According to data just released by the General Statistics Office, in August, the total import and export turnover of goods was estimated at 60.92 billion USD - up 6.7% compared to the previous month and down 7.9% compared to the same period last year.

Of which, the export turnover of goods is estimated at 32.37 billion USD - up 7.7% compared to the previous month. The domestic economic sector contributed 8.43 billion USD to this figure; while the foreign-invested sector (including crude oil) contributed 23.94 billion USD.

Thus, in August, goods exports continued to trend more positively than the previous month, but compared to the same period last year, they still decreased by 7.6%.

In the first 8 months of 2023, the total export turnover of goods is estimated at 227.71 billion USD - down 10% over the same period last year.

Electronics, computers and components achieved export turnover of more than 36 billion USD in the first 8 months of 2023. Illustration photo: VGP

According to the General Statistics Office, in the first 8 months of 2023, there were 30 items with export turnover of over 1 billion USD, accounting for 91.8% of total export turnover. Of which, there were 5 items with export turnover of over 10 billion USD, accounting for 58.4%.

However, all five items with export turnover of over 10 billion USD are on a downward trend. Specifically, electronics, computers and components reached export turnover of 36.15 billion USD, down 1.5% over the same period; phones and components reached over 33.93 billion USD, down 15.4%; machinery, equipment, tools and other spare parts reached 26.96 billion USD, down 10.3%; textiles reached 22.34 billion USD, down 15%; and footwear reached 13.48 billion USD, down 17.6%.

On the other hand, according to the General Statistics Office, the import turnover of goods in August 2023 is estimated at 28.55 billion USD, up 5.7% over the previous month. Of which, the domestic economic sector reached 10.25 billion USD, down 1.4%; the foreign-invested sector reached 18.3 billion USD, up 10.2%.

However, compared to the same period last year, the import turnover of goods in August decreased by 8.3%. Of which, the domestic economic sector decreased by 1.7%; the foreign-invested sector decreased by 11.6%.

In the first 8 months of 2023, the total import turnover of goods is estimated at 207.52 billion USD, down 16.2% over the same period last year. Of which, the domestic economic sector reached 73.95 billion USD, down 14.8%; the foreign-invested sector reached 133.57 billion USD, down 17%.

In the first 8 months of 2023, there were 37 imported items with a value of over 1 billion USD, accounting for 89.9% of total import turnover. Of which, there were 2 imported items with a value of over 10 billion USD, accounting for 38.8%. The sharper decrease in imports than exports caused Vietnam's trade balance of goods to continue to have a high surplus.

Specifically, August is estimated to have a trade surplus of 3.82 billion USD. In the first 8 months of 2023, the trade balance of goods is estimated to have a trade surplus of 20.19 billion USD - while in the same period last year, the trade surplus was 5.26 billion USD.

In the trade balance, the domestic economic sector had a trade deficit of 14.02 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 34.21 billion USD.

From a market perspective, the General Statistics Office said that the United States is Vietnam's largest export market with an estimated turnover of 62.3 billion USD; China is Vietnam's largest import market with an estimated turnover of 68.1 billion USD.

In the first 8 months of 2023, Vietnam's trade surplus with the US was estimated at 53 billion USD, down 21% over the same period last year; trade surplus with the EU was estimated at 19.6 billion USD, down 9.7%; trade surplus with Japan was 1.5 billion USD (in the same period last year, trade deficit was 146 million USD).

In contrast, the trade deficit with China was 32.3 billion USD, down 30.2%; the trade deficit with South Korea was 17.3 billion USD, down 34.5%; and the trade deficit with ASEAN was 5.2 billion USD, down 38.4%.

MR. NGOC

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