[NEWS] – Trade surplus increased by 15.9%, exports still face many challenges

According to the Ministry of Industry and Trade assessment, in the 10 months of 2022, the total import and export turnover of goods is estimated at USD 616.24 billion, up 14.1% over the same period last year; a trade surplus of 9.4 billion USD. However, due to the impact of the world economic situation, exports have decelerated, causing difficulties and challenges in the last 2 months of 2022.

Export growth slows down, businesses "thirst for orders"

According to information the Ministry of Industry and Trade has just announced, in the context of slowing global demand for goods, especially from the two leading markets of Vietnam, the United States, and the EU, the number of export orders shows signs of slowing down. Since September 2022, import and export turnover in October 2022 will not increase much compared to the previous month.

In October 2022, the export turnover of goods was estimated at 30.27 billion USD, up 1.5% over the previous month and 4.5% over the same period last year.

Generally, in the first 10 months of 2022, the export turnover of goods is estimated at 312.8 billion USD, up 15.9% over the same period last year. Which, the domestic economic sector reached 80.36 billion USD, up 13.4%, accounting for 25.7% of total export turnover; the FDI sector (including crude oil) reached 232.46 billion USD, up 16.8%, accounting for 74.3%.

Exports of processed industrial products are still the driving force in the country’s overall export growth, accounting for 86% of the country’s total exports, with an estimated turnover of $269.5 billion, up 16% over the same period last year. period of the previous year.

In this group of products, exports of most essential commodities achieved a high growth rate of over 10% such as fertilizers of all kinds, up 153%; chemicals increased by 40.8%; chemical products by 31.2%; textiles and apparel up 22%...

In October 2022, the trade balance of goods was estimated to have a trade surplus of 2.27 billion USD. In the 10 months of 2022, the trade balance of goods is estimated to have a trade surplus of 9.4 billion USD. Which, the domestic economic sector has a trade deficit of 24.9 billion USD; the FDI sector (including crude oil) had a trade surplus of 34.3 billion USD.

Continue to take advantage of tariff preferences and boost exports

Referring to the current world market situation, economic experts said that the international context has favorable factors, but there are also many challenges for the production and import-export activities of Vietnam.

Notably, high inflation in most countries, which are major markets of Vietnam, will affect the consumption of non-essential goods, causing a decrease in demand for imported goods from other countries. At the same time, many major economies, including the United States, adjusted interest rates to curb rising inflation, leading to the local currency depreciating against the USD. Meanwhile, in the domestic market, the appreciation of the US dollar has had a negative impact on imports, as our country currently imports many production materials to serve export.

Orders from importers tend to decrease, due to the negative impact of high inflation in key export markets of our country such as the United States, EU, Japan, and Korea... in combination. with high inventories at retail systems will reduce production and export activities.

In addition, the Ministry of Industry and Trade also mentioned that the supply chain is still at risk of disruption, especially the supply of raw materials. Prices of many goods and services, although reduced, are still high. The trend of trade protectionism continues as countries continue to increase the use of trade defense tools and technical barriers to protect domestic production.

Meanwhile, Vietnamese enterprises in general still lack capital and have difficulty accessing capital sources, affecting the recovery and expansion of production...

The fluctuations in the international import-export market show the difficulties that Vietnamese enterprises are facing. Understanding that, Indochina Holdings introduced trade promotion services. With a professional team, Indochina Holdings always listens and gives the right strategy in line with the orientation of the business. Typically, Ngon Nhat Rice Company, as one of the partners, successfully exported ST25 rice to the US market.

(Source: Collector)