AsemconnectVietnam - According to the latest data just announced by the General Statistics Office, Vietnam’s export turnover in the first 9 months of 2023 was estimated to reach 259.67 billion USD, down by 8.2% over the same period last year.

Overall, in the first 9 months of 2023, Vietnam's trade balance of goods was estimated to have a trade surplus of 21.68 billion USD (the same period last year the country got a trade surplus of 6.9 billion USD).
After 4 consecutive months of growth, by September, the exports showed signs of "running out of steam", decreasing by 4.1% compared to the previous month. According to the General Statistics Office, in September, the country’s total import and export turnover of goods was estimated at 60.53 billion USD, down by 2.5% over the previous month and up by 3.6% over the same period last year.
In the first 9 months of 2023, the total import and export turnover of goods reached 497.66 billion USD, down by 11% over the same period last year. Of the figure, the exports decreased by 8.2%; the imports decreased by 13.8%. The trade balance of goods in the first 9 months of 2023 was estimated to have a trade surplus of 21.68 billion USD.
Vietnam’s export turnover of goods in September of 2023 was estimated at 31.41 billion USD, down by 4.1% compared to the previous month. In the third quarter of 2023, the country’s export turnover was estimated to reach 94.6 billion USD, down by 1.2% over the same period last year and up by 10.3% compared to the second quarter of 2023. Overall, in the first 9 months of 2023, the country’s total export turnover was estimated to reach 259.67 billion USD, down by 8.2% over the same period last year. Of which, the export turnover of the domestic economic sector reached 68.86 billion USD, down by 5.7%, accounting for 26.5% of total export turnover; while the export turnover of the foreign invested sector (including crude oil) reached 190.81 billion USD, down by 9.1%, accounting for 73.5%. In the first 9 months of 2023, there were 31 items with export turnover of over 1 billion USD, accounting for 92.2% of total export turnover (there were 6 export items with export turnover of over 10 billion USD, accounting for 62.2%).
In the opposite direction, the import turnover of goods in September of 2023 was estimated to reach 29.12 billion USD, down by 0.7% compared to the previous month. In the third quarter of 2023, the country’s import turnover was estimated to reach 86 billion USD, down by 4.5% over the same period last year and up by 11% compared to the second quarter of 2023. In the first 9 months of 2023, the country’s total import turnover of goods was estimated to reach 237.99 billion USD, down by 13.8% over the same period last year, of which the import value of the domestic economic sector reached 85.12 billion USD, down by 11.8%; the import value of foreign invested sector reached 152.87 billion USD, down by 14.9%. In the first 9 months of 2023, there were 37 imported items with the import value of over 1 billion USD, accounting for 89.7% of total import turnover (there were 2 imported items worth of over 10 billion USD, accounting for 39.3%).
In the first 9 months of 2023, service export turnover was estimated to reach 14.2 billion USD, an increase of 60.6% over the same period of 2022 (the figure of the third quarter was estimated to reach 5.1 billion USD, an increase of 24.9%). The export turnover of the tourism services reached 6.6 billion USD (accounting for 46.5% of total turnover), 3.9 times higher than the same period last year; that of transportation services reached 4.1 billion USD (accounting for 28.6%), an increase of 6.6%. The service import turnover in the first 9 months of 2023 was estimated to reach 20.9 billion USD, up by 0.8% over the same period last year, of which transportation services reached 9.1 billion USD (accounting for 43.6% of total turnover), down by 5.9%; tourism services reached 5.4 billion USD (accounting for 25.9%), an increase of 9.9%.
From the above figures, it can be seen that in the first 9months of the year, Vietnam's import and export turnover of goods had a negative growth rate compared to the same period last year. In September, there were positive signs when both exports and imports grew positively.
Analyzing this issue more clearly, Mr. Nguyen Viet Phong, Director of the Department of Trade and Services Statistics (General Statistics Office) said that the export turnover of goods in 9 months was estimated at 259.7 billion USD, although still down by 8.2% over the same period of 2022, the export growth rate in September had a positive increase of 4.6%, and this is a positive trend in the recent 3 months of deep decline (in June the figure decreased by 13.8%; in July decreased 3.4%; in August decreased 7.6%). In particular, the domestic sector and the foreign invested sector also achieved positive growth, respectively 17.9%; and 0.5% (including crude oil).
The positive point is shown in two points, first, the exports of some agricultural products that Vietnam has a comparative advantage was still quite good: the exports of fruits and vegetables in 9 months were estimated at 4.2 billion USD, an increase of 71.8%. (in September alone the figure increased by 160%); the exports of cashew nuts were estimated to reach 2.6 billion USD, up by 14.3% (in September the figure increased 39.6%); the exports of rice were estimated at 3.65 billion USD, up by 40.4% (the figure of September increased by 80.4%).
Second, the exports of some key products also recorded positive growth in September such as: electronics, computers and components increased by 1.1% (9-month export value reached 41.2 billion USD); all types of phones and components increased by 3.0% (9 months reached 39 billion USD). These two key products alone accounted for 31% of Vietnam's total export turnover.
Regarding imports, positive signals also come from imported goods when the growth rate in September reached positive at 2.6% after many months of deep decline (June was -14.5%; July was -9.9%; August was -8.3%). Of which, the import value of the domestic economic sector increased by 7.0% (June was -17.8%; July was +0.4%; August was -1.7%); The economic sector with foreign investment increased by 0.3% (June was -12.5%; July was -15.4%; August was -11.6%).
In addition, the imports of electronics, computers and components in September also increased by 31.1% over the same period last year (the figure of 9 months was estimated at 63 billion USD); machinery, equipment, tools, and spare parts increased by 2% (the figure of 9 months was estimated at 30.5 billion USD). These two items alone accounted for 39.3% of Vietnam's total import turnover.
If considered by quarter, it can also be seen that the growth rates of both exports and imports tend to recover. Of which, exports in the second quarter increased by 8.1% compared to the first quarter; the exports in quarter 3 increased by 10.3% compared to quarter 2. The imports in quarter 2 increased by 4.0% compared to quarter 1; the third quarter increased by 11.0% compared to the first quarter.
“From the positive signs of export and import of goods above, it can be expected that world demand is showing signs of recovery, Vietnamese businesses are starting to tend to import more, thereby creating momentum. Vietnam's exports achieved good growth in the last months of the year", Director of the Department of Trade and Services Statistics affirmed.
CK
Source: VITIC/ haiquanonline.com.vn