Contributing 36.1 billion USD, computers and components are the export champions

Computer exports “surpass” phones Computer, electronic components and phone exports reach nearly 42 billion USD

According to the recently released figures of the General Statistics Office, the ranking of the commodity groups contributing the largest export turnover to the economy continues to include electronics, computers and components, the group of telephones and components has dropped to second place for many months now.

In August alone, the export turnover of computers and components reached 5.5 billion USD, the accumulated turnover in 8 months reached 36.15 billion USD, down 1.5% compared to the same period last year. Meanwhile, the export of phones in August brought in 5.3 billion USD, the accumulated turnover in 8 months reached 33.9 billion USD, down 15.4%.


Computer and component exports are the "champion" of exports, surpassing phones by more than 2 billion USD.

Computer and component exports are the "champion" of exports, surpassing phones by more than 2 billion USD.

Thus, phone exports still decreased compared to computers by more than 2 billion USD. The total export turnover of these two largest industries after 8 months reached over 70 billion USD.

Phones, components and computers are the two largest export industries of the country, facing an unprecedented decline in orders since the fourth quarter of 2022 and lasting from the beginning of 2023 until now.

Export orders for electronics products have decreased sharply due to the impact of the global economic recession, when consumers in the US, EU, Japan... tightened spending, causing exports of this product group to decline.

The decrease in purchasing power can be clearly seen when looking at the import turnover of these product groups from key markets.

According to the General Department of Customs, in the first 7 months of 2023, exports of phones and components to China reached 7.19 billion USD, down 2.9%; exports to the US reached 4.91 billion USD, down 38.9% and to South Korea 2.03 billion USD, down 36.9%. Exports of this group of goods to the EU (27) alone reached 4.15 billion USD, up 9.1% and ASEAN reached 1.38 billion USD, up 15.3% over the same period last year.

Computers also decreased, but less than phones, and still achieved a fairly high growth rate in the EU.

In the first 7 months of 2023, exports of computers, electronic products and components to the US market reached 8.75 billion USD, up 1.4%; China was 7.55 billion USD, up 13.7%; EU(27) was 3.23 billion USD, down 23.9%; Hong Kong was 2.64 billion USD, down 19.1%; ASEAN was 1.37 billion USD, down 36.5% over the same period last year.

Contributing nearly 113.5 billion USD to the entire economy in 2022, the growth of the electronics industry has a great impact on the country's export activities. Of which, the FDI sector exported 112.4 billion USD, domestic enterprises exported 1.1 billion USD.

When major export industries experience a decline in exports, the impact on the export turnover of the entire economy will be greater. Businesses expect that in the last 4 months of the year, orders will improve thanks to the recovery of consumer demand in the US, EU, ASEAN... to offset the decline in recent months.

A recent report by VinaCapital stated that there are signs that Vietnam's exports will recover in the fourth quarter of 2023, mainly because the inventory cycle in the US has bottomed out and many multinational corporations are accelerating the shift of production from China to Vietnam.

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