| In October 2023, import and export of goods increased by 5.6%. Import and export of goods continued to flourish. |
Import and export nearly reached 600 billion USD mark
The latest report of the General Statistics Office released on the morning of November 29 showed that in the first period of November 2023 (from November 1 to November 15, 2023), the total preliminary import and export turnover of goods reached 29.42 billion USD, an increase of 2.3% over the same period last year.
From the beginning of the year to November 15, 2023, the total preliminary import-export turnover of goods reached 587.68 billion USD, down 9% over the same period last year, of which exports decreased by 6.4%; imports decreased by 11.7%; the trade balance of goods had a trade surplus of 24.44 billion USD.
Specifically, the preliminary export turnover of goods in the first period of November 2023 reached 14.65 billion USD, up 6.4% over the same period last year. From the beginning of the year to November 15, 2023, the preliminary export turnover of goods reached 306.06 billion USD, down 6.4% over the same period last year.
From the beginning of the year to November 15, 2023, there were 33 items with export turnover of over 1 billion USD, accounting for 92.9% of total export turnover (there were 07 items with export turnover of over 10 billion USD, accounting for 66.1%).
On the other hand, the preliminary import turnover of goods in the first period of November 2023 reached 14.77 billion USD, down 1.5% over the same period last year. From the beginning of the year to November 15, 2023, the preliminary import turnover of goods reached 281.62 billion USD, down 11.7% over the same period last year.
From the beginning of the year to November 15, 2023, there were 43 items with import turnover of over 1 billion USD, accounting for 92.2% of total import turnover (there were 03 items imported over 10 billion USD, accounting for 43.6%).
The trade balance of goods from the beginning of the year to November 15, 2023 had a trade surplus of 24.44 billion USD (the same period last year had a trade surplus of 8.1 billion USD). Of which, the domestic economic sector had a trade deficit of 19.05 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 43.49 billion USD.
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| Import and export have many positive signs |
Exports of goods have shown signs of improvement towards the end of the year in many products. For example, in the first 15 days of November, exports of computers, electronic products and components reached 2.42 billion USD.
The above results helped the turnover of this group of goods from the beginning of the year to November 15 reach 48.94 billion USD, an increase of about 600 million USD compared to the same period in 2022 (equivalent to an increase of 1.22%).
Although the increase is still small, this is an encouraging result in the context that not only computers, electronic products and components but many key export groups of Vietnam have had negative growth for a long period of 2023.
Or for textile products, Mr. Vu Duc Giang - Chairman of the Vietnam Textile and Apparel Association (Vitas) said that in the first 10 months of 2023, the total textile and garment industry's exports reached over 33 billion USD, and this year it reached about more than 40 billion USD, down more than 9% compared to 2022. This is a positive figure compared to the double-digit decline in previous months.
The structure of export goods has changed significantly. Some export goods such as: labor protection clothing, suits, medical clothing, jeans have increased rapidly.
“Notably, this year, the highlight of the textile and garment industry is the breakthrough and diversification of export markets, products and customers. Never before has Vietnam exported textiles and garments to as many markets as this year, to 104 countries and territories,” said Mr. Vu Duc Giang.
The United States is still Vietnam's largest garment export market, with exports to this market reaching over 11 billion USD in the first 9 months, followed by Japan with 3 billion USD, South Korea with 2.43 billion USD, the EU with nearly 2.9 billion USD, Canada with about 850 million USD, and China with about 830 million USD...
Or rice is still a bright spot in the agricultural product group. In the first half of this month (November 1-15), the whole country exported 332,214 tons of rice, with a turnover of 219 million USD.
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| Rice export is a bright spot |
In total, from the beginning of the year to November 15, the country exported 7.37 million tons of rice, with a turnover of 4.15 billion USD. This figure has exceeded the rice export results of the whole year of 2022 (the whole year of 2022 reached 7.1 million tons, with a turnover of 3.45 billion USD).
From now until the end of the year, the Vietnam Food Association (VFA) said that because countries such as the Philippines and Indonesia have large import demands, while the world's largest exporting country, India, has extended its white rice export restriction until 2024, this is an opportunity for other rice exporting countries.
With recent positive signals, rice exports in 2023 are likely to reach and exceed 7.5-8 million tons, with a turnover of 4.5 billion USD.
Expectations for the end of the year and 2024
According to the Ministry of Industry and Trade, one of the positive points in import-export activities in recent times is that the import turnover of raw materials for export production continues to increase. In particular, the group of raw materials for production still accounts for a large proportion of the total import turnover of goods nationwide. Imported goods focus on items such as: Computers, electronic products and components; machinery, equipment, tools, spare parts; fabrics of all kinds; steel of all kinds; gasoline of all kinds...
The Ministry of Industry and Trade also noted that currently, green transformation and sustainable development are inevitable trends for Vietnamese enterprises because major export markets, including the EU, always have high and strict requirements on environmental standards.
Therefore, for Vietnamese export enterprises, in addition to paying attention to export growth rate, transforming production structure, and investing in infrastructure, not only requires large financial and human resources, but also requires experience and skills to successfully apply and comply with international regulations and standards. From there, maintaining sustainable export growth.
Regarding key products, in 2024, the world economy is forecast to continue to fluctuate, and challenges for textile and garment enterprises have not stopped as more and more major textile and garment import markets are introducing new mandatory regulations related to human rights and environmental assessment in the supply chain, eco-design regulations, recycled products, textile waste treatment, etc.
However, Vietnam's textile and garment industry still has advantages over competing countries. Vietnam has participated in and is negotiating 19 free trade agreements (of which: 16 FTAs have been signed and implemented; 3 FTAs are under negotiation) and is the only country to sign free trade agreements with all major economic partners in the world such as: the United States, Japan, China, the EU, the UK, and Russia.
According to Mr. Vu Duc Giang, since the fourth quarter, many large customers have returned to the Vietnamese textile and garment industry after a difficult period. This is a good sign that will create momentum for 2024. Based on analysis and forecasts of the domestic and international situation, Vitas sets a target for the entire industry to achieve an export turnover of 44 billion USD in 2024.
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