Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

Highlights 1. According to trade statistics of Vietnam Customs, in October of 2023, a 4.4% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of the last month. Exports went up 5.1%, to US dollars 32.25 billion and imports increased 3.6%, to US dollars 29.52 billion in terms of month-on-month basis. As a result, there was a US dollars 2.73 billion surplus in Vietnam’s trade balance in this month.

2. In the first 10 months of 2023, Vietnam‘s trade-in-goods totaled US dollars 558.33 billion in value terms, 9.6% downwards as compared with last year. In which, total merchandise exports value shrunk 7.0 %, to US dollars 291.46 billion and the total merchandise imports value decreased 12.2% to US dollars 266.87 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 24.59 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 42.25 billion in total for October of 2023, up by 2.9% on month-on-month basis. FDI’s export value of USD 23.37 billion and FDI’s import value of USD 18.88 billion led to a trade surplus of USD 4.49 billion.

For Jan-Oct period, trade-in-goods by FDI traders totaled US dollars 383.95 billion, down by 10.5% on year-on-year basis. Total value of FDI exportation was USD 212.42 billion, decreased by 8.1%. On import side, the total value of those companies was USD 171.53 billion, down by 13.3%. As a result, FDI’s trade balance was in surplus of USD 40.88 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

Main Exports and Imports

4. September of 2023 to October of 2023 increase in total merchandise exports was due to upwards of following products: foot-wears (up by USD 406 million); machine, equipments, tools and instruments (up by USD 403 million); telephones, mobile phones, parts and thereof (up by USD 167 million); still image, video cameras and parts thereof (up by USD 156 million); wood and wooden products (up by USD 146 million); crude oil (up by USD 122 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

On a year-on-year basis, exports decreased USD 22.04 billion, to USD 291.46 billion. The main products, which contributed to the reduction, were: telephones, mobile phones and parts thereof (down by USD 6.24 billion); textiles and garments (down by USD 4.08 billion); foot-wears (down by USD 3.68 billion); machine, equipments, tools and instruments (down by USD 2.82 billion); wood and wooden products (down by USD 2.61 billion); fishery products (down by USD 1.94 million).

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 2023 were: computers, electrical products, spare-parts and components thereof; telephones, mobile phones and parts thereof; machine, equipments, tools and instruments; textiles and garments.

Computers, electrical products, spare-parts and components thereof reached USD 46.52 billion in export value; went down 0.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 2.0% on year-on-year basis, to USD 13.50 billion); China (up by 11.9% on year-on-year basis, to USD 11.01 billion); EU (27) (down by 18.0% on year-on-year basis, to USD 4.92 billion).

Telephones, mobile phones and parts thereof reached USD 44.13 billion in export value and was down by 12.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (up by 1.3% on year-on-year basis, to USD 13.15 billion); the United States (down by 36.4% on year-on-year basis, to USD 6.87 billion); EU (27) (up by 6.4% on year-on-year basis, to USD 6.26 billion); Republic of Korea (down by 35.3% on year-on-year basis, to USD 2.96 billion).

Machine, equipments, tools and instruments reached USD 35.40 billion in export value; went down by 7.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 12.8% on year-on-year basis, to USD 14.69 billion); EU (27) (down by 3.1% on year-on-year basis, to USD 4.92 billion); China (down by 17.0% on year-on-year basis, to USD 2.52 billion).

Textiles and garments reached USD 27.67 billion in export value; went down by 12.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 19.3% on year-on-year basis, to USD 12.02 billion); Japan (up by 0.5% on year-on-year basis, to USD 3.32 billion); EU (27) (down by 13.8% on year-on-year basis, to USD 3.21 billion); Republic of Korea (down by 6.8% on year-on-year basis, to USD 2.67 billion).

6. September of 2023 to October of 2023 growth in total merchandise imports was due to the upturns of the commodities as follows: crude oil (up by USD 588 million); other petroleum products (up by USD 125 million); telephones, mobile phones and parts thereof (up by USD 111 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

On a year-on-year basis, the reduction in imports to USD 266.87 billion was mainly contributed by the downturns of the following products: telephones, mobile phones and parts thereof (down by USD 10.67 billion); machine, equipments, tools and instruments (down by USD 3.89 billion); plastics (down by USD 2.67 billion); iron and steels (down by USD 1.81 billion); other base metals (down by USD 1.64 billion); chemicals (down by USD 1.53 billion); parts and accessories of motor vehicles (down by USD 1.49 billion); chemical products (down by USD 1.18 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 2023 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textile, leather and foot-wears materials and auxiliaries group; iron and steel.

Computers, electrical products, spare-parts and components thereof reached USD 71.29 billion in import value; went up by 1.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 15.1% on year-on-year basis, to USD 23.04 billion); China (down by 8.5% on year-on-year basis, to USD 18.85 billion); Taiwan (China) (down by 11.2%, to USD 8.55 billion); Japan (down by 1.7% on year-on-year basis, to USD 9.92 billion).

Machine, equipments, tools and instruments reached USD 33.93 billion in import value; went down 10.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 11.7% on year-on-year basis, to USD 18.09 billion); Republic of Korea (down by 12.3% on year-on-year basis, to USD 4.60 billion); Japan (down by 6.7% on year-on-year basis, to USD 3.31 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 19.81 billion in import value; was down by 16.9% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 13.2% on year-on-year basis, to USD 10.44 billion); Republic of Korea (down by 14.8% on year-on-year basis, to USD 1.79 billion); Taiwan (China) (down by 28.2%, to USD 1.62 billion); United States (down by 29%, to USD 1.19 billion).

Iron and steel reached USD 8.49 billion in import value; was down by 17.6% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (up by 3% on year-on-year basis, to USD 4.44 billion); Japan (down by 18.1%, to USD 1.24 billion); Indonesia (down by 0.3%, to USD 936 million).

Trading Partners

8. For Jan-Oct period, Vietnamese merchandise trade with trading partners in Asia was totaled USD 363.77 billion in value terms, which moved down 9.0% as compared to the same period of 2022. Trade-in-goods of Vietnam with America was followed, which reached USD 113.19 billion and decreased by 13.8%. The values of other continents were Europe: USD 60.76 billion, down by 6.0%; Oceania: USD 13.01 billion, down by 12.9% and Africa: USD 7.59 billion, up by 9.2% in comparison with the same period of 2022.

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

9. In the first 10 months of 2023, 4 exporting markets of Vietnam with turnover of over USD 19 billion were: The United States of America (reached USD 79.23 billion); China (reached USD 49.09 billion); Republic of Korea (reached USD 19.62 billion) and Japan (reached USD 19.22 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

10. On import side, four partners exporting goods to Vietnam with turnover of over 15 billion were as follows: China (reached USD 89.34 billion); Republic of Korea (reached USD 43.00 billion); Japan (reached USD 17.74 billion); Taiwan (reached USD 15.35 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2023

Source: Vietnam Customs

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