IMPORT AND EXPORT TURNOVER OF GOODS IN 4 MONTHS EXCEEDED 210 BILLION USD
15 June 2023
According to the General Statistics Office, the import-export turnover of goods in the first four months of the year is estimated at 210.78 billion USD. However, both exports and imports declined.
Textile exports are facing many difficulties.
Export and import are difficult
General Department of Statistics and Information, about export turnover of goods, the export turnover of goods in April 2023 was estimated at 27.54 billion USD, down 7.3% over the previous month and down 17.1% compared to the previous month. in the same period last year. In the first 4 months of 2023, export turnover of goods was estimated at 108.57 billion USD, down 11.8% over the same period last year.
Regarding the structure of export groups in the first 4 months of 2023, the group of processed industrial products is estimated at 96.1 billion USD, accounting for 88.5%. This is still the main export group of the country.
However, the industrial group is also facing many difficulties because of the general decline in demand of countries around the world. For example, with textiles, according to the Vietnam Textile and Apparel Association, the total export turnover of Vietnam’s textiles and garments in the first three months of 2023 only reached $8.701 billion, down 18.63% over the same period in 2022. This is a very strong decrease compared to the same period many years ago. Currently, the number of orders of enterprises is very modest and many businesses have to work hard to maintain production to have enough jobs but not make a profit.
Regarding the seafood industry, Mr. Nguyen Hoai Nam, Deputy General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that in the first three months of this year, seafood exports decreased by 27.5%. This decline is equivalent to the decrease during the most severe period of the Covid-19 epidemic. It is forecasted that seafood exports will continue to face many difficulties this year, because the main export markets such as the US, Europe, and Japan have all declined sharply.
The reason for the decline was due to the inflation situation that led to a decline in consumption in these countries. Many businesses have signed contracts, but customers have moved back, causing a large amount of inventory. The decrease in exports slows down the cash flow.
In the opposite direction, the import turnover of goods in April 2023 was estimated at 26.03 billion USD, down 8.1% over the previous month and down 20.5% over the same period last year. Generally, in the first 4 months of 2023, import turnover of goods was estimated at 102.22 billion USD, down 15.4% over the same period last year.
Regarding the structure of imported goods in the first 4 months of 2023, the group of production materials is estimated at 95.64 billion USD, accounting for 93.6%. This figure shows that import turnover still focuses on products for production for export as well as for domestic consumption.
For the export and import market of goods in the first 4 months of 2023, the United States is Vietnam’s largest export market with an estimated turnover of 28.4 billion USD. China is Vietnam’s largest import market with an estimated turnover of 33.3 billion USD.
However, as reflected by businesses, the import demand of the US is decreasing relatively sharply. For China, although this market has opened its border since January 8, 2023, the increasing demand for goods standards is a difficulty that makes Vietnamese goods unable to return to the market strongly. strong.
Although import-export turnover did not increase as high as expected, the bright spot of import-export activities was the trade balance of goods in the first 4 months of 2023, with an estimated trade surplus of 6.35 billion USD (same period last year). trade surplus of 2.35 billion USD). In which, the domestic economic sector has a trade deficit of 8.04 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of $14.39 billion.
Removing difficulties for import and export
According to the assessment of the Ministry of Industry and Trade, the reason for the decrease in production and export compared to the same period last year is the export market factor. non-essential consumption. However, the impact on each industry is different. The industries with the main export markets are the US, the EU… such as textiles, footwear, wood, and seafood are the industries with the biggest decline.
However, the commodities with the main export market in Asia such as rubber, rice, vegetables, cashew nuts… are less affected.
In addition, the cost of raw materials and input materials increased while the export price did not increase, reducing the competitiveness of products. The cost of labor, packaging, transportation… also increased.
Faced with such a situation, the Ministry of Industry and Trade will focus on implementing solutions to simultaneously develop traditional markets and diversify export markets.
The Ministry of Industry and Trade has directed units to continue closely following developments of the world economy, especially policy adjustments of major economies such as the US, China, EU, Japan, etc., which may affect them. to trade with Vietnam, thereby promptly giving warnings to the business community and advising the Government on appropriate policy responses.
The Ministry will carry out a comprehensive assessment of measures to adjust China’s reopening policy to our country’s production and export activities in order to have solutions to support businesses; take advantage of opportunities for exchange and cooperation between the two sides in order to facilitate trade exchanges; improve efficiency and well regulate the speed of customs clearance of import and export goods at the border gate areas between the two countries, especially for seasonal agricultural and aquatic products; promote official export in association with brand building. On the other hand, new markets in Northern Europe, Eastern Europe and Latin America, which are small but have high growth rates and have plenty of room for exploitation, will also be oriented to boost exports.
Another key solution is to continue to promote and guide businesses to promote the preferential efficiency of signed FTAs, thereby making the most of opportunities and limiting challenges posed by these Agreements.
Source: congthuong.vn
