AsemconnectVietnam - While exports of goods to Vietnam's major markets such as the US and EU decreased, the exports to African countries, Eastern Europe, Northern Europe, and West Asia increased.

What were the bright spots of import and export activities?
According to the Ministry of Industry and Trade, with positive and synchronous measures to remove difficulties to support domestic production, promote trade, expand domestic and export markets, export activities have been strongly implemented. The imports of goods for 4 consecutive months (May, June, July, August) maintained growth. And although our country's export turnover of goods in September of 2023 was estimated to decrease by 4.1% compared to the previous month, it increased by 4.6% compared to the same period in 2022.
Thereby, the export turnover of the whole country in the third quarter of 2023 reached 94.6 billion USD, an increase of 10.3% compared to the second quarter of 2023.
After 4 consecutive months of growth, merchandise export turnover in September of 2023 was estimated to reach 31.41 billion USD.
Overall, for the first 9 months of 2023, merchandise export turnover was estimated to reach 259.67 billion USD. 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%).
Regarding the structure of export goods, in September of 2023, the export turnover of most main products achieved positive growth compared to the same period last year due to the recovery on the demand side and a relatively low base level of the last months of 2022. In particular, the exports of agricultural and aquatic products recorded an increase of 31.1% over the same period, estimated at 3.01 billion USD. The most prominent in this group was the exports of fruits and vegetables, which increased by 160% over the same period last year, estimated to reach 650 million USD. The bright spot was to rice products, which increased by 80%, estimated to reach 495 million USD; pepper increased by 22.7%; cashew nuts increased by 39.6%.
The export turnover of the processed industrial goods group also increased by 1.8% over the same period last year, estimated at 26.65 billion USD. In particular, computer products, electronic products and components; phones of all types and accessories; machinery, equipment, tools, spare parts; textiles; wood and wood products, saw an increase of 2 - 10%.
Only the fuel and mineral products group recorded a decrease in export turnover, down by 17.1% over the same period last year.
Overall, in the past 9 months, agricultural products have made impressive contributions to export activities, especially agricultural product groups such as rice, vegetables, coffee, cashew nuts, etc. This was also the group the only product with positive growth.
Regarding rice products, sharing with reporters from Industry and Trade Newspaper, Mr. Nguyen Duy Thuan - General Director of Loc Troi Group Joint Stock Company said that after a period of implementing strong trade promotion solutions, foreign consumers have accepted Loc Troi's rice products, notably European consumers.
“French consumers responded that Vietnamese rice is very fragrant and delicious. In particular, Vietnamese rice has become very competitive after being reduced by 200 Euro/tonne thanks to the EVFTA Agreement. The importers also suggested that, after testing with consumers, exporters and businesses, Vietnamese rice must be in the highest segment of the market" - Mr. Nguyen Duy Thuan said.
On September 2, 2022, Vietnam Rice appeared in European supermarkets with a retail price of 4,000 Euro/tonne. This is the most expensive price on the market and up to now, Loc Troi still maintains this price.
Leading export markets
Regarding the export markets for goods in the first 9 months of 2023, according to the Ministry of Industry and Trade, in general, all industries faced difficulties in export markets due to a decrease in total demand in the world, especially for non-essential consumer goods. Therefore, our country's export turnover in the first 9 months of 2023 to most major markets decreased. However the level of impact on exports of each industry was different.
In the first 9 months, the US was still Vietnam's largest export market with an estimated turnover of 70.9 billion USD, down by 16.8% over the same period of 2022. China was Vietnam's second largest export market with an estimated turnover of 42.2 billion USD, an increase of 2.1%.
Notably, the exports to West Asian markets increased by 4%, estimated to reach 5.9 billion USD and the exports to African market increased by 1.2%, especially to the North African market increased by 9.4%. All those figures showed efforts in diversifying markets, focusing on exploiting new markets with great potential of Vietnamese enterprises.
The Ministry of Industry and Trade commented that, in general, the bright spots in our country's export activities in the first 9 months of 2023 were: the exports of enterprises with 100% domestic capital (down by 5.7%) lower than foreign-invested enterprises (down by 9.1%). Besides, in the first 9 months, there were 32 products with export turnover of over 1 billion USD, equal to the same period last year.
Many agricultural product groups, such as rice and fruit, took advantage of market opening opportunities and rising prices to boost exports, so the growth rate was the highest among the product groups (up by 3.1%).
Enterprises have done well in diversifying markets, while the exports to Vietnam's major markets such as the US and EU have decreased, the exports to African countries, Eastern Europe, Northern Europe, and West Asia have decreased. The export to China achieved the positive growth (up by 2.1%), while the exports to the other major markets all decreased.
Regarding imports of goods, the import turnover of goods in September of 2023 was estimated at 29.12 billion USD, down by 0.7% compared to the previous month. In the first 9 months of 2023, the import turnover was estimated to reach 237.99 billion USD, down by 13.8% over the same period last year.
One of the positive points in September was that the import turnover of raw materials for export production continued to increase.
Because the imports decreased more sharply than the exports, so Vietnam's trade balance in September continued to have a trade surplus of about 2.29 billion USD, bringing the total trade surplus in the first 9 months of 2023 to 21.68 billion USD (in the same period last year, the trade surplus was 6.9 billion USD).
Efforts to promote imports and exports of goods
In the coming time, to increase import-export turnover, the Ministry of Industry and Trade will promote negotiations and sign new agreements, commitments, and trade links, and sign FTAs and trade agreements with other partners that have a lot of potential (UAE, MERCOSUR...) to diversify markets, products, and supply chains. The ministry will also support businesses to take advantage of commitments in FTA Agreements, especially the CPTPP, EVFTA, UKVFTA agreements to promote exports, through propaganda on rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from the agreements.
The Ministry of Industry and Trade will also coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to open more export markets for other Vietnamese fruit and vegetable products such as green-skinned grapefruit, fresh coconuts, avocados, pineapples, star apples, lemons, melons, etc. At the same time, to improve efficiency and regulate the speed of customs clearance of import and export goods at the border gate area between Vietnam and China, especially for agricultural and aquatic products; strengthen early warning of trade defense lawsuits; guide businesses on how to respond to lawsuits; timely inform businesses and associations about new market information, needs and regulations.
CK
Source: VITIC/congthuong.vn