Positive signals from rising raw material import index

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Many manufacturing sectors still strive to achieve and exceed business targets. Photo: Petrovietnam

Raw materials account for 88.5% of total import turnover, which reveals positive signals of export goods production

According to the Ministry of Industry and Trade, import turnover in November 2023 was estimated to reach 29.8 billion USD, up 1% compared to the previous month; Of which, the domestic economic sector was estimated to reach 10.6 billion USD, down 0.4%; The foreign investment sector reached 19.2 billion USD, an increase of 1.7%.

Compared to the same period last year, import turnover in November was estimated to increase by 5.1%; Of which, both the domestic and foreign invested economic sector withnessed an increase by 4.2% and 6%, respectively.

Regarding the structure of imported goods, one of the positive points in November 2023 is that the import turnover of goods that need to be imported, which are raw materials for export production maintains its plummet.

This group also accounts for a large proportion of the country's total import turnover, estimated at 26.38 billion USD, up 7.6% over the same period last year and accounting for 88.5% of total import turnover.

In particular, imports increased sharply in a number of items such as computers, electronic products and components, estimated at 7.9 billion USD, up 40% over the same period last year. Other import goods also witnessed the plummet such as: Plastic raw materials i by 13.6%; chemicals by 7.8%; Raw materials for textiles, garments and footwear by 30.7%; Pharmaceuticals by 45.6%, electric wires and cables by 24.9% and textile fibers of all kinds by 22.6%...

However, assessing the general situation in the past 11 months, the Ministry of Industry and Trade said that due to difficulties in export markets, the decline in export orders since the beginning of the year, along with the cooling of raw material prices, has leading to a corresponding decrease in input material imports. Overall, for 11 months, import turnover of raw materials for production still decreased by 10.4% compared to the same period in 2022 (estimated at 262.6 billion USD).

Except for computers, electronic products and components, which increased by 4.1% (estimated at 79.2 billion USD), most of other key and input product all declined to double digits, such as: phones of all types and components to 58.9%; Steel of all kinds to 18.2%; machinery, equipment, tools, and spare parts to 9.8%; All kinds of fabrics were 14% off...

In addition, import turnover of controlled goods groups also decrease by 17.5% in the first 11 months of 2023, estimated at 16.95 billion USD. In particular, the import turnover of most products in this group decreased compared to the same period last year such as vegetables, confectionery and products from cereals, scrap iron and steel, cars, gems, precious metals and products…

Spending more than 296 billion USD importing goods

Regarding import turnover in general, statistics show that in the 11 months of 2023, the country's total import turnover of goods reached 296.67 billion USD, still down 10.7% over the same period last year. Of which, the domestic economic sector was estimated to reach 105.94 billion USD, down 8.8%, while the foreign investment sector was at 190.73 billion USD, down 11.7%.

In the first 11 months of 2023, 43 imported items were worth over 1 billion USD, accounting for 92.2% of total import turnover (of which three imported items were over 10 billion USD, accounting for 43.3%).

Regarding the import market for goods in the first 11 months of 2023, due to difficulties in production and export, Vietnam's import turnover of goods, especially raw materials and accessories, from most markets recorded downtrends year on year.

China, Vietnam's largest import market with an estimated turnover of 99.6 billion USD, down 9.0% over the same period last year; followed by South Korea estimated at 47.8 billion USD, down 17.1%; ASEAN reached 37.55 billion USD, down 13.1%; Japan was worth 19.7 billion USD, down 8.3%. EU market recorded value of13.7 billion USD, down 1.9%, while the United States reached 12.57 billion USD, down 6.4%.

To develop production, the Ministry of Industry and Trade said that the upcoming solution is to continue to remove difficulties for businesses to promote production development through closely following the production development of key indutries and industrial localities. On the other hand, it is necessary to organize connections between domestic businesses to participate in the supply chains of large global FDI enterprises investing in Vietnam.

At the same time, the Government and agencies should timely support businesses, especially small and medium-sized ones, to recover and develop production through facilitating administrative procedures and accessing credit...