At the regular Government press conference held on the afternoon of September 9, Deputy Minister of Industry and Trade Do Thang Hai said that export turnover in August 2023 is estimated at 32.37 billion USD, up 7.7% compared to July and the highest since the beginning of the year.
This is also the fourth consecutive month of increased export turnover, with May increasing by 4.3% compared to April, June increasing by 4.5% compared to May, and July increasing by 0.8% compared to June. This result has helped exports continue to recover.
Accordingly, the export turnover results in August helped balance the trade balance with a trade surplus over 8 months reaching 20.19 billion USD.
August export turnover increased the highest since the beginning of this year. (Illustration photo: Government).
Talking about the reasons for the strong export recovery, Deputy Minister Do Thang Hai said that in addition to the Government, ministries, branches, localities and especially enterprises always trying their best, many policies have been issued in accordance with practical conditions, providing practical support for enterprises.
Previously, the reason for the decrease in exports from late 2022 to early 2023 was due to decreased global demand and high inflation in many countries. At the same time, maintaining a tight monetary policy along with high inventories caused orders to decline.
“ However, from around April until now, especially in June, July and August, exports have improved because inventories in countries where we have export strengths have decreased. For example, in the US, in the first 6 months of the year, inventories were 20%, by August they were only 10% and it is predicted that by the end of 2023 they will be close to 0. Thus, this is also the reason and opportunity for our exports to the US market to grow," said the Deputy Minister of Industry and Trade.
Regarding the items that recorded export growth in August, the Deputy Minister of Industry and Trade said that they were mainly electronic products, computers and components, phones and phone components, textile products, footwear, wood and wood products.
In addition, the economic growth of the domestic sector reached 8.45 billion USD, up 8.7% compared to the previous year. Meanwhile, the foreign-invested sector, including crude oil, reached 23.94 billion USD, up 7.3%, lower than the domestic economic sector.
Talking about the export situation from now until the end of the year, Deputy Minister Do Thang Hai said that although there have been positive signals, the world economy is still forecast to have many unpredictable developments.
Although inflation has slowed down, it is still high. The geopolitical situation and tensions between Russia and Ukraine are still complicated, continuing to disrupt the supply chain, causing input material prices for production to remain high.
However, Deputy Minister Do Thang Hai assessed that Vietnamese enterprises have high resilience, are flexible and proactive in production and business activities. Enterprises have also gradually promoted their initiative and creativity in finding new markets, while exploiting the advantages of new-generation FDI cooperation.
FDI enterprises are also constantly moving, introducing new products for export, meeting world demand.
"With the proactive and close supervision of all levels and sectors, along with the advantages of the above-mentioned enterprises, we are very confident in a positive result for export turnover from now until the end of the year," Deputy Minister Do Thang Hai commented.
Cong Hieu
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