AsemconnectVietnam - The slow recovery of the world economy, tight monetary policies in many countries and reducing consumption demand of major trading partners have affected Vietnam’s import and export turnover of goods in the first quarter of this year.

14 export items recorded turnover of over 1 billion USD
According to the General Statistics Office, the total import and export turnover of goods in March of this year 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, the total import-export turnover of goods was estimated at 154.27 billion USD, down by 13.3% over the same period last year. In which, the exports decreased by 11.9%; and imports decreased by 14.7%.
However, under the close direction of the Government, ministries and localities along with the efforts of exporters, the trade balance of goods in the first quarter was estimated to have a trade surplus of 4.07 billion USD. Accordingly, in the export direction, the export turnover of goods in March of 2023 was estimated at 29.57 billion USD, up by 13.5% compared to the previous month. In which, the exports of the domestic economic sector reached 7.33 billion USD, up by 12.9%; while the exports of the FDI sector (including crude oil) reached 22.24 billion USD, up by 13.7%. In comparison to the same period last year, the export turnover of goods in March decreased by 14.8%, of which the export turnover of the domestic economic sector decreased by 16%, and the export turnover of the foreign-invested sector (including crude oil) decreased by 14, 4%.
Generally, in the first quarter of this year, 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 economic sector reached 19.26 billion USD, down by 17.4%, accounting for 24.3% of total export turnover; and the export turnover of the FDI sector (including crude oil) reached 59.91 billion USD, down by 10%, accounting for 75.7%.
Notably, in the first quarter of this year, there were 14 items with export turnover of over 1 billion USD, accounting for 77.4% of total export turnover (there were 4 export items of over 5 billion USD, accounting for 52.8%). Accordingly, in terms of export product structure, the exports of fuel and mineral products were estimated at 1.07 billion USD, accounting for 1.3%; the exports of the group of processed industrial products were estimated at 70.24 billion USD, accounting for 88.7%; the exports of the group of agricultural and forestry products were estimated at 6.07 billion USD, accounting for 7.7%; and the exports of seafood products were estimated at 1.79 billion USD, accounting for 2.3%. The US was Vietnam's largest export market with an estimated turnover of 20.6 billion USD.
China was the largest import market
In the opposite direction, the import turnover of goods in March of 2023 was estimated at 28.92 billion USD, up by 24.4% over the previous month. In which, the import value of domestic economic sector reached 10.72 billion USD, up by 35.3%; the import value of the FDI sector reached 18.2 billion USD, up by 18.7%. In comparison to the same period last year, the import turnover of goods in March of this year decreased by 11.1%, of which the import value of the domestic economic sector decreased by 7.8%; and the import value of the FDI sector decreased by 13%.
Generally in the first quarter of this year, the import turnover of goods was estimated at 75.1 billion USD, down by 14.7% over the same period last year, of which the import value of the domestic economic sector reached 26.03 billion USD, down by 13.3 %; while the import value of the FDI sector reached 49.07 billion USD, down by 15.4%.
Regarding the structure of the group of imported goods, the group of materials of production is estimated at 70.22 billion USD, accounting for 93.5%, of which the group of machinery, equipment, tools and spare parts accounted for 43.8%; group of raw materials, fuel and materials accounted for 49.7%. The group of consumer products is estimated at 4.88 billion USD, accounting for 6.5%. China is Vietnam's largest import market with an estimated turnover of 23.6 billion USD.
Thus, with the above results, the trade balance of goods in March was estimated to have a trade surplus of 0.65 billion USD. Generally in the first quarter, the trade balance of goods was estimated to have a trade surplus of 4.07 billion USD (the same period last year, the trade surplus reached 1.9 billion USD). In which, the domestic economic sector had a trade deficit of 6.77 billion USD; and the FDI sector (including crude oil) had a trade surplus of 10.84 billion USD.
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.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn