In the first 8 months of 2023, the total import-export turnover of goods reached 435.23 billion USD, down 13.1% over the same period last year, of which exports decreased by 10%; imports decreased by 16.2%. The trade balance of goods in the first 8 months of 2023 is estimated to have a trade surplus of 20.19 billion USD.
Export of goods gradually improves
Regarding goods exports, the export turnover of goods in August 2023 is estimated at 32.37 billion USD, up 7.7% over the previous month. Of which, the domestic economic sector reached 8.43 billion USD, up 8.7%; the foreign-invested sector (including crude oil) reached 23.94 billion USD, up 7.3%.
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| Goods import and export have good signs |
Thus, in the last 4 consecutive months, the export turnover of goods has increased compared to the previous month. This shows that the solutions to promote trade and search for markets of enterprises have brought positive results.
However, due to a sharp decline in the first months of the year, the total export turnover of goods in the first 8 months of 2023 is estimated at 227.71 billion USD, down 10% over the same period last year.
In the first 8 months of 2023, there were 30 items with export turnover of over 1 billion USD, accounting for 91.8% of total export turnover (there were 5 items with export turnover of over 10 billion USD, accounting for 58.4%).
Regarding the structure of export goods in the first 8 months of 2023, the fuel and mineral group is estimated at 2.82 billion USD, accounting for 1.2%; the processed industrial group is estimated at 201.31 billion USD, accounting for 88.4%; the agricultural and forestry products group is estimated at 17.87 billion USD, accounting for 7.9%; the aquatic products group is estimated at 5.71 billion USD, accounting for 2.5%.
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| Fruit and vegetable exports are a bright spot |
Notably, fruit and vegetable products have made a strong breakthrough in recent times. The export turnover of fruit and vegetables in the past 8 months is estimated at 3.5 billion USD, an increase of nearly 56% over the same period last year. This is a record high for the fruit and vegetable industry. In particular, durian has risen from an "insignificant" turnover to become the most important export item.
This figure is even higher than the total export turnover of fruits and vegetables last year. Among the fruit and vegetable groups, durian and dragon fruit are the fruits that contributed the most to this growth. In particular, durian exports in the first 8 months accounted for 30% of the total turnover.
Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association said that the reason for the sharp increase in durian exports is that May and June are the peak harvest season for this fruit in the southern provinces, so the amount of goods exported to the Chinese market increases dramatically. From August to the end of the year, the Central Highlands will enter the main harvest season. Therefore, output will skyrocket and durian exports will exceed 1 billion USD.
Currently, the purchase price of durian is increasing sharply due to the end of the season in the West. At the gardens, the price of first-class durian is being advertised at 85,000 - 100,000 VND/kg, double the price of the same period last year.
Recently, Vietnamese durian has been bought at a high price by Chinese businesses and retailers. In addition, the short shipping time and the freshness of Vietnamese products make them highly competitive compared to Thai products.
In 2023, fruit and vegetable exports are likely to reach the historic milestone of 5 billion USD.
Or for the textile industry, in July, textile exports reached 3.27 billion USD, up 6.8% compared to the previous month. This is also the month with the highest value in the past 11 months. Textiles are showing signs of good recovery in many markets. Mr. Vu Duc Giang - Chairman of the Vietnam Textile and Apparel Association said that in 2023, the textile industry expects to achieve an export turnover of 40 to 41 billion USD. Currently, textiles are the 4th largest export group of Vietnam after: computers, electronic products and components; phones and components; machinery, equipment, tools, spare parts.
Trade surplus at high level
On the other hand, the import turnover of goods in August 2023 is estimated at 28.55 billion USD, up 5.7% over the previous month. Of which, the domestic economic sector reached 10.25 billion USD, down 1.4%; the foreign-invested sector reached 18.3 billion USD, up 10.2%. Compared to the same period last year, the import turnover of goods in August decreased by 8.3%, of which the domestic economic sector decreased by 1.7%; the foreign-invested sector decreased by 11.6%.
Import turnover of goods has also increased continuously in recent months with the main group of goods being production materials. With such an increase, it is possible to expect that goods exports will improve in the coming time.
In the first 8 months of 2023, the total import turnover of goods is estimated at 207.52 billion USD, down 16.2% over the same period last year.
In the first 8 months of 2023, there were 37 imported items with a value of over 1 billion USD, accounting for 89.9% of total import turnover (there were 2 imported items with a value of over 10 billion USD, accounting for 38.8%).
The preliminary trade balance of goods in August is estimated to have a trade surplus of 3.82 billion USD. In the first 8 months of 2023, the trade balance of goods is estimated to have a trade surplus of 20.19 billion USD (the same period last year had a trade surplus of 5.26 billion USD). Of which, the domestic economic sector had a trade deficit of 14.02 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 34.21 billion USD.
The Ministry of Industry and Trade informed that another favorable factor for exports in the last months of the year is from the US - Vietnam's largest export market. Specifically, the US economy grew higher than expected, and inventories of goods continued to decrease. In addition, the continued promotion of strategies by developed industrial countries to diversify supply sources, supply chains, and investments will help Vietnam become an important production and export center in the global value chain.
Factors such as the existing free trade agreements (FTAs) with Vietnam's major market partners such as Europe and America continue to have a positive impact on trade, investment and exports. Some garment products are starting to enjoy 0% import tax into the EU market under the EVFTA agreement... which will be favorable conditions for businesses to boost exports to these markets.
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