Import-export exceeded 600 billion USD, record trade surplus

According to the General Statistics Office, in the 11 months of 2023, the total import-export turnover of goods is estimated to reach 619.17 billion USD; Trade surplus was 25.83 billion USD.
Specifically, in November, total import-export turnover of goods was estimated at 60.88 billion USD, up 5.9% over the same period last year. In the first 11 months of 2023, the total import-export turnover of goods is estimated to reach 619.17 billion USD, down 8.3% over the same period last year. The trade balance of goods in the 11 months of 2023 is estimated at a trade surplus of 25.83 billion USD.
Regarding export of goods, the export turnover of goods in November 2023 is estimated to reach 31.08 billion USD, up 6.7% over the same period last year. Of which, the domestic economic sector reached 8.49 billion USD, an increase of 13.5%; The foreign invested sector (including crude oil) reached 22.59 billion USD, an increase of 4.4%. This is a very positive bright spot when the growth rate of the domestic business sector is high, 3 times higher than the foreign invested sector.

Import-export exceeded the 600 billion USD mark

In the first 11 months of 2023, merchandise export turnover is estimated to reach 322.50 billion USD, down 5.9% over the same period last year. Although export turnover still decreased compared to the same period last year, the decrease in export growth has narrowed significantly compared to the decrease of 11.6% in the first 6 months of 2023.

In the first 11 months of 2023, there are 33 items with export turnover of over 1 billion USD, accounting for 93.1% of total export turnover (there are 07 export items with export turnover of over 10 billion USD, accounting for 66%). Many key export products had positive growth rates compared to the same period last year.

Notably, agricultural products continue to make impressive contributions, being a bright spot in the country’s export activities, in which many agricultural products increased in both value and quantity compared to the previous month such as : Rice reached 462 million USD, up 13.5%; rubber reached 343 million USD, up 16.6%; coffee reached 252 million USD, an increase of 59.9%… In the first 11 months of 2023, Vietnam exported nearly 7.8 million tons of rice; 2.7 million tons of cassava and cassava products; 1.9 million tons of rubber; 1.4 million tons of coffee.

Thus, the export turnover of agricultural and aquatic products in November is estimated to reach 3 billion USD, up 26.7% over the same period last year. This is also the only product group to record positive growth in the first 11 months of 2023, with export turnover estimated at 29.5 billion USD, an increase of 8.6%.

In the opposite direction, goods imports in November 2023 are estimated to reach 29.8 billion USD, up 1% compared to the previous month. In the first 11 months of 2023, import turnover is estimated to reach 296.67 billion USD, down 10.7% over the same period last year. In particular, in the first 11 months of 2023, the group of capital goods still accounts for 93.8% of total import turnover.

Because imports decreased more strongly than exports (exports decreased by 5.9%, imports decreased by 10.7%), Vietnam’s trade balance in 11 months continued to have a trade surplus of 25.83 billion USD (same period). Last year’s trade surplus was 10.3 billion USD).

Regarding the import and export market of goods in the 11 months of 2023, the United States is Vietnam’s largest export market with an estimated turnover of 88 billion USD. China is Vietnam’s largest import market with an estimated turnover of 99.6 billion USD. In the first 11 months of 2023, trade surplus to the United States is estimated to reach 75.5 billion USD, down 14.1% over the same period last year; Trade surplus to the EU is estimated at 26.2 billion USD, down 11.1%; Trade surplus to Japan was 1.5 billion USD, up 127.2%; Trade deficit from China is 43.7 billion USD, down 23.1%; Trade deficit from Korea was 26.3 billion USD, down 25.4%; Trade deficit from ASEAN was 8.1 billion USD, down 31.3%.

The Ministry of Industry and Trade will promote negotiations and sign new agreements, commitments, and trade associations, including completing and implementing the FTA Agreement with Israel, signing FTA Agreements, and Trade Agreements. with other potential partners (UAE, MERCOSUR…) to diversify markets, products, and supply chains.

At the same time, support businesses to take advantage of commitments in FTA Agreements, especially CPTPP, EVFTA, UKVFTA Agreements to promote exports, through propaganda on rules of origin and issuance of Export Certificates. origin, opportunities and ways to take advantage of opportunities from the Agreements.

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