The US is Vietnam's largest export market with an estimated turnover of US$52.4 billion. Photo: N.T

The decline in exports is gradually narrowing

According to the data just announced by the General Statistics Office, in July 2023, the total export and import turnover of Vietnam was estimated at USD 57.21 billion, up 2.5% over the previous month and down 6.5% - 7% over the same period last year.

Generally, in the first 7 months of 2023, the total import and export turnover of goods reached USD 374.23 billion, down 13.9% over the same period last year. In which, export turnover reached USD 194.73 billion, down 10.6%; import turnover reached 179.5 billion USD, down 17.1%. Trade balance, Vietnam had a trade surplus of USD 2.15 billion of goods in July and USD 15.23 billion in the first 7 months of 2023.

Regarding the market, in the first 7 months of 2023, the US is Vietnam's largest export market with an estimated turnover of USD 52.4 billion. Specifically, Vietnam's trade surplus to the US was estimated at USD 44.3 billion, down 24.1% over the same period last year; trade surplus to the EU was estimated at USD 16.4 billion, down 11.9%; trade deficit to Japan is 0.9 billion USD (same period last year, trade deficit is USD 0.4 billion); trade deficit from China is 27 billion USD, down 35.2%; trade deficit from Korea was 15.5 billion USD, down 35.1%; trade deficit from ASEAN is USD 5 billion, down 35.3%.

Export goods in July 2023 were estimated at USD 29.68 billion, up 0.8% over the previous month. Compared to the same period last year, the export turnover of goods in July decreased by 3.5%, of which the domestic economic sector decreased by 4.2%, the foreign investment sector (including crude oil) decreased. 3.2%.

Notably, in the first 7 months of 2023, there were 30 items with export turnover of over USD 1 billion, accounting for 91.6% of total export turnover. In which, there are 5 export items of over USD 10 billion, accounting for 57.6%.

Specifically, computers, electronics and components were the largest export items with USD 5.2 billion, up 32% over the same period in 2022. Next was phones and components with USD 3.6 billion. , down 18%; machinery, equipment, tools, spare parts and textiles reached USD 3.2 billion, down 21% and 13% respectively.

Footwear also reached USD 1.85 billion, down 18% compared to the same period last year. Meanwhile, vehicle spare parts increased by 42%, reaching USD 1.4 billion; wood and wood products reached USD 1.15 billion, down 12%. The seafood export industry in the month also recorded a decrease of 15% compared to the same period last year, reaching USD 800 million, tea and pepper products decreased by 16% and 25%, respectively. In contrast, vegetables, cashew nuts, coffee, rice and cassava all grew by double digits or more, of which vegetables and fruits increased by 122%.

Among 34 export products, 19 items recorded positive growth in value over the same period in 2022. Fruits and vegetables had the highest increase, followed by means of transport, spare parts, coffee, etc.; there were 15 export items with negative growth in value over the same period last year. In which, chemical and petroleum products dropped the most with the same -48%, followed by pepper, machinery, equipment and other spare parts, shoes, phones and components...

Good sign from import

Along with the increase in exports, in the opposite direction, import turnover of goods in July was estimated at USD 27.53 billion, up 4.4% over the previous month and down 9.9% over the same period last year. In which, the domestic economic sector reached USD 10.73 billion, up 14.3%; FDI sector reached USD 16.8 billion, down 1%. China is Vietnam's largest import market with an estimated turnover of USD 58.6 billion.

Regarding the structure of imported goods in the past 7 months, the General Statistics Office said that the group of production materials was estimated at USD 168.3 billion, accounting for 93.8%. In which, the group of machinery, equipment, tools and spare parts accounted for 43.9%; group of raw materials, fuel and materials accounted for 49.9%. The group of consumer products is estimated at only USD 11.2 billion, accounting for 6.2%.

The growth figures in the import of goods are a good sign, especially when the import of goods still focuses on commodities of the capital goods group. This sign shows that the export of goods may have a high growth in the future.

Thus, the trade balance of goods in July is estimated to have a trade surplus of USD 2.15 billion. In the first 7 months of 2023, the trade balance of goods is estimated to have a trade surplus of USD 15.23 billion (the same period last year, a trade surplus of USD 1.34 billion). In which, the domestic economic sector has a trade deficit of USD 12.58 billion; FDI sector (including crude oil) had a trade surplus of USD 27.81 billion.