AsemconnectVietnam - Vietnam’s total import and export turnover of goods was estimated at 61.62 billion USD in October, up by 4.1% over the previous month and up by 5.6% over the same period last year.

In the first 10 months of 2023, the total import and export turnover of goods reached 557.95 billion USD, down by 9.6% over the same period last year.
The information from the General Statistics Office showed that, Vietnam’s merchandise export turnover in October of 2023 was estimated to reach 32.31 billion USD. In comparison to the previous month, it increased by 5.3%, and increased by 5.9% over the same period last year, of which the exports of the domestic economic sector increased by 15.1%, the exports of the foreign invested sector (including crude oil ) increased by 3%.
Totally in the first 10 months of this year, the country’s export turnover of goods was estimated at 291.28 billion USD, down by 7.1% over the same period last year. Of which, the exports of the domestic economic sector reached 77.09 billion USD, down by 4.1%, accounting for 26.5% of total export turnover; and the exports of the foreign invested sector (including crude oil) reached 214.19 billion USD, down by 8.1%, accounting for 73.5%.
Leading export items and structure of export goods in the first 10 months of 2023
In the first 10 months of 2023, there were 33 items with export turnover of over 1 billion USD, accounting for 92.9% of total export turnover (there were 7 export items with export turnover of over 10 billion USD, accounting for 66.2%).
Regarding the structure of export goods in the 10 months of 2023, the exports of fuel and mineral goods group was estimated to reach 3.44 billion USD, accounting for 1.2%; the exports of the group of processed industrial goods were estimated at 257.42 billion USD, accounting for 88.3%; the exports of agricultural and forestry products were estimated at 22.97 billion USD, accounting for 7.9%; the exports of seafood group were estimated to reach 7.45 billion USD, accounting for 2.6%.
Vietnam’s imports of goods in October and the first 10 months of 2023
Vietnam’s import turnover of goods in October of 2023 was estimated to reach 29.31 billion USD, up by 2.9% over the previous month and up by 5.2% over the same period last year. In the first 10 months of 2023, the country’s import turnover was estimated to reach 266.67 billion USD, down by 12.3% over the same period last year.
In the first 10 months of 2023, there were 41 imported items worth over 1 billion USD, accounting for 91.4% of total import turnover (there were 03 imported items worth over 10 billion USD, accounting for 43.4%). Regarding the structure of imported goods in the first 10 months of 2023, the group of capital goods was estimated to reach 250.12 billion USD, accounting for 93.8%.
Regarding the export and import market of goods in the 10 months of 2023, the United States was Vietnam's largest export market with an estimated turnover of 78.6 billion USD. China is Vietnam's largest import market with an estimated turnover of 89.8 billion USD.
With the above results, the trade balance of goods in October was estimated at a trade surplus of 3 billion USD. Overall, for the first 10 months of 2023, the trade balance of goods was estimated to have a trade surplus of 24.61 billion USD (the same period last year the country’s trade surplus reached 9.56 billion USD). Of which, the domestic economic sector's trade deficit was 17.99 billion USD; the foreign invested sector (including crude oil) had a trade surplus of 42.6 billion USD.
Vietnam’s exports of farm, forestry and fishery products in 10 months of 2023
In the first 10 months of 2023, Vietnam’s total agricultural, forestry and fishery export turnover was estimated to reach 43.08 billion USD, down by 4.2% over the same period last year.
The Ministry of Agriculture and Rural Development said that in October of 2023, Vietnam’s agricultural, forestry and fishery export turnover was estimated to reach 4.81 billion USD, an increase of 7.43% compared to September of 2023 and an increase of 11.9% compared to October of 2022.
The exports of agricultural product group were estimated to reach 2.47 billion USD, an increase of 31.1% compared to October of 2022; the exports of livestock were estimated to reach 40 million USD, an increase of 6%; the exports of forest products were estimated at 1.28 billion USD, down by 0.2%; the exports of seafood were estimated at 850 million USD, down by 5.9%; and the exports of production inputs were estimated at 162 million USD, down by 12.3%.
Totally in the first 10 months of 2023, the country’s total export turnover of agricultural, forestry and fishery products was estimated to reach 43.08 billion USD, down by 4.2% over the same period last year.
Of which, the exports of the seafood group were estimated at 7.45 billion USD, down by 20.5%; the exports of forest products were estimated at 11.65 billion USD, down by 19.3%; and the exports of production inputs were estimated at 1.64 billion USD, down by 20.3%.
The exports of the agricultural products group alone were estimated at 21.94 billion USD, up by 17% over the same period last year; the exports fruit and vegetable group were estimated at 4.91 billion USD, up by 78.9%; rice exports were estimated at 3.97 billion USD, up by 34.9%; and cashew nut exports reached 2.92 billion USD, an increase of 14.8%.
In addition, the exports of livestock products were estimated to reach 402 million USD, up by 22% over the same period last year.
The average export price of some main agricultural products in the first 10 months of 2023 was as follows: rubber export price was estimated at 1,330 USD/tonne, down by 17.3%; export tea price was 1,710 USD/tonne, up by 6.3%; cashew export price was estimated at 5,693 USD/tonne, down by 5%; pepper export price was estimated at 3,339 USD/tonne, down by 23.4%; the export price of cassava and cassava products was 425 USD/tonne, down by 3.3%.
The export price of rice was estimated at 558 USD/tonne, up by 15.3% and coffee export price was estimated at 2,527 USD/tonne, up by 10.3% over the same period last year.
Regarding markets, in the first 10 months of the year, China, the United States and Japan continued to remain the three largest export markets. The export value to the Chinese market accounted for 22.8%, an increase of 16.2%; the United States accounted for 20.6%, down by 20.8% and Japan accounted for 7.5%, down by 8.5%.
Seafood exports in October and the first 10 months of 2023
By the end of October of 2023, Vietnam’s seafood exports earned nearly 7.5 billion USD, down by 20% over the same period last year.
Vietnam Association of Seafood Exporters and Producers said that seafood exports in October of 2023 were estimated to reach over 863 million USD, a slight decrease of 5% compared to the same period of 2022. By the end of October this year, the country’s exports of seafood earned nearly 7.5 billion USD, down by 20% over the same period last year.
By the end of October of 2023, shrimp accounted for 38% of seafood export turnover with a value of over 2.8 billion USD, down by 24% over the same period last year. In October alone, shrimp exports reached about 320 million USD, down by 11% compared to October of 2022.
Shrimp export developments in the last months of the year and 2024 depend largely on fluctuations in the US market. Shrimp import volumes have begun to recover. However, US shrimp import prices are still much lower than the same period last year. Falling import prices not only affect Vietnam's exports, but the Indian shrimp industry is also struggling.
The seafood industry has had a worldwide shrimp surplus for more than a year. In the US, EU and China, average import prices in 2023 fell by 13.4%, 10% and 2.7%, respectively. It is forecast that the consumption and import situation in the United States will be more positive in November and December.
Pangasius exports in October reached 189 million USD, a slight increase of 5% over the same period of 2022. Accordingly, by the end of October, pangasius exports reached over 1.5 billion USD, down by 28% over the same period last year.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn