AsemconnectVietnam - According to data just released by the General Statistics Office, for the whole year 2023, the country's total import-export turnover of goods was estimated to reach 683 billion USD, down by 6.6% compared to the previous year.

Trade balance was 28 billion USD. Specifically, in December of 2023, the total import and export turnover of goods was estimated at 63.54 billion USD, up by 4.7% over the previous month and up by 12.7% over the same period last year. For the whole year 2023, the total import and export turnover of goods was estimated to reach 683 billion USD, down by 6.6% compared to the previous year, of which the exports decreased by 4.4%; the imports decreased by 8.9%. The trade balance of goods in 2023 was estimated to have a trade surplus of 28 billion USD.
Of which, the export turnover of goods in December of 2023 was estimated at 32.91 billion USD, an increase of 5.7% compared to the previous month. In the fourth quarter of 2023, the export turnover was estimated to reach 96.5 billion USD, up by 8.8% over the same period last year and up by 3.2% compared to the third quarter of 2023. For the whole year 2023, the export turnover of goods was estimated to reach 355.5 billion USD, down by 4.4% compared to the previous year. Of which, the domestic economic sector reached 95.55 billion USD, down by 0.3%, accounting for 26.9% of the total export turnover; while the export turnover of the foreign invested sector (including crude oil) reached 259.95 billion USD, down by 5.8%, accounting for 73.1%.
In 2023, there were 35 items with export turnover of over 1 billion USD, accounting for 93.6% of total export turnover (there were 7 export items with export turnover of over 10 billion USD, accounting for 66%). Some items saw large export value in the year include: electronics, computers and components 57.3 billion USD; phones and components 53.1 billion USD; other machinery, equipment, tools and spare parts 43.1 billion USD; textile and garment 33.2 billion USD.
In the opposite direction, the import turnover of goods in December of 2023 was estimated to reach 30.63 billion USD, up by 3.6% compared to the previous month. In the fourth quarter of 2023, the import turnover was estimated to reach 90.2 billion USD, up by 8% over the same period last year and up by 6.3% compared to the third quarter of 2023. For the whole year 2023, the import turnover of goods was estimated to reach 327.5 billion USD, down by 8.9% compared to the previous year, of which the import turnover of the domestic economic sector reached 117.29 billion USD, down by 7.2%; the import turnover of the foreign investment sector reached 210.21 billion USD, down by 9.8%.
In 2023, there were 44 imported items worth of over 1 billion USD, accounting for 92.4% of total import turnover (there were 4 imported items worth of over 10 billion USD, accounting for 46.8%). Some items saw large import value in the year include: electronics, computers and components 88.1 billion USD; other machinery, equipment, tools and spare parts 41.4 billion USD; iron and steel 10.5 billion USD.
Regarding the export and import markets of goods in 2023, the United States was Vietnam's largest export market with an estimated turnover of 96.8 billion USD. China was Vietnam's largest import market with an estimated turnover of 111.6 billion USD.
The trade balance of goods in December was estimated at a trade surplus of 2.28 billion USD. For the whole year 2023, the trade balance of goods was estimated to have a trade surplus of 28 billion USD (the previous year's trade surplus was 12.1 billion USD).
Regarding export and import of services, in the fourth quarter of 2023, service export turnover was estimated to reach 5.4 billion USD, up by 15.2% over the same period of 2022 and up by 6.5% over the previous quarter; service import turnover was estimated at 8.1 billion USD, up by 20.4% over the same period last year and up by 3.4% over the previous quarter. For the whole year 2023, service export turnover was estimated to reach 19.59 billion USD, an increase of 44.9% compared to 2022, of which the export turnover of the tourism services reached 9.2 billion USD, 2.9 times higher than 2023; and the export turnover of the transportation services reached 5.5 billion USD, down by 1.8%.
Service import turnover for the whole year 2023 was estimated to reach 29.06 billion USD, up by 5.9% over the previous year, of which transportation services reached 12.6 billion USD, down by 0.4%; the import turnover of the tourism services reached 7.8 billion USD, an increase of 17.3% and the service trade deficit in 2023 was 9.47 billion USD.
CK
Source: VITIC