Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2023

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 41.08 billion in total for September of 2023, down by 3.2% on month-on-month basis. FDI’s export value of USD 22.58 billion and FDI’s import value of USD 18.50 billion led to a trade surplus of USD 4.09 billion.

For Jan-Sep period, trade-in-goods by FDI traders totaled US dollars 341.65 billion, down by 11.9% on year-on-year basis. Total value of FDI exportation was USD 189.01 billion, decreased by 9.3%. On import side, the total value of those companies was USD 152.64 billion, down by 15.0%. As a result, FDI’s trade balance was in surplus of USD 36.37 billion.

Main Exports and Imports

4. August of 2023 to September of 2023 reduction in total merchandise exports was due to downwards of following products: textiles and garments (down by USD 881 million); foot-wears (down by USD 381 million); rice (down by USD 169 million); crude oil (down by USD 163 million); wood and wooden products (down by USD 155 million); telephones, mobile phones and parts thereof (down by USD 110 million).

On a year-on-year basis, exports decreased USD 24.02 billion, to USD 258.97 billion. The main products, which contributed to the reduction, were: telephones, mobile phones and parts thereof (down by USD 6.17 billion); textiles and garments (down by USD 3.94 billion); foot-wears (down by USD 3.47 billion); machine, equipments, tools and instruments (down by USD 3.36 billion); wood and wooden products (down by USD 2.69 billion); fishery products (down by USD 1.87 million).

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 9 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 41.41 billion in export value; went down 1.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 1.8% on year-on-year basis, to USD 11.82 billion); China (up by 12.2% on year-on-year basis, to USD 9.98 billion); EU (27) (down by 19.2% on year-on-year basis, to USD 4.40 billion).

Telephones, mobile phones and parts thereof reached USD 38.92 billion in export value and was down by 13.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 0.1% on year-on-year basis, to USD 10.89 billion); the United States (down by 38.3% on year-on-year basis, to USD 6.22 billion); EU (27) (up by 7.5% on year-on-year basis, to USD 5.53 billion); Republic of Korea (down by 36.8% on year-on-year basis, to USD 2.70 billion).

Machine, equipments, tools and instruments reached USD 30.91 billion in export value; went down by 9.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 17.2% on year-on-year basis, to USD 12.51 billion); EU (27) (down by 2.6% on year-on-year basis, to USD 4.39 billion); China (down by 15.4% on year-on-year basis, to USD 2.25 billion).

Textiles and garments reached USD 25.10 billion in export value; went down by 13.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 20.6% on year-on-year basis, to USD 11.01 billion); EU (27) (down by 13.7% on year-on-year basis, to USD 2.9 billion); Japan (up by 0.6% on year-on-year basis, to USD 2.94 billion); Republic of Korea (down by 3.6% on year-on-year basis, to USD 2.43 billion).

6. August of 2023 to September of 2023 decrease in total merchandise imports was due to the downturns of the commodities as follows: petroleum products (down by USD 209 million); coal (down by USD 167 million); machine, equipments, tools and instruments (down by USD 154 million).

On a year-on-year basis, the reduction in imports to USD 237.33 billion was mainly contributed by the downturns of the following products: telephones, mobile phones and parts thereof (down by USD 9.74 billion); machine, equipments, tools and instruments (down by USD 4.04 billion); plastics (down by USD 2.64 billion); iron and steels (down by USD 2.03 billion); other base metals (down by USD 1.66 billion).

7. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 9 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 62.82 billion in import value; went down by 1.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were Republic of Korea (up by 10.4% on year-on-year basis, to USD 20.17 billion); China (down by 11.4% on year-on-year basis, to USD 16.61 billion); Taiwan (China) (down by 13.9%, to USD 7.56 billion); Japan (down by 6.1% on year-on-year basis, to USD 5.15 billion).

Machine, equipments, tools and instruments reached USD 30.35 billion in import value; went down 11.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 13.3% on year-on-year basis, to USD 16.20 billion); Republic of Korea (down by 13.1% on year-on-year basis, to USD 4.18 billion); Japan (down by 6.7% on year-on-year basis, to USD 2.98 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 17.77 billion in import value; was down by 18.1% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 15.6% on year-on-year basis, to USD 9.34 billion); Republic of Korea (down by 15.6% on year-on-year basis, to USD 1.61 billion); Taiwan (China) (down by 30.2%, to USD 1.45 billion); United States (down by 27.3%, to USD 1.13 billion).

Iron and steel reached USD 7.54 billion in import value; was down by 21.3% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 4.1% on year-on-year basis, to USD 3.88 billion); Japan (down by 19.5%, to USD 1.12 billion); Indonesia (up by 1.6%, to USD 854 million).

Trading Partners

8. For Jan-Sep period, Vietnamese merchandise trade with trading partners in Asia was totaled USD 322.71 billion in value terms, which moved down 10.7% as compared to the same period of 2022. Trade-in-goods of Vietnam with America was followed, which reached USD 100.63 billion and decreased by 15.8%. The values of other continents were Europe: USD 54.53 billion, down by 6.3%; Oceania: USD 11.69 billion, down by 13.4% and Africa: USD 6.74 billion, up by 5.5% in comparison with the same period of 2022.

9. In the first 9 months of 2023, 4 exporting markets of Vietnam with turnover of over USD 17 billion were: The United States of America (reached USD 70.22 billion); China (reached USD 42.52 billion); Republic of Korea (reached USD 17.67 billion) and Japan (reached USD 17.18 billion).

10. On import side, four partners exporting goods to Vietnam with turnover of over 13 billion were as follows: China (reached USD 79.18 billion); Republic of Korea (reached USD 38.23 billion); Japan (reached USD 15.71 billion); Taiwan (reached USD 13.65 billion).

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