Export week 11/6-11/12: Squid and octopus exports will improve; in October, wood exports earned 1.28 billion USD

Exports of squid and octopus are expected to improve.

According to a newly released report by the Vietnam Association of Seafood Processing and Export (VASEP), Vietnam's exports of squid and octopus reached over $504 million as of October 15, 2023, a 14% decrease compared to the same period last year.

In the first nine months of 2023, exports of squid and octopus to South Korea reached over $173 million, a decrease of 12% compared to the same period in 2022. South Korea remains Vietnam's largest importer of squid and octopus, accounting for 36.4% of the total export value.

Exports of squid and octopus to South Korea and China are showing good growth.

Octopus was Vietnam's main export product to the South Korean market in the first nine months of this year, accounting for 71.8%, while squid accounted for 28.2%.

According to VASEP, China was Vietnam's third largest importer of squid and octopus in the first three quarters of 2023, accounting for 10.2% of total exports. Vietnam's squid and octopus exports to China in the first nine months of 2023 reached US$51 million, a decrease of 11% compared to the same period last year.

Exports of squid and octopus to China in the third quarter of 2023 reached US$24 million, an 11% increase compared to the same period last year. After two quarters of decline, exports of squid and octopus to this market recorded positive growth of 11% in the third quarter. In the first nine months of 2023, octopus exports to China grew strongly by 77%, while squid exports decreased by 18%.

Exports of timber and wood products in October brought in over $1.28 billion.

According to preliminary statistics from the General Department of Customs, Vietnam's exports of wood and wood products in October reached over US$1.28 billion, a sharp increase of 12.9% compared to the previous month. Overall, in the first 10 months of the year, the export value of wood and wood products reached US$10.9 billion, a decrease of 19.3% compared to the same period in 2022.

Exports of timber and wood products in October brought in over $1.28 billion.

In terms of market share, the US continues to be the largest importer. In the first 10 months of the year, the US spent $5.87 billion importing these goods from Vietnam, a decrease of 21.6% compared to the same period last year. The US consistently ranks among the largest export markets for Vietnam in particular and the wood industry in general. In 2022, exports of wood and wood products to this market reached $8.67 billion.

China ranked second with $1.41 billion in the first 10 months of the year, down 23% compared to the same period in 2022. Japan was the third largest market for Vietnam's timber industry. As of the end of October, the country had spent $1.38 billion importing timber from Vietnam, down 10.3% compared to the same period.

In the first 10 months of the year, exports of cassava and cassava products brought in nearly $1.03 billion.

According to preliminary statistics from the General Department of Customs, in the first 10 months of 2023, Vietnam exported nearly 2.4 million tons of cassava and cassava products, earning nearly 1.03 billion USD. Compared to the same period last year, exports of this item decreased by 6.4% in volume and 8.8% in value.

In the first 10 months of the year, exports of cassava and cassava products brought in nearly $1.03 billion.

In terms of export markets, China remains the largest customer. In the past 10 months, China spent 929.6 million USD to buy nearly 2.2 million tons of cassava and cassava products, accounting for 90.4% of Vietnam's total export turnover of this industry.

Among Vietnam's agricultural products exported to China, cassava and cassava products rank 5th in value, after vegetables, rubber, wood and wood products, and seafood.

Exports of goods to China increased to 49.5 billion.

Over the past 10 months, Vietnam exported goods worth $49.5 billion to China, a 5% increase compared to the same period last year, equivalent to a $2.3 billion increase.

According to the Import-Export Department ( Ministry of Industry and Trade ), in the past 10 months, Vietnam exported goods worth $49.5 billion to China, an increase of 5% compared to the same period last year, equivalent to an increase of $2.3 billion. Vietnam imported raw materials from China worth $89.74 billion, a decrease of 10.2% compared to the same period. The total two-way trade turnover after 10 months reached $139.3 billion.

Durian is a multi-billion dollar export item to China. Photo: Dau Tu Newspaper.

Leading the export turnover (9-month figures) is the group of goods including telephones of all types and components, reaching over 10.8 billion USD, accounting for 25.4% of total exports; followed by the group of goods including computers, electronic products and components, reaching 9.9 billion USD, an increase of 12.1%, accounting for 23.3% of total exports.

The product groups with impressive export growth compared to the same period last year include: fruits and vegetables (up 160.3%); rice (up 55.2%); cashew nuts (up 42.3%); paper and paper products (up 76.8%); petroleum products (up 24.2%); and various types of coal (up 160.8%).

China is a major consumer market for many of our country's export industries. Therefore, the reopening of the Chinese market from the beginning of 2023 has brought great expectations to businesses and industries, especially fruits and vegetables, seafood, fibers, cement, rubber, steel, textiles, rice, etc.

Imports and exports reached nearly $62 billion in October.

According to information from the General Department of Customs, the total import and export turnover of the whole country in October reached nearly 62 billion USD. Of which, export turnover reached 32.25 billion USD, an increase of 5.1% compared to the previous month.

In October, eight product groups achieved export turnover of $1 billion or more. Of these, five groups showed positive growth compared to the previous month. Most impressive was footwear, with export turnover reaching $1.74 billion, up 30.3%. This was followed by: cameras, camcorders and components, exceeding $1 billion, up 17.3%; wood and wood products, reaching $1.28 billion, up 12.9%; machinery, equipment, tools and spare parts, reaching $4.47 billion, up 9.9%; and telephones and components, reaching $5.2 billion, up 3.3%.

Imports and exports of goods showed signs of improvement in the last months of the year.

Other key product groups include: computers, electronic products and components, reaching $5.1 billion, down 6.8%; textiles and garments, reaching $2.57 billion, down slightly by 0.1%; and transportation vehicles and parts, reaching $1.17 billion, down 3.5%.

Overall, by the end of October, the country's export turnover reached US$291.46 billion, a decrease of 7% compared to the same period last year. Conversely, imports in October reached US$29.52 billion, an increase of 3.6% compared to the previous month. For the first 10 months of the year, import turnover reached US$266.87 billion, a decrease of 12.2% compared to the same period last year.

By the end of October, the total import and export turnover of the whole country reached 558.33 billion USD, with a trade surplus of 24.59 billion USD.

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