In May, goods export activities recovered positively with export turnover estimated at 29.05 billion USD, up 4.3% compared to the previous month. Export turnover returning to positive growth is an opportunity for import and export of goods from now until the end of the year.
Import and export recovery
In the first months of the year, Trung An High-Tech Agriculture Joint Stock Company continuously received good news when a series of rice export contracts were signed. Mr. Pham Thai Binh, General Director of Trung An High-Tech Agriculture Joint Stock Company, said that in April, the Company also won a bid to export 11,347 tons of long-grain brown rice to the Korean market at a good price, nearly 600 USD/ton.
"Our quantity and turnover exceeded 30%, so exports reached an unprecedented number," Mr. Pham Thai Binh happily said.
Rice is one of the commodities that is still maintain growth rate Impressive exports in recent times are one of the driving forces behind the growth of commodity exports in general.
According to the Ministry of Industry and Trade , after a period of difficulties, with synchronous measures to support domestic production and promote trade, expand domestic markets and exports being strongly implemented, import and export turnover in May recovered positively, increasing significantly compared to the previous month (up 5.3%, estimated at 55.86 billion USD) but decreasing 12.3% compared to the same period last year.
In the first 5 months of 2023, the total import-export turnover of goods is estimated at 262.54 billion USD, down 14.7% over the same period last year, of which exports decreased by 11.6%; imports decreased by 17.9%. The trade balance of goods in the first 5 months of 2023 is estimated to have a trade surplus of 9.8 billion USD.
Regarding goods exports, in May, goods export activities recovered positively with export turnover estimated at 29.05 billion USD, up 4.3% over the previous month.
However, in the first 5 months of 2023, export activities continued to be affected by production difficulties and a decline in export orders, so the estimated turnover reached 136.17 billion USD, down 11.6% over the same period last year.
Also according to the report of the Ministry of Industry and Trade, on the contrary, the decrease in the world's demand for goods also affects the import turnover of raw materials for the production of export orders of our country.
Import turnover of goods in May 2023 is estimated at 26.81 billion USD, up 6.4% over the previous month. In the first 5 months of 2023, import turnover of goods is estimated at 126.37 billion USD, down 17.9% over the same period last year.
Due to a sharper decrease in imports than exports, Vietnam's trade balance in May continued to have a trade surplus of about 2.24 billion USD, bringing the total trade surplus in the first 5 months of 2023 to 9.8 billion USD (in the same period last year, the trade surplus was 0.24 billion USD), contributing to increasing foreign exchange reserves, supporting monetary policy management, and stabilizing exchange rates.
What opportunities for the last months of the year?
Despite many difficulties, the recovery in export turnover is a positive signal for import and export of goods. As one of the main export items, according to Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers, businesses in the industry are currently facing many difficulties, with orders decreasing due to demand from large, traditional markets being affected by inflation.
However, in the last months of the year, seafood export demand is expected to recover better. Specifically, US seafood demand is likely to recover from the second half of 2023 due to cooling inflation, reduced inventory levels and high demand for the year-end holidays. This will help Vietnam's seafood export turnover to the US increase by 40-50% in the second half of the year.
In addition, the Chinese market did not recover as expected after fully opening up. According to VNDirect Securities Company, China has fully opened up after 3 years of implementing the “Zero-covid” policy, helping the country’s seafood imports increase by 13% in the first quarter of 2023.
In addition, the Ministry of Agriculture and Rural Development recently sent a dispatch No. 105/CH-BNN-HTQT to the General Department of Customs of the People's Republic of China, the Chinese Embassy in Vietnam, and the Vietnamese Embassy in China, proposing to consider adding a number of fruits, species, aquatic products and a number of enterprises that are allowed to export aquatic products to China. If approved, the opportunity to export these products to the Chinese market will continue to expand.
In order to continue to remove difficulties for import and export activities, in the coming time, Deputy Minister of Industry and Trade Do Thang Hai said that the Ministry of Industry and Trade has been and will focus on innovating and strengthening trade promotion activities towards new markets, potential markets such as India, Africa, the Middle East and Latin America, Eastern Europe... and markets that are less affected by inflation and have positive growth (ASEAN).
In particular, we will resolutely break into new markets where the middle class is growing, such as the E7 emerging markets (China, India, Türkiye, Russia, Mexico and Indonesia); and the Halal market (Middle East, Malaysia, Brunei).
In addition, promote the effective exploitation of Free Trade Agreements (FTAs). Facilitate and enhance digital transformation in the issuance of preferential Certificates of Origin (C/O), thereby supporting businesses to take advantage of commitments in FTAs.
The Ministry of Industry and Trade also promotes the development of logistics services, thereby reducing costs, enhancing the competitiveness of Vietnamese export goods, and increasing the speed of customs clearance.
Continue to organize monthly meetings between the Ministry's agencies, the Vietnamese Trade Office system abroad with localities, associations, enterprises and relevant ministries and branches to promptly update enterprises and associations on information, needs, as well as new market regulations. Promote import and export development through cross-border e-commerce activities.
In addition, one of the immediate and key solutions in the coming time is to 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. At the same time, there is a solution to quickly and strongly shift to official export.
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