Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2023

2. In the first 8 months of 2023, Vietnam‘s trade-in-goods totaled US dollars 436.44 billion in value terms, 12.8% downwards as compared with last year. In which, total merchandise exports value shrunk 9.8 %, to US dollars 228.17 billion and the total merchandise imports value decreased 15.9% to US dollars 208.27 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 19.9 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 42.46 billion in total for August of 2023, up by 9.4% on month-on-month basis. FDI’s export value of USD 23.63 billion and FDI’s import value of USD 18.83 billion led to a trade surplus of USD 4.80 billion.

For Jan-Aug period, trade-in-goods by FDI traders totaled US dollars 300.51 billion, down by 13.2% on year-on-year basis. Total value of FDI exportation was USD 166.40 billion, decreased by 10.3%. On import side, the total value of those companies was USD 134.12 billion, down by 16.6%. As a result, FDI’s trade balance was in surplus of USD 32.28 billion.

Main Exports and Imports

4. July of 2023 to August of 2023 increase in total merchandise exports was due to upwards of following products: telephones, mobile phones, parts and thereof (up by USD 697 million); still image, video cameras and parts thereof (up by USD 326 million); computers, electrical products, spare-parts and components thereof (up by USD 222 million); rice (up by USD 184 million); textiles and garments (up by USD 181 million); wood and wooden products (up by USD 169 million); crude oil (up by USD 114 million).

On a year-on-year basis, exports decreased USD 24.79 billion, to USD 228.17 billion. The main products, which contributed to the reduction, were: telephones, mobile phones and parts thereof (down by USD 6.21 billion); textiles and garments (down by USD 3.79 billion); machine, equipments, tools and instruments (down by USD 3.23 billion); foot-wears (down by USD 3.01 billion); wood and wooden products (down by USD 2.70 billion); fishery products (down by USD 1.83 million).

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 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 35.94 billion in export value; went down 2.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 1.5% on year-on-year basis, to USD 10.28 billion); China (up by 13.6% on year-on-year basis, to USD 8.73 billion); EU (27) (down by 21.5% on year-on-year basis, to USD 3.83 billion).

Telephones, mobile phones and parts thereof reached USD 33.88 billion in export value and was down by 15.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (down by 1.1% on year-on-year basis, to USD 8.87 billion); the United States (down by 39.1% on year-on-year basis, to USD 5.64 billion); EU (27) (up by 5.5% on year-on-year basis, to USD 4.86 billion); Republic of Korea (down by 37.4% on year-on-year basis, to USD 2.43 billion).

Machine, equipments, tools and instruments reached USD 26.84 billion in export value; went down by 10.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 18.8% on year-on-year basis, to USD 10.7 billion); EU (27) (down by 3.4% on year-on-year basis, to USD 3.78 billion); China (down by 10.8% on year-on-year basis, to USD 2.04 billion).

Textiles and garments reached USD 22.51 billion in export value; went down by 14.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 22.4% on year-on-year basis, to USD 10 billion); EU (27) (down by 11.9% on year-on-year basis, to USD 2.66 billion); Japan (up by 1.7% on year-on-year basis, to USD 2.58 billion); Republic of Korea (down by 3% on year-on-year basis, to USD 2.08 billion).

6. July of 2023 to August of 2023 growth in total merchandise imports was due to the upturns of the commodities as follows: computers, electrical products, spare-parts and components thereof (up by USD 1.04 billion); petroleum products (up by USD 267 million); machine, equipments, tools and instruments (up by USD 166 million).

On a year-on-year basis, the reduction in imports to USD 208.27 billion was mainly contributed by the downturns of the following products: telephones, mobile phones and parts thereof (down by USD 8.77 billion); machine, equipments, tools and instruments (down by USD 3.89 billion); computers, electrical products, spare-parts and components thereof (down by USD 3.02 billion); plastics (down by USD 2.58 billion); iron and steels (down by USD 2.32 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 54.23 billion in import value; went down by 5.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 5.3% on year-on-year basis, to USD 17.44 billion); China (down by 15.0% on year-on-year basis, to USD 14.17 billion); Taiwan (China) (down by 14.6%, to USD 6.68 billion); Japan (down by 5.8% on year-on-year basis, to USD 4.52 billion).

Machine, equipments, tools and instruments reached USD 26.77 billion in import value; went down 12.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 13.8% on year-on-year basis, to USD 14.28 billion); Republic of Korea (down by 16.8% on year-on-year basis, to USD 3.63 billion); Japan (down by 7.9% on year-on-year basis, to USD 2.64 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 15.74 billion in import value; was down by 18.7% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 18% on year-on-year basis, to USD 8.22 billion); Republic of Korea (down by 16.4% on year-on-year basis, to USD 1.45 billion); Taiwan (China) (down by 31.7%, to USD 1.28 billion); United States (down by 22.2%, to USD 1.07 billion).

Iron and steel reached USD 6.54 billion in import value; was down by 26.2% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 14.8% on year-on-year basis, to USD 3.26 billion); Japan (down by 24.1%, to USD 982 million); Indonesia (up by 2.1%, to USD 782 million).

Trading Partners

8. For Jan-Aug period, Vietnamese merchandise trade with trading partners in Asia was totaled USD 282.54 billion in value terms, which moved down 12.4% as compared to the same period of 2022. Trade-in-goods of Vietnam with America was followed, which reached USD 89.11 billion and decreased by 17.4%. The values of other continents were Europe: USD 48.39 billion, down by 7.4%; Oceania: USD 10.51 billion, down by 13.9% and Africa: USD 5.89 billion, up by 1.6% in comparison with the same period of 2022.

9. In the first 8 months of 2023, 4 exporting markets of Vietnam with turnover of over USD 15 billion were: The United States of America (reached USD 62.12 billion); China (reached USD 36.27 billion); Republic of Korea (reached USD 15.53 billion) and Japan (reached USD 15.25 billion).

10. On import side, four partners exporting goods to Vietnam with turnover of over 12 billion were as follows: China (reached USD 68.84 billion); Republic of Korea (reached USD 33.36 billion); Japan (reached USD 13.91 billion); Taiwan (reached USD 12.09 billion).

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