Trade surplus estimated at 125 billion USD
In 2023, trade in goods between Vietnam and European and American markets will witness a significant decline, with the total import and export turnover of goods between Vietnam and the European and American regions estimated at 208 billion USD, down about 9.5% compared to 2022.
Of which, exports are expected to reach 166 billion USD, down 9.6%, imports are expected to reach nearly 41 billion USD, down 9.1%. Vietnam's trade surplus with the European and American markets is expected to reach 125 billion USD, of which the surplus with European countries is about 33 billion USD, with the Americas is about 92 billion USD.
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| Vietnam's trade surplus with the European and American markets is expected to reach 125 billion USD. Illustrative photo |
Analyzing the causes of the decline in imports and exports with the Europe - America region, the Department of Europe - America Market (Ministry of Industry and Trade) explained that, first of all, with a large economic openness, Vietnam's import and export activities are directly affected by the decline of the global economy from the first half of 2023 and the slow and uneven recovery of economies around the world in the second half of 2023.
According to the IMF, the GDP growth rate of the economic locomotives in the Europe - America region is mostly forecast to grow at less than 2.5% (for example: the United States 2.1%, Canada 1.3%, EU 0.7%, UK 0.5%, Russia 2.2%...) except for countries such as: Mexico is forecast to increase by 3.2%, Brazil increases by 3.1%.
Second, because the demand for imported goods in Vietnam's key export markets has decreased compared to the same period last year. According to statistics from your side, in the first 10 months of 2023, the EU reduced imports from non-bloc markets by nearly 16%; the US imports from the world decreased by 6%.
Third , although inflation has been controlled, it remains high, coupled with pressure from geopolitical instability and profound changes in consumer behavior and habits in European and American countries, making it more difficult to maintain export markets.
“ For the first time after many years of continuous high growth, export turnover to some key markets has decreased sharply such as: the United States is estimated at 96.9 billion USD, down 12.4% compared to 2022; the EU reached 43.7 billion USD, down 6.7%; CPTPP countries in the Americas reached 13.1 billion USD, down 10.6% ” - Representative of the European - American Market Department informed and added that, along with the decline in exports to key markets, the export turnover of Vietnam's key products to this market all witnessed a fairly high decline.
Exploit new markets and niche markets well
In 2023, although the domestic and international situation had many negative impacts on production, business and import-export activities, under the direction of the Ministry of Industry and Trade, the Department of European and American Markets coordinated with relevant agencies at home and abroad, actively proposed many solutions, implemented many practical activities to support businesses to restore production and promote import-export activities.
These activities have actively supported Vietnam's import and export not only in terms of supporting the exploitation of traditional markets, expanding new and potential markets/products, but also in terms of protecting the interests of Vietnamese enterprises in the international arena while limiting negative impacts or removing tariff and non-tariff barriers.
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| Thanks to solutions to diversify markets and products, in 2023, export growth to niche markets in the Europe-America region will be very high. Illustrative photo |
Notably, according to the European - American Market Department, thanks to solutions to diversify markets and export products, in 2023 when traditional markets are facing difficulties, the growth rate in new markets and niche markets is very high. Notably, the export turnover in the first 11 months of 2023 increased by 12.1% in EFTA countries, 12.7% in EAEU countries, 48.5% in Central Asian countries, Mercosur countries with Argentina increasing by 17.9%, Brazil by 9.1%, Paraguay by 20.8%...
Also according to the European - American Market Department, in 2023, the Department focused on promoting the implementation of the Project "Promoting Vietnamese Enterprises to Directly Participate in Foreign Distribution Networks by 2030" with the orientation of supporting enterprises and localities to directly penetrate wholesale and retail distribution systems for both locals and Asians in European and American countries. The solutions proposed in the project have been synchronously implemented at both central and local levels, both domestically and internationally, and have initially achieved very practical success.
Specifically, the organization of Vietnamese goods weeks at major distribution systems around the world such as Carrefour, Aeon, Central Retail ... has become an annual event. Some Vietnamese agricultural products such as rice, spices, instant foods ... have been on shelves abroad with their own brands. And especially the event Connecting the international supply chain of goods Vietnam International Sourcing 2023 has attracted the attention and participation of hundreds of importers and international purchasing systems coming to Vietnam to find suppliers.
Entering 2024, according to analysis from the European - American Market Department, import and export activities between Vietnam and the European - American market will have favorable conditions and face quite big challenges.
Therefore, to maintain export growth in the European and American markets, the European - American Market Department believes that business support work will continue to be implemented in a specific and in-depth manner for each market and industry, focusing on: raising awareness of manufacturing and exporting enterprises about new approaches to the circular economy, sustainable production and consumption; overcoming business limitations in market information, self-sufficiency in raw materials, production capacity, etc.
At the same time, overcome the current limitations of Vietnamese enterprises such as: market information, ability to self-supply raw materials, production capacity to ensure market requirements, brand building... On the other hand, mobilize a system of experts to train and disseminate to enterprises about new standards and regulations of the export market.
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