List of largest export markets in the first 9 months of the year

What is the bright spot of import and export activities ?

According to the Ministry of Industry and Trade, with active and synchronous measures to remove difficulties to support domestic production, promote trade, expand domestic markets and exports being strongly implemented, import and export activities in 4 consecutive months (May, June, July, August) maintained growth. And although our country's export turnover in September 2023 is estimated to decrease by 4.1% compared to the previous month, it increased by 4.6% compared to the same period in 2022. Thereby, bringing the country's export turnover in the third quarter of 2023 to 94.6 billion USD, an increase of 10.3% compared to the second quarter of 2023.

Rice exports are a bright spot in the first months of the year

After 4 consecutive months of growth, the export turnover of goods in September 2023 is estimated at 31.41 billion USD.

In the first 9 months of 2023, the total export turnover of goods is estimated at 259.67 billion USD; there are 31 items with export turnover of over 1 billion USD, accounting for 92.2% of total export turnover (there are 6 items with export turnover of over 10 billion USD, accounting for 62.2%).

Regarding the structure of export goods, in September 2023, the export turnover of most major commodities achieved positive growth compared to the same period last year due to the recovery in demand and the relatively low base level of the last months of 2022. In particular, the export of agricultural and aquatic products recorded an increase of 31.1% over the same period, estimated at 3.01 billion USD. The most prominent in this group is the export of fruits and vegetables, up 160% over the same period, estimated at 650 million USD, of which the bright spot belongs to rice, up 80%, estimated at 495 million USD; pepper increased 22.7%; cashew nuts increased 39.6%...

The export turnover of processed industrial products also increased by 1.8% compared to the same period last year, estimated at 26.65 billion USD. Of which, the items of computers, electronic products and components; phones of all kinds and components; machinery, equipment, tools, spare parts; textiles; wood and wood products... achieved an increase of 2 - 10%.

Only the fuel and mineral group recorded a decrease in export turnover, down 17.1% compared to the same period last year.

In general, in the first 9 months, agricultural products have made impressive contributions to export activities, especially agricultural product groups such as rice, vegetables, coffee, cashew nuts, etc. This is also the only product group with positive growth.

Regarding rice products, sharing with reporters of Cong Thuong Newspaper, Mr. Nguyen Duy Thuan - General Director of Loc Troi Group Joint Stock Company said that after a period of implementing strong trade promotion solutions, foreign consumers have accepted Loc Troi's rice products, notably European consumers.

“French consumers responded that Vietnamese rice is very fragrant and delicious. In particular, after the price of Vietnamese rice was reduced by 200 Euros per ton thanks to the EVFTA, it became very competitive. Importers also suggested that, after testing with consumers, exporters and businesses, Vietnamese rice must be in the highest segment of the market,” said Mr. Nguyen Duy Thuan.

On September 2, 2022, Com Vietnam Rice appeared in European supermarket chains with a retail price of 4,000 Euro/ton. This is the most expensive price on the market and up to now, Loc Troi has maintained this price.

“Roll call” of the largest export markets

Regarding the export market of goods in the first 9 months of 2023, according to the Ministry of Industry and Trade, in general, all industries are facing difficulties in export markets due to the decrease in total demand in the world, especially for non-essential consumer goods. Therefore, our country's export turnover in the first 9 months of 2023 to most key markets decreased, however, the level of impact on exports of each industry is different.

In the first 9 months, the US remained Vietnam's largest export market with an estimated turnover of 70.9 billion USD, down 16.8% over the same period in 2022. China was our country's second largest export market with an estimated turnover of 42.2 billion USD, up 2.1%.

Notably, exports to West Asian markets increased by 4%, estimated at 5.9 billion USD and the African market increased by 1.2%, especially the North African market increased by 9.4%... showing the efforts in diversifying markets, focusing on exploiting new markets with much potential of Vietnamese enterprises.

The Ministry of Industry and Trade stated that, in general, the bright spot in our country's export activities in the first 9 months of 2023 was: The rate of decline in exports of 100% domestic-owned enterprises (down 5.7%) was lower than that of foreign-owned enterprises (down 9.1%). In addition, in the first 9 months, there were 32 items with export turnover of over 1 billion USD, equal to the same period last year.

Many groups of agricultural products, rice, and fruits took advantage of the opportunity to open the market and increase prices to boost exports, so the growth rate was the highest among the groups (up 3.1%).

Enterprises have done well in diversifying markets, while exports to major markets of Vietnam such as the US and EU have decreased, but exports to African countries, Eastern Europe, Northern Europe, and Western Asia have increased; Good implementation of solutions for exports to countries sharing borders, basic goods are not congested, even during peak seasons, contributing to increasing export turnover to the Chinese market. This is also the only export market among major export markets of Vietnam to achieve positive growth (up 2.1%), while other major markets have decreased.

Regarding goods imports, the import turnover of goods in September 2023 is estimated at 29.12 billion USD, down 0.7% compared to the previous month. In the first 9 months of 2023, the import turnover of goods is estimated at 237.99 billion USD, down 13.8% compared to the same period last year.

One of the positive points in September was that import turnover of raw materials for export production continued to increase.

Due to a sharper decrease in imports than exports, Vietnam's trade balance in September continued to have a trade surplus of about 2.29 billion USD, bringing the total trade surplus in the first 9 months of 2023 to 21.68 billion USD (in the same period last year, the trade surplus was 6.9 billion USD).

Efforts to promote import and export of goods

In the coming time, to increase import and export turnover, the Ministry of Industry and Trade will promote negotiations, signing of new agreements, commitments, trade links, signing of FTAs, trade agreements with other potential partners (UAE, MERCOSUR...) to diversify markets, products, and supply chains. 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.

The Ministry of Industry and Trade will also coordinate with the Ministry of Agriculture and Rural Development to negotiate with China to open more export markets for other Vietnamese fruits and vegetables such as green-skinned grapefruit, fresh coconut, avocado, pineapple, star apple, lemon, melon, etc. At the same time, improve efficiency and regulate the speed of customs clearance of import and export goods at the border gate area between Vietnam and China, especially for seasonal agricultural and aquatic products; quickly and strongly shift to official export. Strengthen early warning of trade defense lawsuits; guide businesses on how to respond to lawsuits; promptly inform businesses and associations about information, needs, and new market regulations.

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