30 November 2023

For 4 consecutive months, exports exceeded 30 billion USD

According to the latest report of the Ministry of Industry and Trade, with positive and synchronous measures to remove difficulties to support domestic production, trade promotion, and expansion of export markets continue to be strongly implemented, import and export activities continue to have positive signals,  has regained momentum in October 2023 after leveling off last month.

Total import and export turnover of goods in October was estimated at 61.62 billion USD, up 4.1% over the previous month and up 5.6% over the same period last year. In particular, commodity export turnover in October regained growth momentum, estimated at 32.3 billion USD, up 5.3% over the previous month. Generally, in 10 months, the total export and import turnover of goods was estimated at 557.95 billion USD, down 9.6% over the same period last year. The decline was much more limited than the 2-digit decline of the first half of the year.

After a gloomy first half of the year, recent positive results have helped export activity narrow its decline. Notably, if by the end of June, the country's export turnover only reached more than 165 billion USD, (down 11.6% over the same period last year), by the end of October, the turnover had reached 291.46 billion USD, only down 7% over the same period in 2022.

Continuously in the last 4 months, export turnover reached over 30 billion USD (July reached 30 billion USD; August reached 32.37 billion USD; September reached 31.41 billion USD). This is a bright spot in export activities. The average figure of more than 30 billion USD achieved in the last 4 months is much higher than the average of 27.61 billion USD / month in the first 6 months of 2023.

In the last 4 consecutive months, commodity exports gradually improved, monthly export turnover exceeded 30 billion USD / month with the prosperity of many commodity groups. The EVFTA Agreement helps commodity exports regain their "form" Increasing by 5.1%, commodity exports continued to prosper for 4 consecutive months, exports exceeded 30 billion USD.

What are the expectations for the last months of the year?

The hope that exports will continue to accelerate in the last 2 months of the year is well-founded, because in addition to the recent consecutive breakthrough, the end of the year is a time of great shopping demand of consumers around the world to serve the Christmas and New Year season.

Besides, one of the positive points in October is that the import turnover of raw materials for export production continued to increase. In particular, the group of raw materials for production still accounted for a large proportion of the total import turnover of goods nationwide, estimated at 26.09 billion USD, up 7.2% over the same period last year and accounting for 89% of the total import turnover of the country, showing signs in recovery in industrial production. This is a signal that production is gradually recovering to serve domestic consumption and export demand at the end of the year.

On the other hand, domestically, the Government, ministries, sectors, localities and especially the business community are continuing to make many efforts to promote the growth of production and export of goods.

Positive signals can be seen in many key export sectors of our country. In addition to the groups of "tens of billions of dollars", important sectors of the agricultural sector still maintain high growth momentum and make important contributions to the overall turnover of the country.

By the end of October, there were 10 commodity groups of the agricultural sector with a turnover of $ 1 billion or more, of which many commodity groups grew high.

Typically, vegetables and fruits reached 4.82 billion USD (up 75.5%); rice reached 3.95 billion USD (up 34%); cashew nuts reached $ 2.95 billion (up 15.9%); animal feed and raw materials reached more than 1 billion USD (up 6.5%). This is a positive result of trade promotion activities that have been strongly implemented during the past time.

Mr. Nguyen Minh Tien - Director of the Agricultural Trade Promotion Center, Ministry of Agriculture and Rural Development said that from March 2023, the Ministry has assigned the Agricultural Trade Promotion Center to sign a coordination program with TikTok Vietnam.

With the support and companionship of TikTok Vietnam, the Agricultural Trade Promotion Center has implemented many activities such as connecting with localities organizing OCOP markets. Up to now, there have been 24 OCOP markets in 24 localities with 700 product livestream sessions held, earning VND 100 billion, on average each session reaching VND 130-150 million From the positive results achieved, Mr.Tien assessed that there is still a lot of room that rural agricultural products can develop. Even sales livestream activities are expected to not only stop at the domestic market but can proceed to livestream sales to the Chinese market, contributing to increasing commodity exports in general and agricultural exports in particular.

"We have piloted, aiming to rent bonded warehouses in localities deep inside China to bring Vietnamese products to gather at warehouses. First of all, focusing on processed agricultural products such as bird's nest, processed fruits, vegetables, rice, coffee ..., later when promoting a better logistics system, it will expand to fresh fruit products" - Mr. Tien said.

For the textile and garment industry – one of the industries facing many difficulties in the first months of the year, Mr. Pham Xuan Hong - Chairman of Ho Chi Minh City Textile and Embroidery Association (AGTEK) said that from the beginning of 2023 until now, the textile and garment industry has faced many difficulties when exports decreased orders, Not only that, domestically, consumption also decreased. However, entering the fourth quarter of 2023, the situation of the industry has somewhat improved as the domestic market and exports start to demand again. "Generally, in the first 9 months of the year, the number of orders decreased by 20-30%, but in the last 3 months of the year, we forecast that the situation will be better" - Mr. Hong added.

Mr. Pham Van Viet - Chairman of Viet Thang Jean Co., Ltd. (VitaJean), Vice Chairman of AGTEK shared that the order of the business began to "warm up" but has only recovered about 80% compared to before. "Although the export market has not reached the target as in other years, this is the motivation for businesses to focus on production and complete orders for the last 3 months of the year" - Mr. Viet shared.

Not only helping to shorten the decline compared to the same period last year, the recent positive signals help export activities in 2023 are expected to reach the finish line at more than 350 billion USD.

Source: congthuong.vn