Import and export reached 650 billion USD, trade surplus over 25 billion USD

The latest statistics from the General Department of Customs show that Vietnam's total import-export turnover in the first period of December (December 1-15) reached 30.52 billion USD, down 1.4% (equivalent to a decrease of 433 million USD) compared to the results in the second half of November 2023.

Import and export of goods nationwide nearly reached 650 billion USD

The results achieved in the first half of December brought the country's total import-export turnover from the beginning of the year to December 15 to 649.96 billion USD, down 7.5% (equivalent to an increase or decrease of 52.53 billion USD) compared to the same period in 2022.

Regarding exports, the first period of December reached 15.04 billion USD, down 8.1% (equivalent to a decrease of 1.33 billion USD) compared to the second period of November 2023.

Some commodity groups decreased sharply such as: Phones of all kinds and components decreased by 463 million USD (equivalent to a decrease of 20.5%); computers, electronic products and components decreased by 167 million USD (equivalent to a decrease of 6.2%); machinery, equipment, tools and other spare parts decreased by 158 million USD (equivalent to a decrease of 7.8%); textiles decreased by 112 million USD (equivalent to a decrease of 7.7%)...

Thus, from the beginning of the year to December 15, Vietnam's total export turnover reached 337.62 billion USD, down 5.2% (equivalent to a decrease of 18.47 billion USD) compared to the same period in 2022.

In the first half of December, the country's imports reached 15.48 billion USD, up 6.1% (equivalent to an increase of 893 million USD) compared to the results in the second half of November 2023.

Imported goods groups in the first period of December increased compared to the second period of November such as: Computers, electronic products and components increased by 135 million USD (equivalent to an increase of 3.2%); machinery, equipment, tools and spare parts increased by 62 million USD (equivalent to an increase of 3.3%)...

Accumulated from the beginning of the year to December 15, the country's total import turnover reached 312.35 billion USD, down 9.8% (equivalent to a decrease of 34.06 billion USD) compared to the same period in 2022.

As of December 15, the country's trade balance had a surplus of more than 25 billion USD.

Information given at the recent conference summarizing the work of 2023 and deploying tasks for 2024 of the Import-Export Department - Ministry of Industry and Trade showed that the brightest spot in the import-export picture in 2023 is that the trade balance for the whole year continues to have a trade surplus with an estimated surplus of 26 billion USD, contributing positively to the balance of payments, helping to increase foreign exchange reserves, stabilize exchange rates and other macroeconomic indicators of the economy.

In particular, businesses have taken advantage of the opportunities brought about by commitments in FTAs. The value of export turnover using preferential Certificates of Origin (C/O) is increasing. In the first 9 months of 2023, the value of exports using C/O reached 64 billion USD, an increase of 0.7% over the same period last year. Many product groups have taken advantage of C/O to boost exports such as rice, textiles, etc.

Ms. Nguyen Cam Trang - Deputy Director of the Import-Export Department informed that in 2024, the world context is forecasted to continue to have major and unpredictable changes with many intertwined opportunities and challenges. The trend of de-globalization is rising strongly, protectionist policies are reappearing in many countries in different forms. Developed countries are increasingly concerned with issues of consumer safety, sustainable development, and climate change prevention, thereby establishing new standards and regulations for imported products.

However, exports have many opportunities to recover and grow in 2024 when the problem of high inventories in the United States is gradually being overcome. The US Federal Reserve (Fed) has sent messages to stop raising interest rates and consider reducing interest rates in 2024. Efforts to promote negotiations and diversify Vietnam's export markets in the past will bring more competitive advantages to our exports in the coming time.

In that context, the Import-Export Department expects the import-export target in 2024 to be a total export turnover increase of over 6% compared to 2023. The trade balance continues to have a trade surplus.

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