Trade balance continues to have a record trade surplus of 24.59 billion USD

Maintaining positive import-export growth, record trade surplus in 10 months, trade surplus reaches new record

The latest preliminary statistics of the General Department of Customs recorded that the total import-export turnover in the second period of October (October 16-31) reached 34.51 billion USD, an increase of 27.7% (equivalent to an increase of 7.49 billion USD) compared to the first half of October 2023.

The results achieved in the second half of October brought the country's total import-export turnover in 10 months to 558.33 billion USD, down 9.6% (equivalent to a decrease of 59.11 billion USD) compared to the same period last year.

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In the first 10 months of 2023, our country had a trade surplus of 24.59 billion USD.

In the second period of October, export turnover reached 18.02 billion USD, an increase of 27% (equivalent to an increase of 3.83 billion USD) compared to the first period of October 2023. The commodity groups with strong increases include: Machinery, equipment, tools and spare parts; computers, electronic products and components; footwear of all kinds; textiles; means of transport and spare parts; iron and steel of all kinds...

By the end of October, Vietnam's total export turnover reached 291.46 billion USD, down 7%, equivalent to a decrease of 22.04 billion USD compared to the same period in 2022.

Imports in the second half of October reached 16.5 billion USD, up 28.5% (equivalent to an increase of 3.66 billion USD) compared to the results in the first half of October 2023. The groups of goods that increased sharply include: Computers, electronic products and components; machinery, equipment, tools and spare parts; crude oil; phones of all kinds and components; chemicals...

By the end of October, the country's total import turnover reached 266.87 billion USD, down 12.2% (equivalent to a decrease of 37.07 billion USD) compared to the same period in 2022.

In October, the trade balance of goods had a surplus of 1.52 billion USD. Thus, in 10 months, our country had a trade surplus of 24.59 billion USD, 2.6 times higher than the surplus of 9.56 billion USD in the same period last year.

The Ministry of Industry and Trade assessed that recently, enterprises have done well in expanding and diversifying markets. Accordingly, while exports to major markets of Vietnam such as the US and EU have decreased, exports to African countries, Eastern Europe, Northern Europe, and West Asia have still increased.

Mr. Do Ngoc Hung, Commercial Counselor, Head of the Vietnam Trade Office in the US, informed: The US Department of Agriculture is planning to buy a large amount of frozen catfish fillets for use in domestic food distribution programs. On August 31, the US Department of Commerce issued a preliminary conclusion of the 19th review of frozen pangasius fillets from Vietnam, determining a sharp reduction in anti-dumping tax compared to the previous review. The US Department of Agriculture also conducted an inspection of the food safety control system for Vietnamese pangasius with positive results, only recording a few minor, non-systemic errors. These are good signs for the prospect of pangasius exports to the US in the coming time.

On a broader scale, the global economic and trade situation continues to be complex and unpredictable; global economic growth is recovering slowly and with difficulty, posing many risks; the risk of economic recession is still looming, causing inflation and interest rates to remain high, causing consumer demand to decrease sharply in many of Vietnam's major export markets. On the other hand, the continued promotion of supply diversification strategies by developed industrial countries will help Vietnam become an important production and export center in the global value chain.

From the above risks and challenges, ministries, branches, localities and especially the business community must not be negligent or subjective; need to closely monitor the fluctuations in supply and demand, commodity prices in the world and domestically to prepare timely response plans and solutions, striving to achieve the set export growth target. In order to boost exports, the Ministry of Industry and Trade said it will strengthen solutions to promote exports to large markets that are recovering well such as the US and China.

Accordingly, the Ministry of Industry and Trade is directing relevant parties to improve efficiency and regulate the speed of customs clearance of import and export goods at the border gate area between Vietnam and China; at the same time, coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to open more export markets for other Vietnamese fruit and vegetable products such as: green-skinned grapefruit, fresh coconut, avocado, pineapple, star apple, lemon, and melon.

In addition, the ministry continues to focus on supporting businesses to take advantage of commitments in free trade agreements to boost exports, while quickly completing and implementing new trade agreements with potential partners to diversify markets, products, and supply chains.

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