IMPORTS AND EXPORTS GRADUALLY PROSPERED AS MOMENTUM GAINED
09 June 2023
According to the latest statistics of the General Department of Customs, in May, Vietnam’s total import and export turnover was estimated at 55.86 billion USD.
This number increased by 5.3% compared to the previous month (equivalent to an increase of 2.79 billion USD).
In which, export is estimated at 29.05 billion USD, up 4.3% (equivalent to 1.19 billion USD) and import is estimated at 26.81 billion USD, up 6.4% (equivalent to an increase of 1.6 billion USD).
With the above results, accumulated in the first 5 months of the year, the total import-export turnover of Vietnam is estimated at 262.54 billion USD, down 14.7% (equivalent to 45.42 billion USD) in comparison with the same period in 2022.
In which, exports were estimated at 136.17 billion USD, down 11.6% (equivalent to 17.93 billion USD) over the same period in 2022 and import was estimated at 126.37 billion USD, down 17.9% (equivalent to a decrease of USD 27.49 billion).
Vietnam’s merchandise trade balance in May 2023 is estimated to have a surplus of $2.24 billion. Thus, accumulating 5 months from the beginning of 2023, the whole country is estimated to have a surplus of 9.8 billion USD.
According to the analysis of the Ministry of Industry and Trade, although the world economic situation is still difficult, market demand has not recovered, but with a stable macro foundation, along with synchronous measures to support production. Domestic market and trade promotion, domestic and export market expansion were strongly implemented, so trade activities in May showed signs of improvement.
However, as an economy with a large openness, its ability to withstand external shocks is still weak, heavily dependent on the FDI sector (in the first 5 months of 2023, accounting for 74% of export turnover, 65% of import turnover); Supporting industries are slow to develop, production and export depend heavily on imported raw materials… Meanwhile, input costs, including raw material costs, production costs, logistics, and profits. loans, although decreasing, are still at a high level; Output market shrank, orders fell sharply, some fields only showed signs of order recovery from the beginning of the third quarter of 2023… had a negative impact on export growth in the first 5 months of 2023.
In order to increase import-export turnover, in the coming time, the Ministry of Industry and Trade will focus on implementing a number of tasks such as promoting innovation and strengthening trade promotion activities towards new markets, markets that still have a large number of customers. potential such as India, Africa, the Middle East and Latin America, Eastern Europe… and markets less affected by inflation and positive growth (ASEAN). Specifically, drastically breaking into new markets where the middle class is growing, such as emerging markets E7 (China, India, Turkey, Russia, Mexico and Indonesia); Halal market (Middle East, Malaysia, Brunei).
In addition, effectively exploiting Free Trade Agreements (FTAs). Facilitating and enhancing digital transformation in the granting of preferential C/O certificates of origin, thereby supporting businesses to take advantage of commitments in FTAs.
Source: congthuong.vn
