Many export items of the “USD billion " group dropped sharply

VCN - According to the Ministry of Industry and Trade, Vietnam's trade balance in February 2023 continued to have a surplus of USD 2.3 billion, bringing the total trade deficit in the first two months of the year to USD 2.82 billion (the same period last year, the trade deficit was more than USD300 million). However, in the first 2 months of 2023, export turnover of most commodity groups decreased, except for mineral fuels.
Production activities at Viet Thang Jeans Co., Ltd. Photo provided by the company
Production activities at Viet Thang Jeans Co., Ltd. Photo provided by the company

In which, the export of agricultural and aquatic products was estimated at USD 3.88 billion, down 15.1% (USD 688 million) over the same period; seafood exports alone decreased by 32.9% (USD 494 million), reaching only USD 1 billion; export of processed industrial products was estimated to decrease by 9.8%, reaching only 42.97 billion and accounting for 86.8% of total export turnover.

According to the Ministry of Industry and Trade, in this group of goods, exports of many "billion-dollar" items decreased sharply compared to the same period last year, such as computers, electronic products and components estimated at reaching only USD6.87 billion, down 13.9%; machinery, equipment, tools and spare parts was estimated at reaching only USD6.4 billion, down 1.6%; textiles and garments was estimated at reaching only USD4.55 billion, down 19.6%; footwear of all kinds was estimated at USD 2.76 billion, down 15.8%; wood and wood products down 34.8%.

The fact that Samsung launched a new product line earlier than last year pushed the export turnover of phones and components to increase in the first 2 months of the year. In which, the export of phones and components reached USD9.42 billion, up 7.6% over the same period in 2022.

Exports of fuels and minerals increased slightly (4.3%) in the first 2 months of 2023, estimated at USD 626 million because crude oil exports increased by 12.4% over the same period.

According to the Ministry of Industry and Trade, the international context has negatively impacted the exports of some key commodity groups in the first two months of 2023.

Textile and garment exports to two main markets, the US and the EU, dropped sharply; importing countries have stricter requirements from brands than before; China's opening will create a lot of pressure on textile exporting countries like Vietnam.

For wood and wood products, the main export markets such as the United States and the EU will continue to reduce import demand due to the effects of inflation, economic recession, and low consumer confidence. For the European markets; despite benefiting from new-generation free trade agreements, the technical standards, conformity, and requirements to prove the origin of wood that the EU posed are difficult problems to overcome.

Abundant supply, high inventory in markets, especially Japan and Korea, led to the trend of orders slowing down and export prices of wood materials falling. Although the Chinese market has reopened, the domestic supply chain has not fully recovered, which contains many risks.

Seafood importers in major markets such as the US, Japan, EU, UK tend to reduce inventories to optimize costs in the context of high inflation causing consumers to tighten spending more than before.

Regarding the structure of export markets, in the first two months of 2023, Vietnam's exports to most of the key markets decreased sharply compared to the same period last year. Although the US is Vietnam's largest export market with an estimated turnover of USD 13.1 billion, down 21% over the same period.

Exports to the EU reached USD 6.9 billion, down 4.2%; ASEAN reached USD 4.6 billion, down 8%; Korea reached USD 3.5 billion, down 5.7%; Japan reached USD 3.2 billion, down 5.9%.

Particularly for the Chinese market, the reopening policy from the beginning of 2023 after nearly three years of implementing the "Zero Covid" policy has positively impacted Vietnam's exports to this market. In which, the export of goods to the Chinese market in the first 2 months of the year reached USD 8.2 billion, up 4.2% over the same period last year.

Regarding the structure of imported goods in the first two months of 2023, the group of raw materials for production (the group of goods to be imported) accounted for 88.4%, estimated at USD 41.2 billion, down 16.6% over the same period last year, 2022. In which, the import of computers and electronic components was estimated at USD 12.76 billion, down 8.3%; machinery, equipment, tools and spare parts reached USD 5.53 billion, down 21.8%; fabrics of all kinds reached USD 1.64 billion, down 30.3%; all kinds of phones and components reached USD 1.39 billion, down 62%.

In the opposite direction, imported petroleum increased sharply in volume (reaching 1.92 million tons, up 43.1%) and in value (reaching USD 1.7 billion, up 56.3%). Crude oil imports increased 2.2 times in volume and 2.1 times in value; import of animal feed increased sharply by 31.8%.

Import of goods to be controlled in the first two months of 2023 is estimated at USD 3.03 billion, equivalent to the same period in 2022, in which imports of complete CBU cars under 9 seats increased by 132.9% in volume and 62 .6% in turnover, with 28,124 units, worth USD 421 million. Some other items with a decrease in import turnover compared to the same period in 2022 such as auto parts and accessories down 21.5%, and household electrical goods and components down 30.8%.

Notably, in terms of the import market, China continues to be the largest source of goods for Vietnam in the first month of 2023 with an estimated turnover of USD 14.6 billion, down 21.2% over the same period last year. 2022. Imports from Korea are estimated at USD 8.2 billion, down 19.3%; ASEAN is estimated at USD 29.7 billion, down 18.7%; Japan fell 5.2%.

By Ngọc Linh/Bui Diep

Related News

Quang Ninh Customs seeks solutions to promote import and export

Quang Ninh Customs seeks solutions to promote import and export

VCN - Quang Ninh Customs Department has made efforts to synchronously deploy solutions to accompany, support and resolve difficulties for businesses, contributing to improving import and export activities through the area.
Opportunities for accelerating Vietnam

Opportunities for accelerating Vietnam's seafood exports

VCN - Seafood is one of the key industries contributing significantly to Vietnam's export turnover. In the first nine months of the year, seafood exports brought in US$7.16 billion, an 8.5% increase compared to the same period in 2023. Among the factors driving this success, aside from favorable market conditions, the effective utilization of Free Trade Agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has played a crucial role. However, along with achievements, the industry also faces challenges, including market competition and trade defense lawsuits. Nguyen Hoai Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared insights on these issues.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Cat Lai Port sees over 1,000 export shipments cleared by customs each day

Cat Lai Port sees over 1,000 export shipments cleared by customs each day

VCN - The volume of goods exported through Cat Lai port is showing signs of increasing sharply in the last months of 2024.

Latest News

Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.

More News

Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
A bitter nut

A bitter nut's surprisingly sweet export success

VCN - The latest statistics from the General Department of Vietnam Customs show that in the first 15 days of October (October 1-15), Vietnam's coffee exports reached 21,489 tons, with a turnover of US$125.8 million.
Read More

Your care

Latest Most read
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - In recent years, Israel has always been Vietnam's leading tuna export market after the US and the EU. Therefore, the recent escalation of Israel-Iran tensions is affecting Vietnam's tuna exports to this market.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Mobile Version