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| The trade balance of goods in the first 15 days of June had a trade surplus of 130 million USD. (Source: VGP) |
Continuing the trade surplus, Vietnam promotes signing FTAs to expand the market
According to information from the General Department of Customs, in the first 15 days of June 2023, the import-export turnover of goods reached 27.3 billion USD; of which exports reached 13.7 billion USD and imports reached 13.57 billion USD. The trade balance of goods in the first 15 days of June had a trade surplus of 130 million USD.
The results achieved in the first half of June brought Vietnam's total import-export turnover from the beginning of the year to June 15, 2023 to more than 287.9 billion USD, down 15.2% over the same period in 2022; of which exports reached 148.87 billion USD, down 12% and imports reached 139.07 billion USD, down 18.4%. The trade balance of goods had a surplus of 9.8 billion USD.
Import and export of goods are facing many difficulties due to inflation and general decline in demand in the world market. This leads to difficulties in finding outlets for goods.
Vietnam's largest export commodity groups from the beginning of the year to June 15 include: computers, electronic products and components reaching 22.9 billion USD, down 7%, compared to the same period in 2022; phones of all kinds and components reaching 21.9 billion USD, down 18.9%; machinery, equipment, tools and other spare parts reaching nearly 18 billion USD, down 7.1%; textiles reaching 14.1%, down 15.3%; footwear reaching 8.9 billion USD, down 15.4%...
On the other hand, the groups of goods that Vietnam imported the most were: computers, electronic products and components reaching 35.2 billion USD, down 11.6%; machinery, equipment, tools and other spare parts reaching 17.8 billion USD, down 13.3%; fabrics reaching 5.87 billion USD, down 20%; iron and steel of all kinds reaching 4.3 billion USD, down 31.5%...
In order to increase import and export turnover in the coming time, the Ministry of Industry and Trade is making efforts to diversify export markets. Mr. Tran Thanh Hai - Deputy Director of the Import and Export Department (Ministry of Industry and Trade) said that market diversification is demonstrated through the negotiation and signing of FTAs. Currently, we have 15 FTAs signed and being implemented. In addition, the FTA with Israel has completed negotiations and is expected to be signed between now and the end of the year.
The Ministry of Industry and Trade is also considering implementing new FTAs such as the FTA with the UAE. This is a country with very vibrant trade activities in the Middle East and can completely become a gateway for us to bring goods to the Middle East and Africa.
In the Americas, there is an organization called the Community of the American Market (Mercosur) consisting of 6 countries in South America. This is a potential market and Vietnam has FTAs with some countries in this region such as CPTPP with the participation of Chile and Peru. However, Vietnam does not have FTAs with the whole region, especially with large markets such as Brazil or Mexico. Therefore, the authorities are promoting negotiations to sign FTAs with this region. These are priority directions for us to expand and diversify the market for businesses.
However, there are still many areas with large market areas and capacity such as Africa, South Asia with countries such as Iran, Iraq, Afghanistan, Pakistan... These are market areas where we can continue to research and negotiate to sign FTAs.
Impressive increase, fruit and vegetable exports reach the finish line early in just 6 months
According to the Vietnam Fruit and Vegetable Association, although less than 6 months have passed, fruit and vegetable exports have reached nearly 2.8 billion USD, an increase of more than 63% over the same period and almost equal to the export turnover of last year. In June 2023 alone, exports reached over 723 million USD, an increase of more than 79% over the same period in 2022.
Among the exported fruits, durian is the item with the strongest increase. Accordingly, in May 2023, the export value of durian reached the highest level ever, with 332 million USD, more than 10 times higher than the previous month. In total, in the first 5 months of 2023, durian exports reached more than 503 million USD, more than 18 times higher than the same period last year (27.6 million USD).
Of which, durian exports to China reached 477 million USD, accounting for 95% of the total export value of this commodity group of the country. Thus, durian officially surpassed dragon fruit, becoming the product with the highest value among Vietnamese fruit and vegetable products.
