Vietnam's exports are regaining growth as they continue to recover.

DNHN - The trade balance maintained its record surplus of 24.59 billion USD in October, which was 2.6 times greater than the surplus for the corresponding period in the previous year.

The general statistics office projects that the import-export turnover of goods will total 61.62 billion USD in October 2023, representing an increase of 4.1% compared to the previous month and 5.6% when compared to the corresponding period of the previous year. The aggregate value of imports and exports for the initial ten months of 2023 amounted to 558.33 billion USD, reflecting a decline of 59.11 billion USD, or 9.6%, in comparison to the corresponding period of the previous year.

Particularly, Vietnam's total export turnover amounted to 291.46 billion USD by the conclusion of October, reflecting a decline of 7% or 22.04 billion USD in comparison to the corresponding period in 2022. Machinery, equipment, tools, and spare parts; computers, electronic products, and components; footwear; textiles; transportation means and spare parts; steels—are examples of product categories that experienced substantial growth.

Comparatively, the nation's import turnover for the corresponding period in 2022 decreased by 37.07 billion USD, or 12.2%, to reach 266.87 billion USD.

Consequently, the goods trade balance exhibited a surplus of 1.52 billion USD. Our nation accumulated a trade surplus of 24.59 billion USD over a ten-month period, which is 2.6 times greater than the surplus of 9.56 billion USD during the corresponding period of the previous year.

In terms of the composition of exported commodities during the initial ten months of 2023, it is projected that the fuel and mineral goods category will comprise 1.2%, or USD 3.44 billion, while the processed industrial goods category will account for 88.3% or USD 257.42 billion. The estimated value of agricultural and forestry products is 22.97 billion USD, representing 7.9% of the total. The seafood group is projected to reach 7.45 billion USD, representing 2.6% of the total.

In October 2023, import turnover increased by 5.2% in comparison to the same period in 2022. This growth was led by an 8.5% increase in the domestic economic sector and a 3.5% increase in the foreign-invested sector.

Businesses have continued to effectively expand and diversify their markets in recent years. Exports continued to increase, despite a decline in exports to major global markets such as the United States and the European Union, as well as African nations, Eastern Europe, Northern Europe, and West Asia.

The present state of the global economy and trade remains intricate and capricious in practice. A slow and arduous recovery of global economic growth is accompanied by numerous potential risks. As economic recession remains a possibility, the business community must remain vigilant and objective. Globally and domestically, it is essential to closely monitor fluctuations in supply and demand as well as commodity prices to formulate prompt response strategies and plans.

Conversely, the persistent advocacy for supply diversification strategies by developed nations will facilitate Vietnam's emergence as a significant hub for production and exports along the worldwide value chain.

Ngoc Phi (t/h)