By August 15, 2023, the country will have a trade surplus of more than 16 billion USD.
According to the latest statistics from the General Department of Customs, in the first period of August (from August 1 to 15), the total import and export turnover of goods nationwide reached 28.6 billion USD.
Of which, goods exports reached 14.4 billion USD, down 10.8% over the same period. Four export groups reached 1 billion USD or more, including: phones and components reached 2.42 billion USD; computers, electronic products and components reached 2.38 billion USD; textiles reached 1.55 billion USD; machinery, equipment, tools, and other spare parts reached 1.53 billion USD...
Regarding imports, the first half of August reached 14.2 billion USD, up 5.3% over the same period. Computers, electronic products and components were the largest group of goods with a turnover of 4.1 billion USD. Machinery, equipment, tools and spare parts were the second "billion-dollar" group of goods with 1.87 billion USD.
Thus, the import turnover of goods has continued to increase in recent months. This is a positive signal that shows that the export turnover will increase in the coming time because the import of goods mainly focuses on groups of goods serving production for export and domestic consumption.
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| According to the latest statistics from the General Department of Customs, in the first period of August (from August 1 to 15), the total import-export turnover of goods nationwide reached 28.6 billion USD. (Source: Reuters) |
In total, from the beginning of the year to August 15, the total import-export turnover reached more than 402 billion USD. Of which, import-export turnover was 209.43 billion USD, down 23.5 billion USD compared to the same period last year; import turnover reached 193.17 billion USD, down 38.73 billion USD.
From the beginning of the year to August 15, Vietnam's trade balance had a surplus of more than 16 billion USD.
To remove difficulties for import and export, the Ministry of Industry and Trade is actively implementing solutions to remove difficulties and create the greatest convenience for import and export. For example, according to Circular 36/2023/TT-BTC of the Ministry of Finance, from July 21, enterprises applying for a certificate of origin (C/O) must pay a fee. Fee collection organizations according to the provisions of this Circular include: the Ministry of Industry and Trade and agencies and organizations authorized by the Ministry of Industry and Trade to issue certificates of origin of goods according to the provisions of Article 34 of the Law on Foreign Trade Management.
However, instead of having to go directly to the management agency to pay the fee, businesses can pay the C/O fee/charge online. This form is to create maximum convenience for businesses, helping businesses save time and other costs. After paying the C/O fee/charge, businesses will receive a receipt via the email registered with the management agency.
In addition, the Ministry of Industry and Trade is making efforts to support businesses in expanding their markets through negotiating and signing FTAs, the latest of which is the FTA with Israel. This move is highly appreciated by businesses, associations, and experts because it will help open up more opportunities for Vietnamese goods to enter the world market.
In addition, the Ministry of Industry and Trade will organize a series of events "Connecting international supply chains" (Vietnam International Sourcing 2023) in Ho Chi Minh City in September 2023. Talking to reporters of the Industry and Trade Newspaper, many import enterprises said they are very hopeful about the opportunity to find sources of imported goods from Vietnam through this important event.
Which market does Vietnam import the most wheat from?
According to preliminary statistics of the General Department of Customs, in July 2023, the country imported 334,021 tons of wheat, equivalent to 111.13 million USD, with an average price of 332.7 USD/ton, down 25.3% in volume and 26% in value compared to June 2023 and a price decrease of 1%. Compared to July 2022, it also decreased by 2% in volume, 21% in value and 19.6% in price.
In the first 7 months of 2023, the country's imported wheat volume reached over 2.81 million tons, equivalent to over 1 million USD, an increase of 8.7% in volume and 2.9% in value compared to the first 7 months of 2022, with an average price of 356.4 USD/ton, down 5.4%.
In July 2023, wheat imports from the main market Australia decreased by over 21% in both volume and value compared to June 2023, the price also decreased by 0.3%, reaching 328,899 tons, equivalent to 109.03 million USD, price 331.5 USD/ton; compared to July 2022, it increased by 8.7% in volume, but decreased by 12.3% in value and decreased by 19.4% in price.
In the first 7 months of 2023, wheat imports from the Australian market accounted for 75.5% of the total volume and 73.5% of the total wheat import turnover of the country, reaching nearly 2.13 million tons, equivalent to 737.04 million USD, with an average price of 346.8 USD/ton, up 17.4% in volume, up 7.2% in turnover but down 8.7% in price compared to the first 7 months of 2022.
Behind the main market Australia is the Brazilian market, accounting for nearly 9.3% of the total volume and 9.6% of the total turnover, reaching 261,611 tons, equivalent to 95.82 million USD, with an average price of 366.3 USD/ton, down 19% in volume, down 14.9% in turnover but up 5% in price compared to the first 7 months of 2022.
