Specifically, in November, the total import and export turnover of goods is estimated at 60.88 billion USD, up 5.9% over the same period last year. In the 11 months of 2023, the total import and export turnover of goods is estimated at 619.17 billion USD, down 8.3% over the same period last year. The trade balance of goods in the 11 months of 2023 is estimated to have a trade surplus of 25.83 billion USD.
Regarding goods exports, the export turnover of goods in November 2023 is estimated at 31.08 billion USD, up 6.7% over the same period last year. Of which, the domestic economic sector reached 8.49 billion USD, up 13.5%; the foreign-invested sector (including crude oil) reached 22.59 billion USD, up 4.4%. This is a very positive bright spot when the growth rate of domestic enterprises increased, 3 times higher than that of the foreign-invested sector.
In the first 11 months of 2023, the total export turnover of goods is estimated at 322.50 billion USD, down 5.9% over the same period last year. Although the export turnover still decreased compared to the same period last year, the decrease in export growth has narrowed significantly compared to the decrease of 11.6% in the first 6 months of 2023.
In the 11 months of 2023, there were 33 items with export turnover of over 1 billion USD, accounting for 93.1% of total export turnover (there were 7 items with export turnover of over 10 billion USD, accounting for 66%). Many key export items had positive growth rates compared to the same period last year.
Notably, agricultural products continued to make impressive contributions, being a bright spot in the country's export activities, in which many agricultural products increased in both value and volume compared to the previous month such as: Rice reached 462 million USD, up 13.5%; rubber reached 343 million USD, up 16.6%; coffee reached 252 million USD, up 59.9%... In the 11 months of 2023, Vietnam exported nearly 7.8 million tons of rice; 2.7 million tons of cassava and cassava products; 1.9 million tons of rubber; 1.4 million tons of coffee.
Thus, the export turnover of agricultural and aquatic products in November is estimated at 3 billion USD, up 26.7% over the same period last year. This is also the only group of goods that recorded positive growth in the 11 months of 2023, with an estimated export turnover of 29.5 billion USD, up 8.6%.
On the other hand, goods imports in November 2023 are estimated at 29.8 billion USD, up 1% over the previous month. In the 11 months of 2023, the total import turnover of goods is estimated at 296.67 billion USD, down 10.7% over the same period last year. Notably, in the 11 months of 2023, the group of production materials still accounted for 93.8% of the total import turnover.
Because imports decreased more sharply than exports (exports decreased by 5.9%, imports decreased by 10.7%), Vietnam's trade balance in 11 months continued to have a trade surplus of 25.83 billion USD (in the same period last year, the trade surplus was 10.3 billion USD).
Regarding the import and export market of goods in the first 11 months of 2023, the United States is Vietnam's largest export market with an estimated turnover of 88 billion USD. China is Vietnam's largest import market with an estimated turnover of 99.6 billion USD. In the first 11 months of 2023, the trade surplus with the United States is estimated at 75.5 billion USD, down 14.1% over the same period last year; the trade surplus with the EU is estimated at 26.2 billion USD, down 11.1%; the trade surplus with Japan is 1.5 billion USD, up 127.2%; the trade deficit with China is 43.7 billion USD, down 23.1%; the trade deficit with South Korea is 26.3 billion USD, down 25.4%; the trade deficit with ASEAN is 8.1 billion USD, down 31.3%.
The Ministry of Industry and Trade will promote negotiations and signing of new agreements, commitments, and trade links, including completing the implementation of the FTA with Israel, signing FTAs, and trade agreements with other potential partners (UAE, MERCOSUR, etc.) to diversify markets, products, and supply chains.
At the same time, support businesses to take advantage of commitments in FTAs, especially CPTPP, EVFTA, UKVFTA to boost exports, through propaganda on rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from the Agreements.
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