Vietnam exports up nearly 13 percent hinh anh 1Exports continue to strive in the first quarter of 2022 (Photo: VNA)

In March alone, the export value topped 34 billion USD, up 45.5 percent month-on-month and 14.8 percent year-on-year.

Vietnam saw increases in both export volume and value, especially in agricultural products, crude oil, fertilizers and plastics.

Notably, up to 16 groups of commodities joined the over one-billion USD club, making up 83.4 percent of the combined export turnover. Five of the export items recorded an export value of more than 5 billion USD.

During the three-month period, the US was Vietnam’s biggest buyer, with nearly 25.6 billion USD in revenue. It was followed by China, the European Union, ASEAN, the Republic of Korea (RoK) and Japan.

Hike in prices of agricultural products, crude oil

According to the Ministry of Industry and Trade, export turnover in March 2022 recovered strongly. It is estimated at 34.06 billion USD, up 45.5% over the previous month, an increase of 14.8% year-on-year.

Notably, export turnover increased in both quantity and prices in many commodity groups, especially in agricultural products, crude oil, gasoline, fertilizers, plastics, among others.

In general, in the first quarter of the year, export turnover of goods was estimated at USD 88.6 billion, up 12.9% over the same period.

In terms of commodities, export of agricultural, forestry and fishery products in the first quarter of 2022 was estimated at 7.27 billion USD, up 19.7% over the same period last year, accounting for 8.2% of the total export turnover.

Tran Thanh Hai, Deputy Director of Import-Export Department said the consumption of agricultural products in the first three months of the year was very good. For example, coffee increased 19.4% in volume and 50.4% in export turnover; pepper increased by 40.8% in export turnover; and rice increased 24% in volume and 10.5% in export turnover.

"While the overall export growth of commodities was 10%, the export growth of agricultural products alone was 19.7%," said Tran Thanh Hai.

In addition to the above group of products, exports of processed industrial products continued to record positive returns. This group led the growth of the whole industry when contributed 76.18 billion USD to the total, up 11.6% compared to the first quarter of 2021.

Besides, export of mineral fuels also rose 67.7% over the same period in 2021, of which petroleum, coal and ores, minerals increased in both volume and value.

In the first quarter, the United States was Vietnam's largest export market with a turnover of 25.57 billion USD, accounting for 28.87% of total export turnover and increasing by 15% over the same period last year. China followed with 13.7 billion USD, up 9.2% and the EU market ranked third with 11.21 billion USD, up 16.3% year on year.

In addition, the Japanese market also recorded many favorable factors for Vietnam's exports.

Representative of the Vietnam Trade Office in Japan (Ministry of Industry and Trade) said that Japan is a market with a large demand for importing and consuming foreign agricultural, aquatic and food products. Vietnam is considered as one of the leading markets in the world for these consumers.

Taking advantages of FTAs

Meanwhile, import turnover of goods in March 2022 was estimated at 32.67 billion USD, up 28.7% over the previous month. The overall Q1 import turnover of goods was projected at 87.77 billion USD, up 15.9% over the same period last year.

Thus, March was expected to have a trade surplus of 1.39 billion USD. Accumulated in the first quarter of 2022, the country had a trade surplus of 809 million USD./.