AsemconnectVietnam - Vietnam’s import and export turnover in the first quarter of 2023 reached 153.8 billion USD, down by 13% compared to the same period last year, according to the preliminary statistics figures of the General Department of Customs.

Specifically, in the first quarter, the country's exports reached 79.3 billion USD, down by 11.8% over the same period last year.
By the end of the first quarter, there were 14 groups of exports with a turnover of 1 billion USD or more, of which 2 groups reached 10 billion USD or more.
The two largest export commodity groups were phones and components with 13.4 billion USD, down by 12.2% over the same period last year; computers, electronic products and components reached more than 12 billion USD, down by 9.3%.
Notably, in addition to the two main commodity groups mentioned above, the other major export items, such as machinery, equipment, tools and spare parts; textile; footwear; wood and wood products, etc. all saw a deep decrease in turnover compared to the same period last year.
In contrast, the country’s imports of goods in the first quarter of this year reached 74.5 billion USD, down by 15.4% over the same period last year.
Thus, in the first quarter, the country's import-export turnover reached 153.8 billion USD, and the trade balance achieved a surplus of 4.8 billion USD.
The result achieved in the first quarter was equivalent to about 21% of the country’s total import-export turnover of last year (730.2 billion USD). To achieve results equal to or higher than 2022, in the last 3 quarters of this year, the country’s import and export turnover must reach 576.4 billion USD or more, or average 192 billion USD/quarter or more, 38 billion USD higher than the result in the first quarter of the year.
Assessments of the country’s imports and exports in the first quarter of 2023
Assessing the import and export situation in the first quarter, Mr. Nguyen Viet Phong, Director of the Department of Trade and Services Statistics, said that 35of the total 45 key export commodity groups of Vietnam saw negative growth in the first quarter and accounted for 83.1% of the total export value. In which, the exports of some key commodity groups dropped sharply, such as wood and wood products decreased by 28.3%; components reduced by 15%; textile and garment down by 17.4%; electricity, computer components down by 10.9%.
Regarding the market, the above figures also showed a decrease in exports to most of the key markets, such as China, the United States, South Korea, and Japan. In comparison to the first quarter of 2022, the import and export situation in the first quarter of 2023 seems very worrying, because the world's consumption demand is decreasing, leading to a decrease in orders for Vietnamese exporters.
According to Mr. Nguyen Viet Phong, the picture of import and export in the first quarter still has bright spots. Firstly, in the context of global aggregate demand decline and economic recession in many countries, Vietnam's commodity exports still maintain the same scale as in the first quarter of 2021. Second, although we have decreased in both exports and imports, we still maintained the trade balance in the first quarter, increasing by 4.07 billion USD, higher than 1.9 billion USD in 2022 and 2.5 billion USD in 2021.
In order to promote import and export activities in the coming time, the Director of the Trade and Services Statistics Department said that it is necessary to continue to make good use of free trade agreements, especially FTAs that Vietnam has signed, as well as make efforts to carry out trade promotion activities. In particular, it is necessary to closely monitor developments of major economies in the world, which have a direct impact on bilateral trade with Vietnam such as the US, EU, China, and Japan in order to promptly make recommendations and trade warning for the Vietnamese import-export business community.
At the same time, we should also continue to promote market diversification, diversify product lines, reduce dependence on traditional markets and industries such as Northern Europe, Eastern Europe, and Latin America. Besides, it is also necessary to improve efficiency and regulate the speed of customs clearance for export goods at border gate areas of Vietnam - China border, especially for agricultural and aquatic products, and promote official exports.
Ministry of Industry and Trade will help enterprises to expand export markets
In order to expand export markets, the Ministry of Industry and Trade said that it will continue to organize monthly briefings between its agencies, the system of the Vietnamese Trade Office in foreign countries and localities and associations, enterprises and related ministries and branches to promptly update information, needs, as well as new regulations of the market as well as promote import and export development through cross-border e-commerce activities.
The ministry will also continue to expand and diversify export markets; targeting new and potential markets such as India, Africa, the Middle East and Latin America, Eastern Europe, etc. and promote effective exploitation of Free Trade Agreements (FTAs); facilitate and enhance digital transformation in the granting of preferential C/O certificates of origin, thereby supporting enterprises to take advantage of commitments in FTAs; focus on renewing and strengthening trade promotion activities; promoting the development of logistics services, thereby reducing costs and improving the competitiveness of Vietnam's exports.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn