AsemconnectVietnam - After 4 consecutive months of growth, Vietnam’s export turnover in September of 2023 was estimated to reach 31.41 billion USD, down by 4.1% compared to the previous month.

However, because imports decreased more sharply than exports, Vietnam's trade balance in September continued to have a trade surplus of about 2.29 billion USD. The figure brought the country’s total trade surplus in the first 9 months of 2023 to 21.68 billion USD. In the same period last year, the country’s trade surplus was 6.9 billion USD.
According to the Ministry of Industry and Trade, the bright spot in our country's export activities in the first 9 months of 2023 was that the rate of decline in exports of enterprises with 100% domestic capital (down by 5.7%) was lower than that of other foreign-invested enterprises (down by 9.1%).
In the first 9 months of this year, 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 the advantage of market opening opportunities and rising prices to boost exports, so the growth rate was the highest among commodity groups (up by 3.1%).
In addition, well-implemented market diversification also contributed to narrowing the decline, while Vietnam's exports to major markets such as the US and EU decrease, the exports to African and Eastern countries decreased, the exports to Europe, Northern Europe, and Western Asia increased.
At the same time, the solutions for exporting to countries sharing a common border are also well implemented, thanks to which basic goods are not congested, even during peak seasons, contributing to increasing export turnover to the Chinese market, the only export market among Vietnam's major export markets to achieve positive growth.
In the export picture of recent months, a notable point is that after 4 consecutive months of growth, the export turnover of goods in September of 2023 was estimated to reach 31.41 billion USD, down by 4.1% compared to the previous month. Of which, the export turnover of the domestic economic sector reached 8.3 billion USD, down by 6.8%; the export turnover of the foreign invested sector (including crude oil) reached 23.11 billion USD, down by 3.1%.
However, in comparison to the same period last year, the export turnover of goods in September still increased by 4.6%, of which the export turnover of the domestic economic sector increased by 17.9%, the export turnover of the foreign invested sector (including oil and gas) increased by 0.5%.
According to the Ministry of Industry and Trade, in the first 9 months of 2023, the country’s export turnover of goods 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%.
Notably, 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% of total export turnover).
Regarding the structure of export goods, the country’s exports of processed industrial goods accounted for 84.8% of the country's total export turnover, estimated at 220.28 billion USD, down by 9.6% over the same period last year. The main reason was due to the decline in export turnover of most major products such as computers, electronic products and components; phones of all types and accessories; other machinery, equipment, tools and spare parts; textiles; footwear; wood and wood products.
The agricultural sector made an impressive contribution
On the contrary, agricultural products have made impressive contributions to export activities, especially agricultural product groups such as rice, vegetables, coffee, cashew nuts, etc.
In the first 9 months of 2023, the country’s export turnover of agricultural and aquatic products increased by 3.1%, estimated to reach 23.87 billion USD, accounting for 9.2% of total export turnover. Of which, fruit and vegetable exports reached 4.2 billion USD, an increase of 71.8% over the same period of 2022 and exceeding the export turnover of the whole year 2022 (3.16 billion USD); rice export reached an export turnover of 3.66 billion USD, an increase of 40.4% over the same period last year and exceeding the export turnover of the whole year of 2022 (3.45 billion USD); cashew exports reached 2.6 billion USD, an increase of 14.3%, coffee exports reached more than 3.1 billion USD, an increase of 1.9% over the same period of 2022.
The exports of fuel and minerals only accounted for 1.2% of total export turnover, estimated at 3.05 billion USD, down by 16% over the same period last year.
Assessing the overall the export markets, the Ministry of Industry and Trade said that in general, all industries are facing difficulties due to reduced global demand, especially for non-essential consumer goods. Therefore, the country’s export turnover in the first 9 months of this year to most major markets decreased.
In the first 9 months of this year, 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%. The export turnover to other major markets also decreased, such as to EU market decreased by 8.2%; to ASEAN market decreased by 5.5%, to South Korea decreased by 5.1%, and to Japan decreased by 3%.
In contrast, the exports to West Asian markets increased by 4%, estimated to reach 5.9 billion USD and to the African market increased by 1.2%, especially to the North African market increased by 9.4%..... All those results showed the efforts in diversifying markets, focusing on exploiting new markets with great potential of Vietnamese businesses.
CK
Source: VITIC/ haiquanonline.com.vn