By the end of September, the trade balance had a surplus of nearly 22 billion USD.

According to the latest preliminary statistics released by the General Department of Customs on the afternoon of October 10, the country's import-export turnover in September 2023 reached 59.16 billion USD. Of which, exports reached 30.68 billion USD, down 6.3% compared to August 2023.

Import and export show signs of recovery, surplus at high level (Illustration photo)

In the month, there were 7 groups of goods with export turnover of 1 billion USD or more, including: Computers, electronic products and components reached 5.48 billion USD; phones of all kinds and components reached 5.04 billion USD; machinery, equipment, tools and spare parts reached 4.07 billion USD; textiles reached 2.57 billion USD; footwear reached 1.34 billion USD; means of transport and spare parts reached 1.21 billion USD; wood and wood products reached 1.14 billion USD. By the end of September, the total export turnover of the whole country reached 258.97 billion USD, down 8.5% compared to the same period last year.

On the contrary, imports in September recorded 28.48 billion USD, down 2.9% compared to the previous month. By the end of September, the country's total import turnover reached 237.33 billion USD, down 14% compared to the same period in 2022.

Thus, by the end of September, Vietnam's import-export turnover reached 496.3 billion USD. The trade balance achieved a surplus of 21.64 billion USD.

Notably, the export turnover of goods has gradually improved over the quarters. Specifically, the export turnover in the first quarter of 2023 decreased by 11.9%; in the second quarter it decreased by 11.8% but in the third quarter it only decreased by 8.5% compared to the same period. From these positive signals, it can be expected that world demand is showing signs of recovery, Vietnamese enterprises are starting to import more, thereby creating momentum for Vietnam's exports to achieve good growth in the last months of the year.

In the coming time, to increase import-export turnover, the Ministry of Industry and Trade will promote negotiations, signing of new agreements, commitments, and trade links with potential partners (UAE, MERCOSUR...) to diversify markets, products, and supply chains.

In addition, support businesses to take advantage of commitments in FTAs, especially the CPTPP, EVFTA, UKVFTA to boost exports, through propaganda on rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from the Agreements.

For example, at the CPTPP Council meeting held in New Zealand last July, Minister of Industry and Trade Nguyen Hong Dien and authorized representatives of the countries signed the document of the UK's accession to the CPTPP.

The Ministry of Industry and Trade is currently preparing a dossier to submit for ratification the UK's accession to the CPTPP, expected to be submitted to the National Assembly at its first session in 2024.

Regarding the Vietnam-Israel Free Trade Agreement (VIFTA) that has just been signed, the Ministry of Industry and Trade is carrying out internal procedures in accordance with the provisions of the Law on International Treaties 2016 to submit to the Government for approval of VIFTA, and soon put this agreement into effect, expected from early 2024. At the same time, the Ministry will research, develop and implement activities to widely disseminate VIFTA's commitments to the business community.

The Ministry of Industry and Trade will also coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to open more export markets for other Vietnamese fruits and vegetables such as green-skinned grapefruit, fresh coconut, avocado, pineapple, star apple, lemon, melon, etc. At the same time, improve efficiency and regulate the speed of customs clearance of import and export goods at the border gate area between Vietnam and China, especially for seasonal agricultural and aquatic products; quickly and strongly shift to official export. Strengthen early warning of trade defense lawsuits; guide businesses on how to respond to lawsuits; promptly inform businesses and associations about information, needs, and new market regulations.

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