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

Highlights 1. According to trade statistics of Vietnam Customs, in the first month of 2023, a 17.3% downward in total external merchandise turnover of Vietnam was recorded as compared to the result of December 2022. Exports went down 18.7 %, to USD 23.61 billion and imports shrunk 15.9%, to USD 22.95 billion in terms of month-on-month basis. As a result, there was a USD 656 million surplus in Vietnam’s trade balance in this month.

In comparison with performance of January-2022, there was strong decrease in total value of both merchandise exports and merchandise imports with the respective percentages: 25.9% and 24%.

2. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 33.5 billion in total for the first month of 2023, down by 11.9% on month-on-month basis and down by 22.1 % on year-on-year basis. Total value of FDI exportation was USD 17.97 billion, decreased by 14.2% on month-on-month basis and went down by 21.5% on year-on-year basis. On import side, the total value of those companies was USD 15.53 billion, down by 9.2 on month-on-month basis and reduced by 22.8% on year-on-year basis.

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

Main Exports and Imports

3. The December of 2022 to January of 2023 reduction in total merchandise exports was due to the downwards in computers, electrical products, spare-parts and components thereof (down by USD 1.62 billion); machine, equipments, tools and instruments (down by USD 826 million); textiles and garments (down by USD 650 million); wood and wooden products (down by USD 503 million); foot-wears (down by USD 484 million); fishery products (down by USD 279 million);...

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

On a year-on-year basis, exports decrease USD 8.25 billion, to USD 23.61 billion. The main products, which contributed to the reduction, were: textiles and garments (down by USD 1.36 billion); computers, electrical products, spare-parts and components thereof (down by USD 1.01 billion); machine, equipments, tools and instruments (down by USD 842 million); wood and wooden products (down by USD 761 million);…

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

Telephones, mobile phones and parts thereof reached USD 5.02 billion in export value and was up by 2.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the China (up by 77.3% on year-on-year basis, to USD 1.7 billion); United States (down by 46.8% on year-on-year basis, to USD 658 million); Republic of Korea (down by 13.1% on year-on-year basis, to USD 288 million).

Computers, electrical products, spare-parts and components thereof reached USD 3.17 billion in export value; went down 24.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 3.7% on year-on-year basis, to USD 1.03 billion); China (down by 31.8% on year-on-year basis, to USD 499 million); Republic of Korea (down by 1.5% on year-on-year basis, to USD 353 million); Hong Kong (China) (down by 25.3% on year-on-year basis, to USD 317 million);.

Machine, equipments, tools and instruments reached USD 2.9 billion in export value; went up by 22.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 27.2% on year-on-year basis, to USD 1.25 billion); Republic of Korea (down by 16.4% on year-on-year basis, to USD 197 million); Japan (down by 24.6% on year-on-year basis, to USD 192 million).

Textiles and garments reached USD 2.25 billion in export value ; went up by 37.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (down by 46.7% on year-on-year basis, to USD 992 million); EU (27) (down by 22.8% on year-on-year basis, to USD 297 million); Japan (down by 16.5% on year-on-year basis, to USD 249 million).

5. The December of 2022 to January of 2023 decreased in total merchandise imports was due to the downturns of the commodities as follows: machine, equipments, tools and instruments (down by USD 798 million); telephones, mobile phones and parts thereof (down by USD 618 million); pharmaceuticals (down by USD 263 million)…

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

On a year-on-year basis, the shrinkage in imports to USD 22.95 billion was mainly contributed by the downturns of the following products: machine, equipments, tools and instruments (down by USD 1.35 billion); telephones, mobile phones and parts thereof (down by USD 1.24 billion); computers, electrical products, spare-parts and components thereof (down by USD 810 million); iron and steels (down by USD 549 million).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first month 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.

Computers, electrical products, spare-parts and components thereof reached USD 6.56 billion in import value; went down by 11% 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 2.11 billion); China (down by 36.7% on year-on-year basis, to USD 1.5 billion); Taiwan (China) (down by 21.8%, to USD 853 million).

Machine, equipments, tools and instruments reached USD 2.74 billion in import value; went down 33.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (down by 38.9% on year-on-year basis, to USD 1.41 billion); Republic of Korea (down by 24.9% on year-on-year basis, to USD 395 million); Japan (down by 19% on year-on-year basis, to USD 264 million).

Textile, leather and foot-wears materials and auxiliaries group reached USD 1.62 billion in import value; was down by 35.7% on year-on-year basis. The biggest trading partner of Vietnam, from which this commodity was originated, was China (down by 36.6% on year-on-year basis, to USD 903 million).

Trading Partners

7. in the first month of 2023, Vietnamese merchandise trade with trading partners in Asia was totaled USD 30.65 billion in value terms, which moved down 21.9% as compared to the same period of 2022. Trade-in-goods of Vietnam with America was followed, which reached USD 9.1 billion and decreased by 33.1%. The values of other continents were Europe: USD 5.31 billion, down by 26.6%; Oceania: USD 1.05 billion, down by 19.2% and Africa: USD 462 million, down by 32.1% on year-on-year basis.

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

8. For January of 2023, 4 exporting markets of Vietnam with turnover of over USD 1 billion were: The United States of America (reached USD 6.15 billion); China (reached USD 3.87 billion); Republic of Korea (reached USD 1.69 billion) and Japan (reached USD 1.54 billion).

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

9. On import side, four partners exporting goods to Vietnam with turnover of over 1 billion were as follows: China (reached USD 7.23 billion); Republic of Korea (reached USD 3.91 billion); Japan (reached USD 1.68 billion); Taiwan (reached USD 1.47 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first month of 2023
Source: Vietnam Customs

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