Vietnam's exports continue to pick up
As of October 2023, Vietnam's total export and import turnover is estimated to be $557.95 billion, down 9.6% year-on-year. The decline is much less than the double-digit decline in the first half of the year. After a gloomy first half, recent positive results have helped to narrow the decline in export activity.
According to the latest report from the Ministry of Industry and Trade, with active and coordinated measures to address difficulties to support domestic production, trade promotion, and market expansion continue to be implemented strongly, so export and import activities continue to show positive signs, regaining growth momentum in October 2023 after slowing down in the previous month.
Exports of key commodities in October 2023 increased significantly compared to the previous month, including:
- Electronics and computers: up 14.6%
- Machinery and equipment: up 12.3%
- Textiles and garments: up 10.9%
- Footwear: up 10.2%
- Seafood: up 9.6%
In terms of markets, exports to the United States, the European Union, and Japan all increased in October 2023. Exports to the United States increased by 16.3%, exports to the European Union increased by 12.6%, and exports to Japan increased by 10.1%.
With the positive signs in the second half of the year, the Ministry of Industry and Trade expects that Vietnam's exports in 2023 will be between $320 billion and $330 billion, down 3.5% to 4.5% from the previous year.
The Ministry of Industry and Trade also said that Vietnam's exports in 2023 will face a number of challenges, including:
- The global economy is still facing many uncertainties, such as the ongoing Russia-Ukraine conflict, rising inflation, and supply chain disruptions.
- The US-China trade war is still ongoing, which is causing uncertainty for the global economy and affecting Vietnam's exports to both markets.
- The competition in the global market is becoming increasingly fierce.
To overcome these challenges, the Ministry of Industry and Trade said that Vietnam will focus on the following measures:
- Continue to promote trade promotion activities to open up new markets for Vietnamese goods and services.
- Support businesses to improve their production and export capacity.
- Strengthen cooperation with international partners to address common challenges.
The Ministry of Industry and Trade believes that with the right measures, Vietnam's exports in 2023 will be able to maintain a positive growth momentum.
