According to the General Statistics Office, in 2023, total import and export turnover of goods is estimated to reach USD 683 billion, a decrease of 7% compared to the previous year. Of which, exports decreased by 4% and imports decreased by 9%. The trade balance of goods in 2023 is estimated to have a trade surplus of USD 28 billion, 2.2 times higher than in 2022.

In December alone, the total import and export turnover of goods is estimated at USD 63.5 billion, an increase of 5% over the previous month and an increase of 13% over the same period last year.

Of which, the export turnover of goods in December is estimated at USD 32.9 billion, an increase of 6% compared to the previous month. Accumulated in the fourth quarter, export turnover is estimated at USD 96.5 billion, an increase of 9% over the same period last year and an increase of 3% over the third quarter.

For the whole year 2023, export turnover of goods is estimated to reach USD 355.5 billion, a decrease of 4% compared to the previous year. Of which, the domestic economic sector reached USD 95.5 billion, decreased slightly compared to 2022, accounting for 27% of total export turnover; the foreign invested sector (including crude oil) reached USD 259.95 billion, a decrease of 6%, accounting for 73%.

In 2023, Vietnam has 35 items with export turnover of over USD 1 billion, accounting for 94% of total export turnover, of which 7 export items with export turnover of over USD 10 billion, accounting for 66%.

In the opposite direction, goods import turnover in December is estimated at USD 30.6 billion, an increase of 4% compared to the previous month. Accumulated in the fourth quarter, import turnover is estimated at USD 90.2 billion, an increase of 8% over the same period last year and an increase of 6% over the third quarter.

For the whole year 2023, import turnover of goods is estimated to reach USD 327.5 billion, a decrease of 9% compared to the previous year, of which the domestic economic sector reached USD 117.3 billion, a decrease of 7%; the foreign investment sector reached USD 210.2 billion, a decrease of 10%.

In 2023, Vietnam imports 44 items worth over USD 1 billion, accounting for 92% of total import turnover, of which 4 items reach USD 10 billion.

In 2023, the US is Vietnam's largest export market with an estimated turnover of USD 96.8 billion. China is Vietnam's largest import market with an estimated turnover of USD 111.6 billion.

Vietnam's trade surplus with the US is estimated at USD 83 billion, a decrease of 13% compared to the previous year; trade surplus to the EU is estimated at USD 29.1 billion, a decrease of 8%; Trade surplus to Japan of USD 1.6 billion, an increase of 90%.

In the opposite direction, Vietnam's trade deficit with China is of nearly USD 50 billion, a decrease of 18%; Trade deficit with Korea Republic of USD 29.1 billion, a decrease of 23%; Trade deficit with ASEAN of USD 8.3 billion, a decrease of 37%.

Kylie Nguyen