The import and export activities in 2023 faced significant challenges due to the impact of the global economic downturn, high inflation, and a decline in overall demand. The export turnover reached USD 354.7 billion, a decrease of 4.6% compared to 2022. However, there were signs of recovery from Q2/2023.
Key Points:
- Domestic economic sector exports only slightly decreased by 0.3%, much less than the 6.1% decrease in the foreign-invested sector.
- Agricultural and aquatic products experienced significant growth with many items recording impressive increases.
- Exports increased in emerging markets but declined in most traditional key markets.
- Import turnover reached USD 326.4 billion, a decrease of 9.2%, focusing on production-related goods.
- The top 10 provinces with the highest and lowest export turnover in 2023.
- The five localities with the highest export growth and the five with the most significant decline.
- Trade surplus of USD 28.3 billion, but due to imports falling more sharply than exports.
- Orders for export production faced difficulties, and imports of raw materials have not yet recovered.
| In 2023, Vietnam’s import and export activities encountered numerous difficulties due to the global economic downturn, high inflation, and a decrease in overall global demand. Export turnover reached USD 354.7 billion, down 4.6% compared to 2022. However, exports showed signs of recovery from Q2/2023, especially in the domestic economic sector and the group of agricultural and aquatic products. Exports of the domestic economic sector only decreased by 0.3% to USD 95.5 billion, much lower than the 6.1% decrease in the foreign-invested sector. The agricultural and aquatic products group saw high growth with many items recording impressive increases, such as vegetables and fruits increasing by 66.7%, rice by 35.3%, and cashew nuts by 18.1%. Although exports to major markets declined, export turnover to African countries, Eastern Europe, Northern Europe, and West Asia showed promising growth. Specifically, exports to Africa reached USD 3 billion, an increase of 4.5%; to Saudi Arabia increased by 57.5%; and to the UAE increased by 4.3%. Regarding imports, turnover reached USD 326.4 billion, a decrease of 9.2% compared to 2022, mainly focusing on production-related goods. Important inputs for exports such as phones and components, computers, electronics and components, textile and footwear materials all recorded significant decreases. The report highlighted the top 10 provinces with the highest export turnover in 2023: Ho Chi Minh City, Bac Ninh, Binh Duong, Hai Phong, Thai Nguyen, Bac Giang, Dong Nai, Hanoi, Phu Tho, and Vinh Phuc. Conversely, the 10 provinces with the lowest export turnover were Lai Chau, Dien Bien, Son La, Bac Kan, Ninh Thuan, Cao Bang, Dak Nong, Ha Giang, Quang Binh, and Tuyen Quang. The five localities with the highest export growth in 2023 were Lang Son, Ha Giang, Ha Tinh, Cao Bang, and Ha Nam. Conversely, the five localities with the most significant decline were Dien Bien, Ca Mau, Lai Chau, Thua Thien Hue, and Bac Lieu. Although there was a trade surplus of USD 28.3 billion, supporting foreign exchange reserves, the report emphasized that this was due to imports falling more sharply than exports, reflecting the difficulties in export production orders. Weak demand caused imports of raw materials and production equipment to remain low. Source: Vn Economy |