The global economic and political situation in 2023 was complex, with low global economic growth, increasing protectionist barriers, and many countries continuing to maintain tight monetary policies, making import and export difficult.
In addition, major economies that are Vietnam's export partners, such as the United States and the EU, reduced purchasing spending, leading to a decrease in overall demand and a sharp decline in export contracts, which has impacted Vietnam's exports in general and Binh Thuan's exports in particular.
Exports face difficulties, trade deficit continues.
According to the Binh Thuan Statistics Department's report, in 2023, the province's merchandise export value reached US$714.44 million, a decrease of 8.59% compared to 2022. Specifically: Seafood exports totaled US$214.77 million, a decrease of 14.13% compared to 2022; agricultural exports totaled US$14.25 million, an increase of 9.86%; and other goods totaled US$485.42 million, a decrease of 6.37%. Besides the decline in seafood and other goods due to reduced demand from foreign markets, agricultural exports showed significant growth but accounted for a relatively small proportion of the total export value, thus having an insignificant impact on the overall growth rate. Rubber exports, in particular, increased nearly threefold (due to a lack of orders for this commodity in the same period of 2022). Textile, footwear, and wood product groups saw a decrease in export value compared to the same period last year due to a lack of orders. However, textile and footwear groups experienced a rebound in export orders in the last two months of the year.
In terms of direct exports, in 2023 exports reached US$703.92 million, a decrease of 9.1% compared to 2022. Of this: Asian markets accounted for US$515.9 million, an increase of 2.6% compared to 2022; European markets reached US$46.46 million, a decrease of 46.23%; American markets reached US$136.75 million, a decrease of 26%; and Oceania and Africa accounted for US$8.79 million, representing an insignificant proportion. Some key export products include whiteleg shrimp (exported to the US, Japan, Germany, and the UK), frozen fresh squid (exported to Japan, Taiwan, and the US), other seafood (exported to Japan, Colombia, the US, and Denmark), various ores (primarily exported to China), garments (exported to Japan), and footwear (exported to the US, the Netherlands, Canada, and Italy). In the field of export consignment, the value reached $10.52 million in 2023, an increase of 48.39% compared to 2022.
Specifically, Binh Thuan's total import turnover in 2023 reached US$1,227.61 million, a decrease of 10.11% compared to 2022. The main imported items were raw materials for production such as seafood, textile raw materials, leather and footwear, wood and wood products, and various types of paper. The proportion of some key items was as follows: Animal feed raw materials accounted for 73.11% of the total import turnover; raw materials and accessories for garment, leather, and footwear accounted for 12.68%; and seafood accounted for 11.57%.
Comparing Binh Thuan's import and export turnover in 2023 shows that: Although import turnover decreased compared to the previous year (-10.11%), the balance of value between exports and imports remains significantly skewed towards imports. The trade deficit has persisted for many years. In 2023, the value of imports was nearly twice the value of exports.
More effort is needed in 2024.
In 2024, Vietnam's import and export situation is projected to remain challenging due to the impact of the global and domestic economic conditions. Binh Thuan province will also face many difficulties in its import and export activities.
It is understood that, to overcome difficulties in this area, in 2024, the Ministry of Industry and Trade will accelerate negotiations and signing of new trade agreements, commitments, and linkages, including completing the implementation of the FTA with Israel, and signing FTAs and trade agreements with other potential partners (UAE, MERCOSUR, etc.) to diversify markets, products, and supply chains. At the same time, it will support businesses in leveraging commitments in FTAs, especially the CPTPP, EVFTA, and UKVFTA, to boost exports through disseminating information on rules of origin and certificates of origin, as well as opportunities and ways to take advantage of these agreements. It will also improve the efficiency and speed of customs clearance of import and export goods at border gates between Vietnam and China, especially for seasonal agricultural and aquatic products; and accelerate the shift towards official export channels. In addition, it is necessary to strengthen early warning systems for trade defense lawsuits; guide businesses on how to respond to such lawsuits; and promptly inform businesses and associations about new market needs and regulations.
For Binh Thuan province, the Department of Industry and Trade needs to promptly develop and implement the province's 2024 trade promotion program, focusing on promoting goods with export advantages to traditional and key export markets such as China, the United States, the EU, Japan, South Korea, and other potential markets to open up new markets and diversify export markets. It should provide information and support to businesses participating in national and provincial trade promotion programs to carry out promotional activities, market research, and connect with domestic and foreign businesses. Furthermore, it should intensify the dissemination of information on the negotiation and signing of economic and trade agreements, as well as the opportunities and challenges in integration commitments, to help businesses grasp and utilize opportunities and minimize negative impacts from free trade agreements on export goods. Gather information on market conditions, needs, and technical barriers to trade, and disseminate it to associations and businesses.
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