[NEWS] – Import and export turnover of goods reached 46.56 billion USD

According to data just released by the General Department of Customs, Vietnam’s total import and export turnover in the first month of 2023 is estimated at 46.56 billion USD, down 17.3% compared to December 2022.

Total export and import turnover in January 2023

Total import and export turnover of goods in January 2023 was estimated at 46.56 billion USD, down 17.3% over the previous month and down 25% over the same period last year; in which, export reached 25.08 billion USD, import reached 21.48 billion USD.

Which, the total export value is estimated at 25.08 billion USD, down 13.6% (equivalent to 3.95 billion USD), and the total import value is estimated at 21.48 billion USD, down 21.3%. (equivalent to a decrease of USD 5.82 billion).

Compared to the same period in 2022, the import and export value of January 2023 decreased by 25.01%, equivalent to a decrease of USD 15.53 billion. Thus, in the first month of 2023, the country had a trade surplus of 3.6 billion USD.

Regarding the state budget revenue from import and export activities, the General Department of Customs said that in January 2023, the Customs sector collected VND 24,852 billion, equaling 5.8% of the estimate, down 42. 3% over the same period in 2022.

In 2022, the total import-export value of the whole country will reach 730.28 billion USD, up 9.2% compared to 2021. Which, the total export value will reach 371.3 billion USD, up 10.5% and the total import value reached 358.9 billion USD, up 7.9%.

Thus, in 2022, the country has a trade surplus of 12.4 billion USD. Vietnam’s merchandise trade balance had a surplus of 12.4 billion USD, much higher than the surplus of 3.33 billion USD in 2021.

Export overview

China’s removal of the "Zero COVID" policy from January 8, 2023, has allowed the import and export of goods to grow. Along with fresh seafood products, vegetables, and fruits are also relatively positive exports when demand increases at the beginning of the new year. The strength of agricultural product groups has contributed positively to the overall achievement of import and export activities.

Regarding commodity exports, the export turnover of goods in January 2023 was estimated at USD 25.08 billion, down 13.6% compared to the previous month, of which: The domestic economic sector reached USD 6.44 billion, down 18%; the FDI sector (including crude oil) reached 18.64 billion USD, down 12%. Compared to the same period last year, the export turnover of goods in January decreased by 21.3%, of which: The domestic economic sector decreased by 27.1%, and the foreign-invested sector (including crude oil) down by 19%. In January, there were 7 items with an export turnover of 1 billion USD or more, accounting for 66.6% of total export turnover.

Regarding the structure of export commodity groups in January 2023, fuel and mineral products were estimated at USD 258 million, accounting for 1%; processed industrial goods are estimated at 22.32 billion USD, accounting for 89%; agricultural and forestry products were estimated at 1.9 billion USD, accounting for 7.6%; seafood products is estimated at 0.6 billion USD, accounting for 2.4%.

Import overview

In the opposite direction, the import turnover of goods in January 2023 was estimated at 21.48 billion USD, down 21.3% compared to the previous month. In January 2023, there were 3 imported items with a value of 1 billion USD or more, accounting for 37.2% of the total import turnover.

Imported goods were still mainly concentrated in the group of capital goods, reaching 19.97 billion USD, accounting for 93%. Which, machinery, equipment, tools, and spare parts accounted for 41.1%; raw materials, fuel, and materials accounted for 51.9%. Consumer goods reached $1.51 billion, accounting for 7%.

Growth opportunities in 2023

The year 2023 is the mid-term year, which is very important, creating a foundation for the successful and comprehensive implementation of the five-year plan targets 2021-2025, in the context of the forecasted international and domestic situation. continue to have opportunities, advantages and difficulties, and challenges intertwined. To contribute to achieving the GDP growth rate of the whole country in 2023 at 6.5%, the Industry and Trade industry strives to increase export turnover by about 6%; The balance of trade remains in surplus.

Notably, recently, the Government issued Decision No. 493/QD-TTg approving the Strategy of Import and Export of Goods up to 2030 with the goal of sustainable import and export with a balanced and harmonious structure. , promote competitive advantages, and comparative advantages, develop brand names of Vietnamese goods, improve the country’s position in the global value chain, and be the driving force of rapid and sustainable economic growth.

In the next period, the goal of import and export activities is to develop the import and export of goods in depth. In particular, for the group of fuels and minerals, the export of important minerals will be gradually reduced, even in the form of concentrates. With the group of agricultural, forestry, and fishery products, improving productivity, quality, and added value, expanding the market and brand of Vietnamese goods. Restructuring export goods with a strong focus on deep processing, high quality, and high-tech products. Improve the ability to meet regulations, quality standards, food hygiene and safety, social responsibility standards, low-carbon environment, and labor.

Indochina Holdings Trade Promotion Investment Joint Stock Company specializes in providing financial, strategic, and trade promotion consulting services. With a team of experienced consultants, we carry the mission of accompanying businesses in Vietnam to expand Vietnamese brands to international markets.

Source: Collector