Exports in August saw their highest increase since the beginning of the year.

VTC News•09/09/2023

At the regular government press conference held on the afternoon of September 9th, Deputy Minister of Industry and Trade Do Thang Hai announced that export turnover in August 2023 was estimated at 32.37 billion USD, an increase of 7.7% compared to July and the highest since the beginning of the year.

This also marks the fourth consecutive month of export growth, with May increasing by 4.3% compared to April, June by 4.5% compared to May, and July by 0.8% compared to June. This result has helped exports continue their recovery trend.

Accordingly, the export figures for August helped balance the trade balance, with a trade surplus of $20.19 billion for the first eight months of the year.

Export turnover in August reached its highest level since the beginning of the year. (Illustrative image: Government). — Export turnover in August reached its highest level since the beginning of the year. (Illustrative image: Government ).

Speaking about the reasons for the strong export recovery, Deputy Minister Do Thang Hai said that, in addition to the efforts of the Government, ministries, localities, and especially businesses, many policies have been issued that are appropriate to practical conditions and provide practical support to businesses.

Previously, the reason for the decline in exports from the end of 2022 to the beginning of 2023 was due to decreased global demand and high inflation in many countries. At the same time, the maintenance of a tight monetary policy along with high inventory levels led to a drop in orders.

" However, from around April until now, especially in June, July, and August, exports have shown improvement due to reduced inventory in countries where we have export strengths. For example, in the US, inventory was 20% in the first six months of the year, but by August it had dropped to only 10%, and it is predicted to be close to zero by the end of 2023. Therefore, this is also a reason and an opportunity for our exports to the US market to grow," said the Deputy Minister of Industry and Trade.

Regarding the items that recorded export growth in August, the Deputy Minister of Industry and Trade said that they were mainly electronic products, computers and components, telephones and telephone components, textiles, footwear, wood and wood products.

In addition, the domestic economic sector achieved growth of $8.45 billion, an increase of 8.7% compared to the previous period. Meanwhile, the foreign-invested sector, including crude oil, reached $23.94 billion, an increase of 7.3%, which was lower than the domestic economic sector.

Speaking about the export situation from now until the end of the year, Deputy Minister Do Thang Hai said that although there have been positive signs, the global economy is still expected to have many unpredictable developments.

Although inflation has stabilized, it remains high. The geopolitical situation and tensions between Russia and Ukraine continue to disrupt supply chains, keeping the prices of raw materials for production high.

However, Deputy Minister Do Thang Hai noted that Vietnamese businesses have high resilience, adaptability, and are very proactive in their production and business activities. Businesses are also gradually demonstrating initiative and creativity in seeking new markets, while effectively exploiting the advantages of new-generation FDI partnerships.

FDI enterprises are also constantly innovating and introducing new products for export to meet global demand.

"With the proactive and close supervision of all levels and sectors, along with the advantages of the businesses mentioned above, we are very confident in a positive outcome for export turnover from now until the end of the year," Deputy Minister Do Thang Hai commented.

Cong Hieu

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