased by 2,04 billion USD.

Chart 2: Top 10 export groups of Vietnam in 2022 - Source: General Department of Customs

Some main export commodity groups:
 
- Phones and accessories: For the whole year of 2022, the export of phones and accessories of all kinds and components reached USD 57.99 billion, up 0.8% compared to 2021. In this group of goods exported to the Chinese market reached 16.26 billion USD, up 7.1%; to the US market with a value of 11,88 billion USD, up 22,5%; to the EU reached 6,7 billion USD, down 15,1%; to Korea reached 5,05 billion USD, up 5,3%... compared to the previous year.

- Computers, electronic products & components: exports of computers, electronic products, and components to the US reached 15,94 billion USD, up 25% over the previous year; to the Chinese market reached 11,88 billion USD, up 7,3%; to the EU market reached 6,87 billion USD, up 4,7%; to Hong Kong market reached 5,88 billion USD, down 6,7%; to the Korean market reached 3,38 billion USD, down 3,1%...

- Machinery, equipment, tools and spare parts: The main export markets of this group of goods are: the US with 20,18 billion USD, up 13,3%; EU reached 5,76 billion USD, up 32,2%; China reached 3,68 billion USD, up 28,3%; Japan reached 2,76 billion USD, up 7,6%; Korea reached 2,73 billion USD, up 7%... compared to 2021.

- Textiles and Sewing: In the past year, exports of textiles and garments to the US market reached 17,36 billion USD, up 7,9%; to the EU reached 4,46 billion USD, up 34,7%; Japan reached 4,07 billion USD, up 25,8%; Korea reached 3,31 billion USD, up 12,1%... compared to 2021

- Footwear of all kinds: Export of all kinds of footwear to key markets in 2022 increased sharply. Specifically, exports to key markets such as the United States reached 9,62 billion USD, up 29.6%; EU reached 5,91 billion USD, up 45,3%; China reached 1,71 billion USD, up 7,3%... over the previous year.

- Wood and wood products: In the past year, the export of wood and wood products to the US market reached 8,66 billion USD, down 1,3%; to China reached 2,15 billion USD, up 43,8% and Japan reached 1,89 billion USD, up 31,4%... over the previous year.

- Seafood products: In the past year, seafood export value to the US reached 2,13 billion USD, up 4% (equivalent to 82 million USD); Japan reached 1,71 billion USD, up 29% (equivalent to 381 million USD); China reached 1,57 billion USD, up 61% (equivalent to 598 million USD) and the EU reached 1,3 billion USD, up 21% (equivalent to 228 million USD) over the previous year.

- Iron and steel of all kinds: compared with the previous year, the amount of iron and steel exported in 2022 only reached 8,4 million tons with a value of 7,99 billion USD, down 35,9% in volume and 32,2% in quantity value (equivalent to a decrease of USD 3,8 billion).
The amount of iron and steel exports in 2022 is mainly to the following markets: ASEAN with 3.55 million tons, down 7.1%; EU with 1.55 million tons, down 15%; United States with 682 thousand tons, down 35%... compared to the previous year.
In particular, the export volume of iron and steel of all kinds to the Chinese market was only 99,2 thousand tons, while the number of exports to this market last year was up to 2,63 million tons.

4.       Import

The total import value of Vietnam's goods in 2022 reached 358,9 billion USD, up 7,8% compared to 2021. In which, the biggest increase was in computers, electronic products, and components, up 6,33 billion USD, corresponding to an increase of 8,4%; petrol and oil of all kinds increased by 4,86 billion USD, equivalent to an increase of 118,5%; chemicals increased by 1,5 billion USD, corresponding to an increase of 19,6%; coal increased by 2,69 billion USD, equivalent to 60,2%; crude oil increased by 2,61 billion USD, equivalent to 50,1% increase...
 

Chart 3: 10 commodity groups with the highest import value in 2022 - Source: General Department of Customs

Some main groups of imported goods:

- Computers, electronic products, and components: In general, the import value of this commodity group in 2022 reached 81.88 billion uSD, up 8,4% over the previous year. Vietnam mainly imported this group of goods from the following markets: China reached 24,06 billion USD, up 9,6%; South Korea reached 23,2 billion USD, up 14,3% and Taiwan reached 11,07 billion USD, up 15,1%... compared to 2021.

- Machinery, equipment, tools, and spare parts:
The total import value of this group of goods in 2022 is 45,19 billion USD, down 2,4% compared to the previous year.
China continues to be the largest market supplying this group of goods to Vietnam in 2022 with a value of 24,29 billion USD, down 2,5%; followed by the Korean market with 6,24 billion USD, up 2,1%; Japan with 4,29 billion USD, down 3,8%... over the previous year.

- Phones and components: For the whole year of 2022, the import value of this product group reached 21,13 billion USD, down 1,6% compared to 2021.
Korea is the largest market supplying these two groups of goods to Vietnam in 2022 with a value of 11,49 billion USD, up 7,1%; followed by the Chinese market with nearly 8,06 billion USD, down 12,7%; Taiwan with 414 million USD, up 13,9% compared to 2021.

- CBU cars of all kinds: In 2022, the number of imported CBU cars of all kinds is 173,467 units, an increase of 8,5% compared to the previous year.
In 2022, CBU cars of all kinds imported to Vietnam are mainly cars with 9 seats or less with 144,912 units, up 32,1%, corresponding to an increase of 35,185 units; followed by trucks with 17,967 units, down 48,3%, corresponding to a decrease of 16,813 units; Other cars were 9,752 units, down 34,9%, corresponding to a decrease of 5,237 units compared to 2021. Particularly for cars with 9 seats, in 2022, Vietnam only imported 836 units.
CBU cars of all kinds imported to Vietnam in 2022 are mainly from Thailand and Indonesia, accounting for 75% of the country's total imports. In which: 72,671 units imported from Indonesia, up 64,2%; imports from Thailand were 72,032 units, down 10.9% compared to 2021.

- Petroleum of all kinds: Import volume in 2022 is 8,87 million tons with a value of 8,97 billion USD, a sharp increase of 27,7% in volume and an increase of 118,5% (corresponding to an increase of 4,86 billion USD) in absolute terms compared to 2021.
In which, imported diesel oil reached 4.74 million tons, increased by 1.5% and accounted for 54% of imported petrol and oil of the whole country; imported gasoline volume reached 1.7 million tons, increased 2.3 times and accounted for 21%; imported jet fuel reached 1.46 million tons, increased 2,2 times and accounted for 16% of the country's petroleum imports.
The amount of petroleum imported into Vietnam in 2022, mainly from South Korea, is 3,22 million tons, up 96,3%; Singapore was 1,49 million tons, up 17,7% while imports from Malaysia were 1,42 million tons, down 37,7%...
 
- Iron and steel of all kinds: In 2022, iron and steel imports reached 11.68 million tons, down 5.6% but worth 11.92 billion USD, up 3% over the previous year. The volume decreased but the value increased mainly because the unit price of iron and steel imports in the past year increased by 9,2% compared to 2021 (equivalent to an increase of nearly 86 USD/ton).
Vietnam mainly imported iron and steel from the following markets: Japan reached 1,91 million tons, up 1,3%, South Korea reached 1,23 million tons, down 17,7% compared to 2021. volume reached 5,1 million tons, up nearly 2%,
For the Chinese market, Vietnam's iron and steel imports from this market in 2022 reached 5,1 million tons, up nearly 2% over the previous year. Meanwhile, iron and steel exports to this market decreased sharply, reaching only 991 thousand tons, down 96,2% compared to 2021.

Source: General Department of Customs
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