Next, the US market reached 172,245 tons, equivalent to 70.51 million USD, priced at 409.4 USD/ton, up sharply by 35.5% in volume, up 21.5% in turnover but down 10.4% in price compared to the first 7 months of 2022, accounting for 6% of the total volume and 7% of the total wheat import turnover of the whole country.
Wheat imports from the Canadian market reached 165,986 tons, equivalent to 68.91 million USD, a sharp increase of 3,000% in volume and 2,603% in value compared to the first 7 months of 2022.
Take advantage of the "golden" opportunity to boost rice exports to the UK market
Mr. Nguyen Canh Cuong, Counselor, Trade Office of Vietnam in the UK, said that with a community of more than 5.5 million people of Asian origin, the demand for rice consumption in the UK is very large while this country does not grow rice at all, all consumption needs must be imported.
In 2021, the UK imported nearly 652,000 tonnes of rice, worth nearly $575 million. In 2022, rice imports increased by 4.1% to more than 678,000 tonnes, while the import value increased by 7% to more than $603 million.
The UK imported 3,399 tons of rice from Vietnam in 2022, up 24.5% compared to 2021, with an export value of more than 3.7 million USD, up 34% compared to 2021. Vietnam is currently the 14th largest rice exporter to the UK, but its market share is modest (0.6%).
Among the Southeast Asian countries exporting a lot of rice to the UK in 2022, Vietnam has the highest average unit price (1,093 USD/ton), while the average unit prices of rice from Thailand, Cambodia and Myanmar are 916, 915 and 435 USD/ton, respectively.
Meanwhile, India is known as the largest rice exporter to the UK market, accounting for nearly 27% of the country's total rice imports. Accordingly, the sudden suspension of exports will create a supply shortage of about 75,000 tons of rice in the UK in the second half of 2023. Therefore, India's suspension of exports will cause UK rice importers to switch to buying rice from Vietnam and Thailand. This is an opportunity for Vietnam to rise to a higher position in the list of customers of UK rice importing companies.
According to the representative of the Vietnam Trade Office in the UK, the most widely used rice in the UK today is Bastima rice with leading brands such as: Tilda Pure Basmati Rice (Gluten Free), Laila Basmati Rice, Ben's Original Long Grain Rice, Grower's Havest Long Grain Rice, Thai Jasmine Rice, Easy Cook Long Grain.
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| India's suspension of exports will cause British rice importers to switch to buying rice from Vietnam and Thailand. (Source: Thuong Truong Newspaper) |
Vietnamese rice in the UK is mainly sold to the Vietnamese community and partly to the Chinese, Thai, Malaysian, and Filipino communities at retail prices in supermarkets of VND58,000-72,000/kg. Popular Vietnamese rice brands in the UK are fragrant rice, broken rice, sticky rice, and ST25 (Mr. Cua rice).
According to Statista, the UK rice market is expected to grow by 2.1% in volume by 2024. In the second half of 2023, the UK market is forecast to have a supply deficit of about 75,000 tonnes of rice. However, the UK government has not yet had a policy response to the rice trade after India banned the export of common rice.
“If we actively market professionally, including promoting on local media in English, Vietnamese rice exporters will certainly increase their market share in the UK, including the market segment of restaurants serving Asian tourists, which accounts for a significant number of the tens of millions of tourists coming to the UK each year,” said Mr. Nguyen Canh Cuong, Counselor, Vietnam Trade Office in the UK.
However, Mr. Nguyen Canh Cuong noted that in the context of supply disruption and Vietnamese rice with good quality and competitive advantage thanks to the UKVFTA, exporters need to take advantage of the "golden" opportunity to request rice distributors in the UK to use the Vietnamese rice brand, instead of the distributor's brand, to help raise awareness of British consumers about Vietnamese rice.
For many years, despite being a major rice exporter in the world, Vietnamese rice exported to the UK and many other countries is often sold under the brands of distributors, making consumers unable to recognize the origin of the rice from Vietnam. Therefore, building a brand is a long-term solution for Vietnamese rice to maintain its market share in the UK as well as many other countries once the quality of Vietnamese rice has won over consumers.
In the future, to continue supporting potential export industries, especially rice, the Vietnam Trade Office in the UK is also preparing to participate in the Speciality Fine Food Fair London in November-December 2023 to promote Vietnamese specialties, including ST25 rice. This is a timely opportunity for Vietnam's ST25 rice to be promoted to distributors, hotels and high-end restaurants in the UK.
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