Recovery signal for Vietnam export in July 2023


The momentum of decline in exports slowed down and ended in July 2023 and recorded some markets with positive growth.

In a recent report from the Ministry of Industry and Trade (MOIT), exports in the last 2 months have increased compared to the previous months. Specifically, in July 2023, Vietnam's exports increased by 0,8% compared to June at 29,68 billion USD, which is the second highest export turnover since November 2022.

Previously, Vietnam's main markets such as US, China, EU, Korea,… all reduced their purchases from Vietnam with a reduction ranging from 3,5 to 21,8%.

Up to now, orders from China have increased sharply, especially for agricultural products, processing and manufacturing industries, from negative growth in the first 6 months to positive in July, which increased by 4,9% after 7 months and reached 31,57 billion USD.

The processing industry is also the main driver, such as computers, electronic products and components, up 2,6% compared to June, reaching 5,2 billion USD; textiles and garments increased by 4,6% to $3,2 billion, footwear by 4,8% to $1,85 billion, wood and related products by 5,5%. Rice and vegetables received a record increase of 68,1% to US$ 3,23 billion and 29,6% to US$ 2,58 billion respectively.

The reason these two goods recorded a high increase was due to the favorable market conditions, India, Russia and UAE recently issued a ban on rice exports, causing rice prices to increase day by day, according to Mr. Tran Duy Dong – Director of the Import-Export Department (MOIT) said.

MOIT also added that the US, EU, Japan, and South Korea are still important markets for Vietnam in the remaining 5 months of 2023 despite the previous decrease in imports, which are also the keys to decide growth rate of Vietnam in 2023.

In the first 7 months of 2023, Vietnam's export turnover to the US reached 52,4 billion USD, decreased by 21,8%, but the decline slowed down when compared to the first 6 months of the year, recorded a decrease of 22,6 %.

With the Chinese market, Vietnam's import to this market last year was about 58 billion USD and is forecasted to exceed 60 billion USD this year.

*Please note that all figures use metric system


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