AsemconnectVietnam - Although the imports and exports of goods in March of 2023 increased compared to the previous month, the total imports and exports of goods in the whole quarter still recorded a decrease of 13.3% compared to the same period last year.

According to the Ministry of Industry and Trade, the total export and import turnover of goods in March of 2023 was estimated at 58.49 billion USD, up by 18.6% over the previous month and down by 13% over the same period last year. In the first quarter of 2023, there were 2 New Year holidays, making the number of working days less, along with a decrease in export orders, so the total import-export turnover was estimated at 154.27 billion USD, down by 13.3% compared to the same period last year (up by 15% in the same period). In which, the exports of goods were estimated at 79.2 billion USD, down by 11.9% (up by 14.4% in the same period); and the imports of goods were estimated at 75.1 billion USD, down by 14.7% over the same period last year (increased 15.6% in the same period).
However, Vietnam's trade balance in March of 2023 continued to have a surplus of about 650 million USD, bringing the total trade surplus in the first quarter of 2023 to 4.07 billion USD (in the same period, the trade surplus reached 1.87 billion USD).
The report of the Ministry of Industry and Trade showed that, the country’s export turnover in March of 2023 has recovered, estimated at 29.57 billion USD, up by 13.5% over the previous month but down by 14.8% compared with the same period last year due to difficulties in production and a decrease in export orders, etc. Of which, the domestic economic sector gained 7.33 billion USD, up by 12.9%; the FDI sector (including crude oil) reached 22.24 billion USD, up by 13.7%.
Generally, in the first quarter of 2023, the country’s export turnover of goods was estimated at 79.17 billion USD, down by 11.9% over the same period last year, in which, the export turnover of the domestic business sector decreased more sharply (down by 17.4%) compared with the FDI sector (down by 10%). This showed the difficulties of domestic enterprises in restoring production and business and boosting exports.
There were 14 items with export turnover of over 1 billion USD, down by 2 items compared to the first quarter of 2022 (there were 16 items), accounting for 77.4% of total export turnover.
Regarding the export market of goods, in the first quarter of 2023, the export turnover to most of the major markets and trading partners of our country decreased. In which, the United States was Vietnam's largest export market with a turnover of 20.57 billion USD, accounting for 26% of total export turnover and decreasing by 21.6% over the same period last year. It was followed by China with 11.54 billion USD, down by 13.8%; then EU market with 10.37 billion USD, down by 10.8%; ASEAN market with 8.34 billion USD, up by 2%; South Korea with 5.8 billion USD, down by 5.5%; and Japan with 5.4 billion USD, up by 0.9%.
Imports of goods decreased by 15.9%
The country’s import turnover of goods also recorded an increase in March of 2023 compared to the previous month, but still decreased by 11.1% over the same period last year.
In the first quarter of 2023, the import turnover of goods was estimated at 75.1 billion USD, down by 14.7% over the same period last year (in the same period last year, the figure increased by 15.6%), of which, the import value of the domestic economic sector reached 26.03 billion USD, down by 13.3% over the same period; and the import value of the FDI sector was estimated at 49.07 billion USD, down by 15.4%.
The statistics figures showed that in the first quarter of 2023, there were 17 imported items reached over 1 billion USD, accounting for 75.1% of total import turnover, accounting for 87.7% of Vietnam's total import turnover in the first quarter of this year. The import value of the group of raw materials and auxiliary materials for domestic production reached 65.9 billion USD, down by 15.9% over the same period last year due to the difficulties in export orders and difficulties in production and business activities of domestic enterprises.
Regarding the import market of goods, the Ministry of Industry and Trade analyzed that due to difficulties in production and export, Vietnam's import turnover of goods from most markets decreased compared to the same period last year.
China was still Vietnam's largest import market with an estimated turnover of 23.6 billion USD, down by 14.6% over the same period last year. It was followed by South Korea with 12.2 billion USD, down by 27.4%; ASEAN market with 10.3 billion USD, down by 12.9%; Japan with 5.6 billion USD, down by 4.5%; EU market with 3.4 billion USD, down by 12.1%; and the United States with 3.1 billion USD, down by 10.1%.
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/haiquanonline.com.vn