Q1 import, export turnover reach $202.52 billion
Of the Q1 trade turnover, exports reached $102.84 billion, up 10.6 per cent year-on-year.
According to data released on April 6 by the National Statistics Office, under the Ministry of Finance, the total import-export turnover in March reached $75.39 billion, marking an increase of 18.2 per cent month-on-month and 16.6 per cent year-on-year.
Of the figure, export turnover stood at $38.51 billion, up 23.8 per cent month-on-month, with the domestic economic sector contributing $11.08 billion, up 32.1 per cent, and the foreign-invested sector (including crude oil) contributing $27.43 billion, up 20.7 per cent.
Compared to the same month in 2024, March export turnover rose by 14.5 per cent, with that from the domestic sector increasing by 18.7 per cent and from the foreign-invested sector by 12.9 per cent.
As a result, total trade turnover in the first quarter of 2025 amounted to $202.52 billion, up 13.7 per cent compared to the same period last year, with exports increasing by 10.6 per cent and imports by 17.0 per cent year-on-year.
Of the Q1 trade turnover, exports reached $102.84 billion, up 10.6 per cent year-on-year, with the domestic sector contributing $29.02 billion or 28.2 per cent of the total, up 15.0 per cent, and the foreign-invested sector contributing $73.82 billion or 71.8 per cent, up 9.0 per cent.
There were 18 export items with a turnover of over $1 billion in Q1/2025, accounting for 84.5 per cent of total exports. Five of these items surpassed the $5 billion mark, contributing 59.9 per cent of total export turnover.
In terms of structure of exported products, processed industrial goods accounted for $90.92 billion or 88.4 per cent, followed by agricultural and forestry products ($8.86 billion, 8.6 per cent), aquatic products ($2.31 billion, 2.3 per cent), and fuel and mineral products ($0.75 billion, 0.7 per cent).
In terms of import turnover, Vietnam recorded $36.88 billion in March, representing a 12.9 per cent increase from February, with the domestic sector contributing $13.98 billion (up 17.8 per cent month-on-month) and the foreign-invested sector $22.9 billion (up 10.1 per cent).
Compared to March 2024, imports rose 19.0 per cent, with the domestic sector up 20.2 per cent and the foreign-invested sector up 18.3 per cent.
In Q1/2025, total import turnover reached $99.68 billion, an increase of 17.0 per cent year-on-year, with the domestic sector contributing $36.78 billion (up 19.3 per cent year on year) and the foreign-invested sector $62.9 billion (up 15.8 per cent year on year).
There were 17 imported items each with turnover surpassing $1 billion in Q1/2025, accounting for 77.2 per cent of the total import value. Two items surpassed the $5 billion threshold, contributing 44.4 per cent.
Production materials made up the bulk of imports with $93.51 billion (93.8 per cent), including machinery, equipment, tools, and spare parts (50.8 per cent) and raw materials, fuels, and other inputs (43.0 per cent). Consumer goods accounted for $6.17 billion, or 6.2 per cent of the total imports.
Regarding trade markets, the United States remained Vietnam’s largest export market in Q1/2025 with a turnover of $31.4 billion. China was the largest import source with $38.1 billion.
In total, preliminary data showed a trade surplus of $1.63 billion in March and $3.16 billion in Q1, much down compared to $7.7 billion in the same period last year. The domestic sector posted a trade deficit of $7.76 billion, while the foreign-invested sector (including crude oil) recorded a surplus of $10.92 billion.
In terms of services, export turnover in Q1/2025 was estimated at $7.58 billion, up 21.7 per cent year-on-year. Tourism services accounted for $4.2 billion (55.4 per cent of total service exports), up 29.2 per cent, while transportation services reached $2.0 billion (26.4 per cent), up 24.2 per cent.
Service imports in Q1/2025 were estimated at $9.22 billion, up 18.0 per cent from the same period last year. This included $3.16 billion in insurance and freight services tied to imported goods. Transport services accounted for $3.73 billion (40.5 per cent), up 17.5 per cent, while tourism services amounted to $3.4 billion (36.9 per cent), up 30.8 per cent. The service trade deficit in Q1/2025 stood at $1.64 billion.