In the Top 10 largest fruit and vegetable export markets of Vietnam, China leads with nearly 63.5% market share, up more than 12.4% over the same period last year (turnover reached nearly 1.3 billion USD in the first 5 months of the year). Next are the markets of Korea, Japan, and the Netherlands, all of which grew well, only the US market decreased by 12% over the same period.
Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association - commented that this is the year when fruit and vegetable export turnover has a sudden growth rate and may set a record so far. It is forecasted that fruit and vegetable export may reach the target of 4 billion USD.
According to businesses, Vietnam's fruit and vegetable exports have increased thanks to increased purchases from China. In particular, the Protocols signed with this country last year have helped Vietnam's fruit and vegetable exports to have many advantages. This year, although China strictly controls technical barriers and food safety, Vietnamese goods are increasingly of high quality and competitive prices, so they are favored by consumers.
Mr. Nguyen Dinh Tung - Vice President of the Vietnam Fruit and Vegetable Association - commented that currently, many types of Vietnamese fruits are entering the harvest season and have the characteristic of being spread out over many seasons, so this year's fruits and vegetables are assessed to still have a lot of room for export.
In particular, star apple and rambutan can be exported almost all year round according to business orders, so the selling price is also many times higher than before. Just 5 types of fruit including dragon fruit, mango, rambutan, durian and longan, the area for harvesting in many seasons has accounted for over 62% of the total harvesting area.
Although exports are quite favorable, according to the Ministry of Agriculture and Rural Development, the requirements of international markets are increasingly demanding, in which neighboring markets such as the United States and the EU are developing more tropical agricultural products, so the competitiveness is very high. Therefore, in addition to ensuring quality, Vietnamese agricultural products need to focus on developing modern processing technology, suitable for small and medium scale.
In addition, people also need to focus on planting trees according to the direction of local authorities, helping to concentrate planting areas, increase processing rates and meet the needs of product diversification.
A type of tuber exported to Japan increased dramatically by 1,285%
According to statistics from the General Department of Customs, in May, our country exported 192.91 thousand tons of cassava and cassava products, earning 80.22 million USD, up 1.6% in volume and 5.5% in value compared to April 2023. Compared to May last year, cassava and cassava product exports in May 2023 still decreased by 25.7% in volume and 29.5% in value.
The average export price was at 415.8 USD/ton, up 3.8% compared to April 2023, but down 5.1% compared to May 2022.
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| Cassava exports to some markets grew strongly in both volume and value compared to the same period in 2022, notably the markets of Japan and Malaysia... (Source: To Quoc Newspaper) |
By the end of May 2023, cassava and cassava products exports reached 1.36 million tons, worth 528.56 million USD, down 6.1% in volume and 15.9% in value over the same period last year.
China remains the largest customer, accounting for nearly 90% of Vietnam's total cassava and cassava product exports in the first 5 months of 2023.
In the first 5 months of this year, our country exported 1.22 million tons of cassava and cassava products to the Chinese market, worth 467.62 million USD, down 8% in volume and 18.8% in value compared to the same period in 2022.
On the contrary, exports to some markets still grew strongly in both volume and value compared to the same period in 2022, notably the markets of Japan, Malaysia...
Specifically, in the first 5 months of the year, exports of this item to Japan reached 2.39 thousand tons, earning 1.22 million USD, a sharp increase of 1,285% in volume and 947.4% in value over the same period in 2022.
Similarly, exports to Malaysia increased by 135.2% in volume and 129.4% in value over the same period last year.
At processing plants, raw cassava inventory is low, so the selling price is high. Cassava starch inventory in China is low, FOB Bangkok (Thailand) price is high, so Chinese customers are willing to buy at quite high prices, even though it is the hot season.
Chinese customers are asking to buy more cassava starch in Tay Ninh, the price fluctuates around 520 USD/ton, FOB.
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