AsemconnectVietnam - According to the latest data just announced by the General Statistics Office, Vietnam’s export turnover of goods 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 (in the same period last year, the country’s trade surplus reached 6.9 billion USD).
After 4 consecutive months of growth, by September of this year, the country’s 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 of this year, the 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 which exports decreased by 8.2%; and 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.
The country’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, for 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 the 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 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 turnover of the domestic economic sector reached 85.12 billion USD, down by 11.8%; while the import turnover of the foreign invested sector reached 152.87 billion USD, down by 14.9%. In the first 9 months of 2023, there were 37 imported items that got the import turnover 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%). Of the figure, 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; transportation services reached 4.1 billion USD (accounting for 28.6%), an increase of 6.6%. The country’s 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 the total turnover), down by 5.9%. The import turnover of the 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 8 months 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 all 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 the figure was 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 the figure decreased 3.4%; and the figure of August decreased by 7.6%). In particular, the domestic sector and the foreign invested sector also achieved positive growth, of 17.9% and 0.5% respectively (including crude oil).
The exports of some agricultural products that Vietnam has a comparative advantage were 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%); cashew nuts 2.6 billion USD, up by 14.3% (in September it increased by 39.6%); rice 3.65 billion USD, up by 40.4% (in September it increased by 80.4%).
The country’s exports of some key products also recorded positive growth in September, such as electronics, computers and components increased by 1.1% (the 9-month export value reached 41.2 billion USD); all types of phones and components increased by 3.0% (the figure of 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 (in June the decrease was -14.5%; in July the decrease was -9.9%; and in August the decrease was -8.3%). The import value of the domestic economic sector increased by 7.0% (the decrease in June was -17.8%; in July the increase was +0.4%; in August the decrease was -1.7%); the import value of the economic sector with foreign investment increased by 0.3% (the decrease in June was -12.5%; the decrease in July was -15.4%; and the decrease in 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 the first 9 months of this year was estimated at 63 billion USD); the import value of machinery, equipment, tools, and spare parts increased by 2% (the figure of the first 9 months of this year 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, the exports in the second quarter increased by 8.1% compared to the first quarter; the exports in the third quarter increased by 10.3% compared to the second quarter. The import value in the second quarter increased by 4.0% compared to the first quarter; and the imports in 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