Import and export in 2023 officially reached 683 billion USD

Surpassing the record in turnover, import and export confidently enter 2023 Import and export in 2023: Recording many bright spots

Import and export still have many bright spots

Specifically, in December, the total import-export turnover of goods is estimated at 63.54 billion USD, up 4.7% over the previous month and up 12.7% over the same period last year. For the whole year of 2023, the total import-export turnover of goods is estimated at 683 billion USD, down 6.6% over the previous year, of which exports decreased by 4.4%; imports decreased by 8.9%. The trade balance of goods in 2023 is estimated to have a trade surplus of 28 billion USD.

Accordingly, the export turnover of goods in December 2023 is estimated at 32.91 billion USD, up 5.7% over the previous month. For the whole year of 2023, the export turnover of goods is estimated at 355.5 billion USD, down 4.4% over the previous year. There are 35 items with export turnover of over 1 billion USD, accounting for 93.6% of the total export turnover (there are 07 items with export turnover of over 10 billion USD, accounting for 66%).

On the other hand, the import turnover of goods in December 2023 is estimated at 30.63 billion USD, up 3.6% over the previous month. In the fourth quarter of 2023, the import turnover is estimated at 90.2 billion USD, up 8% over the same period last year and up 6.3% over the third quarter of 2023.

In 2023, the total import turnover of goods is estimated at 327.5 billion USD, down 8.9% compared to the previous year. In 2023, there were 44 imported items with a value of over 1 billion USD, accounting for 92.4% of the total import turnover (there were 04 imported items with a value of over 10 billion USD, accounting for 46.8%).

Although the target set at the beginning of the year was not achieved, import-export activities still had many notable bright spots. For example, in terms of goods, agricultural products were considered to be the group of goods with many bright spots.

Xuất nhập khẩu năm 2023 chính thức cán mốc 683 tỷ USD

Cashew exports have many bright spots

The Import-Export Department ( Ministry of Industry and Trade ) cited statistics from the General Department of Customs, saying that Vietnam's cashew nut exports in November 2023 reached approximately 64.15 thousand tons, worth 352.6 million USD, down 0.3% in volume and down 1.6% in value compared to October 2023, but up 32.8% in volume and 28.7% in value compared to November 2022.

In the first 11 months of 2023, Vietnam's cashew nut exports reached over 581 thousand tons, worth 3.3 billion USD, up 22.9% in volume and 17.2% in value over the same period in 2022.

With the above results, the Vietnamese cashew industry has exceeded the plan set for 2023 of 3.05 billion USD and is closer to the target set by the Ministry of Agriculture and Development for the cashew industry of 3.8 billion USD.

Fruits and vegetables are also a bright spot in the picture of import and export of goods with an estimated export figure of 5.6 billion USD in 2023. This result has far exceeded the target set for the whole industry of 4.5 billion USD in 2024 and 5 billion USD in 2025.

Regarding this result, Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association said that durian has made a very important contribution. Since July 2022, when Vietnam signed the Protocol on durian export to the Chinese market, the export turnover of this item has continuously increased. In 2022, durian exports reached 420 million USD. It is expected that durian exports in 2023 will reach 2.3 billion USD, 5 times higher than in 2022 and 10 times higher than in 2021.

Or for the textile industry, in the context of general difficulties, the industry has implemented 3 fundamental solutions. That is, linking the chain; diversifying markets, customers, and products; implementing sustainable development, greening, digital transformation, and digital governance.

Therefore, the textile and garment industry has basically had certain success, reaching an export turnover of 40.3 billion USD in 2023. In 2024, the Vietnamese textile and garment industry strives to achieve an export turnover target of 44 billion USD, an increase of 9.2% compared to 2023.

This result was achieved because in the fourth quarter of 2023, textile and garment enterprises gradually received orders again, some enterprises began to receive large orders when the textile and garment market became "warmer" due to increased demand to serve Christmas and New Year in 2024.

Striving for the 2024 goal

In 2024, the world context is forecast to continue to have major and unpredictable changes with many intertwined opportunities and challenges. The trend of de-globalization is rising strongly, protectionist policies are reappearing in many countries in different forms. Developed countries are increasingly concerned with issues of consumer safety, sustainable development, and climate change prevention, thereby establishing new standards and regulations for imported products.

Import and export expect new target in 2024

However, exports have many opportunities to recover and grow in 2024 when the problem of high inventories in the United States is gradually being overcome. The US Federal Reserve (Fed) has sent messages to stop raising interest rates and consider reducing interest rates in 2024. Efforts to promote negotiations and diversify Vietnam's export markets in the past will bring more competitive advantages to our exports in the coming time.

In that context, the target set for import-export activities in 2024 is for total export turnover to increase by over 6% compared to 2023; the trade balance to maintain a surplus of about 15 billion USD.

To achieve this result, the Ministry of Industry and Trade will promote negotiations, signing of new agreements, commitments, trade links, signing of FTAs, trade agreements with other potential partners (UAE, MERCOSUR...) to diversify markets, products, and supply chains.

In addition, support businesses to take advantage of FTA commitments, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam - EU FTA (EVFTA), Vietnam - UK FTA (UKVFTA) to boost exports, through dissemination of rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from the agreements. At the same time, coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to open more export markets for other Vietnamese fruit and vegetable products...

Improve efficiency and regulate the speed of customs clearance of import and export goods at border gates between Vietnam and China, especially for seasonal agricultural and aquatic products; quickly and strongly shift to official export.

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