AsemconnectVietnam - In the first eight months of 2023, computers, electronics and components continued to contribute the largest export turnover with 36.15 billion USD, phones ranked second, reaching 34 billion USD.

According to the recently announced data of the General Statistics Office, the ranking of the group of goods contributing the largest export turnover to the economy continued to call the name of electronics, computers and components, the group of phones and components has dropped to 2nd place for recent months.
In August alone, the export turnover of computers and components reached 5.5 billion USD. Totally in the 8 months of this year, the exports of this group of items reached 36.15 billion USD, down by 1.5% over the same period last year. Meanwhile, phone exports in August brought in 5.3 billion USD, and the figure reached 33.9 billion USD in the first 8 months of this year, down by 15.4%.
Thus, phone exports still decreased by more than 2 billion USD compared to computers. The total export turnover of these two largest industries after 8 months reached over 70 billion USD.
Phones, components and computers were the two largest export sectors of the country that have faced an unprecedented decline in orders since the fourth quarter of 2022 and lasted from the beginning of 2023 until now.
Export orders of electronic products dropped sharply due to the impact of the global economic recession, when consumers in the US, EU, Japan, etc. tightened spending, pulling the exports of this group down.
The reduction in purchasing power can be seen clearly when looking at the import turnover of these commodity groups from key markets.
According to the General Department of Customs, in the first 7 months of 2023, the country’s exports of phones and components to China reached 7.19 billion USD, down by 2.9%; while the exports to the US reached 4.91 billion USD, down by 38.9% and to South Korea reached 2.03 billion USD, down by 36.9%. Particularly, the exports of this group of goods to the EU (27) reached US$ 4.15 billion, up 9.1% and ASEAN reached US$ 1.38 billion, up 15.3% over the same period last year.
The exports of the group of computers and components also decreased but less than that of phones, even still achieving a decent growth rate in the EU.
In the first 7 months of 2023, the country’s exports of computers, electronic products & components to the US market reached 8.75 billion USD, an increase of 1.4%; to China reached 7.55 billion USD, up by 13.7%; to EU(27) 3.23 billion USD, down by 23.9%; to Hong Kong 2.64 billion USD, down by 19.1%; to ASEAN 1.37 billion USD, down by 36.5% over the same period last year
Contributing to the whole economy nearly 113.5 billion USD in 2022, the growth of the electronics industry has a great impact on export activities of the country. Of which, FDI exported 112.4 billion USD, domestic enterprises exported 1.1 billion USD.
When major export industries saw decline in exports, the impact on the export turnover of the whole economy will be greater. Businesses expect that, in the last 4 months of the year, the number of orders will improve thanks to the recovery of consumer demand in the US, EU, ASEAN, etc. to offset the decline in recent months.
VinaCapital's recent report stated that there are signs that Vietnam's exports will recover in the fourth quarter of 2023, mainly because the inventory cycle in the US has bottomed out and because many multinational corporations is accelerating the shift of production from China to Vietnam.
CK
Source: VITIC/congthuong.vn