Bright spots for import and export at the end of 2023

A surplus of 25.83 billion USD is projected for the 11 months of 2023 in Vietnam’s trade balance.

The General Statistics Office recently released statistics on the morning of November 29, showing that the total preliminary import and export turnover of products from the start of the year to the end of November 15, 2023, was 587.68 billion USD, a 9% decrease from the year prior. compared to the same time last year, when imports fell by 11.7% and exports fell by 6.4%; the goods trade surplus is 24.44 billion.

In particular, the preliminary goods export turnover was 306.06 billion USD, a 6.4% decrease from the same period in the previous year. Of this, the domestic economic sector accounted for 26.6% of the total export turnover with 81.49 billion USD, down 2.6%; the foreign invested sector, which includes crude oil, accounted for 73.4% with 224.57 billion USD, down 7.7%.

33 export goods have an export turnover of more than $1 billion USD, making up 92.9% of the total export turnover (seven export items, or 66.1%, have an export turnover of more than $10 billion USD). The preliminary fuel and mineral commodity group reached 3.76 billion USD, accounting for 1.2% of the export commodity group structure from the start of the year to November 15, 2023; the group of processed industrial goods reached 270.45 billion USD, accounting for 88.4%; the group of agricultural and forestry products reached 24.02 billion USD, accounting for 7.8%; and the seafood group reached 7.82 billion USD, accounting for 2.6%.

In terms of imports, preliminary import turnover for items from November 15, 2023, to the end of the year was 281.62 billion USD, an 11.7% decrease from the same period the previous year. Of which, the foreign investment sector (including crude oil) reached 181.08 billion USD, down 12.7%, accounting for 64.3%, while the domestic economic sector reached 100.54 billion USD, down 9.8%, accounting for 35.7% of the total import turnover.

43 products, or 92.2% of the total import turnover, have an import turnover of more than $1 billion USD (three items, or 43.6% of the total, have an import turnover of more than $10 billion USD).

264.13 billion USD, or 93.8%, of the total import products structure may be attributed to the preparatory means of production group, which includes machinery, equipment, tools, and spare parts (45.8%) and raw materials, fuel, and materials (48%). 6.2% of the total was made up of consumer products in the preliminary category, which came to 17.49 billion USD.

According to the GSO, the preliminary trade balance of goods from November 15, 2023, to the end of the year showed a surplus of 24.44 billion USD (compared to 8.1 billion USD during the same period last year). Of these, the trade deficit in the domestic economic sector was 19.05 billion USD, while the trade surplus in the foreign invested sector (which includes crude oil) was 43.49 billion USD.