AsemconnectVietnam - In the first 7 months of 2023, Vietnam’s total export and import turnover of goods reached 374,23 billion USD, down by 13,9% over the same period last year, according to the data released by the General Statistics Office.

Trade revenue in July and the first seven months of 2023
In July of this year, the total import and export turnover of goods was estimated at 7 billion USD, up by 57,21% over the previous month, but still down by 2,5% over the same period last year.
In the first 7 months of 2023, the total export and import turnover of goods reached 374,23 billion USD, down by 13,9% over the same period last year. Of the figures, the exports decreased by 10,6%; and the imports decreased by 17,1%.
The country continued to get a trade surplus of 15,23 billion USD, up sharply by 1,34% compared with the same period last year.
In the period, the domestic economic sector got a trade deficit of 12,58 billion USD; while the FDI sector (including crude oil) had a trade surplus of 27,81 billion USD.
Vietnam’s exports of goods in July and the first seven months of 2023
The country’s export turnover of goods in July of this year was estimated at 2023 billion USD, up by 29,68% compared to the previous month. In the month, the export turnover of the domestic economic sector reached 0,8 billion USD, down by 7,76%; while the export turnover of the foreign-invested sector (including crude oil) reached 1,8 billion USD, up by 21,92%.
In comparison to the same period last year, the country’s export turnover of goods in July decreased by 7%.
Totally in the first seven months of this year, the country’s export turnover of goods was estimated at 7 billion USD, down by 20.23% over the same period last year.
In the first seven months of this year, the export turnover of the domestic economic sector reached 51,5 billion USD, down 10,2%, accounting for 26,4% of total export turnover; FDI sector (including crude oil) reached 143,23 billion USD, down 10,8%, accounting for 73,6%.
In the first 7 months of 2023, there are 30 items with export turnover of over 1 billion USD, accounting for 91,6% of total export turnover; in which, there are 5 export items of over 10 billion USD, accounting for 57,6%.
Vietnam’s imports of goods in July and the first seven months of 2023
Vietnam’s import turnover of goods in July of this year was estimated at 2023 billion USD, up by 27,53% over the previous month. The import value of the domestic economic sector reached 4,4 billion USD, up by 10,73%; while the import value of the FDI sector reached 14,3 billion USD, down by 16,8%.
In comparison with the same period last year, the import turnover of goods in July decreased by 7%; in which, the import value of the domestic economic sector increased by 9,9%; and the import value of the FDI sector decreased by 0,4%.
Totally in the first seven months of 7, the import turnover of goods is estimated at 2023 billion USD, down 179,5% over the same period last year. In which, the domestic economic sector reached 17,1 billion USD, down 64,1%; FDI sector reached 16,1 billion USD, down 115,4%.
Regarding the structure of imported goods in the past 7 months, the General Statistics Office said that the import value of the group of production materials was estimated at 168,3 billion USD, 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 import value of the group of consumer products was estimated at only 11,2 billion USD, accounting for 6,2%.
Regarding the export and import markets of goods in the first seven months of 7, according to the General Statistics Office, the US was Vietnam's largest export market with an estimated turnover of 2023 billion USD. China was Vietnam's largest import market with an estimated turnover of 52,4 billion USD.
In the first seven months of 7, Vietnam's trade surplus with the US was estimated at 2023 billion USD, down by 44,3% over the same period last year; the country’s trade surplus to the European Union (EU) was estimated at 24,1 billion USD, down by 16,4%; and the trade deficit to Japan was 11,9 billion USD (same period last year, trade deficit was 0,9 billion USD).
The leader of the General Statistics Office said that many key export products of Vietnam are facing difficulties because of the sharp decrease in global market demand. The fact that the economy continues to have a large trade surplus has raised concerns that industrial production and exports will continue to face difficulties in the coming time. The reason is, Vietnam's economy depends heavily on imported raw materials, but the decrease in imports shows that enterprises are still short of orders, so there is no need to import input materials.
Measures to improve import – export efficiency in the coming time
In the coming time, in order to further improve import-export efficiency, the Ministry of Industry and Trade has determined that it will focus on implementing a number of tasks such as promoting innovation and strengthening trade promotion activities towards new markets. , potential markets such as India, Africa, the Middle East and Latin America, Eastern Europe... and markets less affected by inflation and positive growth (ASEAN).
In addition, the Ministry is effectively exploiting Free Trade Agreements (FTAs); facilitating and enhancing digital transformation in the granting of preferential C/O certificates of origin, thereby supporting businesses to take advantage of commitments in FTAs.
According to the Director of the Trade Remedies Department (Ministry of Industry and Trade) Trinh Anh Tuan, in the context of international economic integration, domestic manufacturing and exporting industries must constantly improve their competitiveness, improve production organization in order to be able to compete equally with imported goods in the domestic market.
In addition, the Ministry of Industry and Trade always closely follows and implements trade remedy activities on the basis of requirements of the domestic manufacturing industry, to prevent unfair competitive acts of imported goods in accordance with the law and international commitments.
The Ministry of Industry and Trade has also been coordinating with relevant associations and units to closely monitor the production and import situation to promptly take appropriate measures to protect the legitimate rights and interests of the domestic manufacturing industries.
CK
Source: VITIC/ Vietnamplus.vn