The world economic and political situation in 2023 has many complicated developments, the context of low global economic growth, increasing protectionist barriers, many countries continue to maintain tight monetary policies, so the import and export situation is difficult.
In addition, major economies that are Vietnam's export partners such as the United States and the EU have reduced their purchasing spending, causing a decline in total demand and a sharp decrease in export contracts, which has affected the export of goods of Vietnam in general and Binh Thuan in particular.
Difficult export, continued trade deficit
According to the report of Binh Thuan Statistics Office, in 2023, the province's export turnover of goods is worth 714.44 million USD, down 8.59% compared to 2022. Of which: Seafood group is 214.77 million USD, down 14.13% compared to 2022; agricultural products group is 14.25 million USD, up 9.86%; other goods group is 485.42 million USD, down 6.37%. Besides the seafood and other goods group decreasing compared to the same period due to the decrease in consumption demand of foreign markets, the agricultural products group has grown quite well but accounts for a low proportion of the total turnover, so it has an insignificant impact on the overall growth rate of the total turnover, in which rubber increased nearly 3 times (because in the same period in 2022, this item had no orders). The textile, footwear and wood product groups saw a decrease in export turnover compared to the same period due to lack of orders. The textile and footwear groups saw export orders increase again in the last two months of the year.
In terms of direct exports, in 2023, exports reached 703.92 million USD, down 9.1% compared to 2022. Of which: The Asian market reached 515.9 million USD, up 2.6% compared to 2022; the European market reached 46.46 million USD, down 46.23%; the American market reached 136.75 million USD, down 26%; the Oceania and African markets reached 8.79 million USD, accounting for an insignificant proportion. Some major export products include white-leg shrimp (exported to the US, Japan, Germany, UK), fresh frozen squid (exported to Japan, Taiwan, the US), other types of seafood (exported to Japan, Colombia, the US, Denmark), various types of ores (exported mainly to China), garment products (exported to Japan), various types of footwear (exported to the US, the Netherlands, Canada, Italy, etc.). In the field of export entrustment in 2023, it will reach 10.52 million USD, an increase of 48.39% compared to 2022.
In particular, Binh Thuan's total import turnover in 2023 reached 1,227.61 million USD, down 10.11% compared to 2022. The main imported items are raw materials for production such as aquatic products, textile materials, leather and footwear, wood and wood products, and various types of paper. The proportion of some main items: Animal feed ingredients accounted for 73.11% of the import turnover; raw materials for garment, leather, and footwear accounted for 12.68%; aquatic products accounted for 11.57%.
Comparing Binh Thuan's import-export turnover in 2023, it shows that: Although import turnover has decreased compared to the previous year (-10.11%), the balance of value between export and import is still large, leaning heavily towards import. The trade deficit has been maintained for many years. In 2023, the import value was nearly twice the export value.
More effort needed in 2024
In 2024, it is forecasted that Vietnam's import and export situation will continue to be difficult due to the impact of the world and domestic economic situation. Binh Thuan will also face many difficulties in import and export activities.
It is known that in order to remove difficulties for this activity, in 2024, the Ministry of Industry and Trade will promote negotiations, signing of new trade agreements, commitments, and linkages, including completing the implementation of the FTA with Israel, signing FTAs, trade agreements with other potential partners (UAE, MERCOSUR...) to diversify markets, products, and supply chains. At the same time, support businesses to take advantage of commitments in FTAs, especially CPTPP, EVFTA, UKVFTA to boost exports, through propaganda on rules of origin and issuance of certificates of origin, opportunities and ways to take advantage of opportunities from the Agreements. Improve efficiency and regulate the speed of customs clearance of import and export goods at border gates on the Vietnam - China border, especially for seasonal agricultural and aquatic products; quickly and strongly shift to official exports. In addition, strengthen early warning of trade defense lawsuits; guide businesses on how to respond to lawsuits; promptly inform businesses and associations about market needs and new regulations.
For Binh Thuan, the Department of Industry and Trade needs to soon develop and implement the province's 2024 Trade Promotion Program, focusing on promoting and advertising goods with export advantages to traditional and key export markets such as China, the United States, the EU, Japan, Korea and other potential markets to open up new markets to diversify export markets. Provide information and support businesses to participate in the contents of the national and provincial Trade Promotion Program to carry out promotional activities, market surveys, and trade connections with domestic and foreign businesses. Step up propaganda and dissemination of the negotiation and signing of economic and trade agreements, opportunities and challenges in integration commitments to help businesses grasp, take advantage of opportunities and minimize negative impacts from free trade agreements on export goods. Collect information on market situations, needs, and technical barriers to trade to disseminate to associations and businesses.
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