Import and export grew strongly

The report of the Ministry of Industry and Trade on the import and export of goods shows that, in the context of slowing global demand for goods, especially from Vietnam's two leading markets, the United States and the EU, the number of orders Exports showed signs of slowing down from September, so import-export turnover in October is estimated to increase not much compared to the previous month.

In October 2022, the total import and export turnover of goods was estimated at 58.27 billion USD, an estimated increase of 0.1% compared to the previous month (reaching 58.21 billion USD) and only 5.7% compared to the previous month. with the same period last year. Generally, in 10 months, the total import and export turnover of goods was estimated at USD 616.24 billion, up 14.1% over the same period last year; in which, exports increased by 15.9%; imports increased by 12.2%. The balance of trade in goods in the first 10 months of 2022 is estimated to have a trade surplus of USD 9.4 billion.

Agricultural products are the bright spot in the 10-month import-export picture

Specifically, in terms of exports, in October 2022, merchandise export turnover was estimated at 30.27 billion USD, up 1.5% over the previous month and up 4.5% over the same period last year. In which, the domestic economic sector was estimated at 7.55 billion USD, up 8.7% over the previous month but down by nearly 5% over the same period.

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

In the first 10 months of 2022, 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; export of agricultural, forestry and fishery products accounted for 8.2%; fuel and mineral products accounted for 1.2%.

In which, seafood export recorded an impressive growth, estimated at US$9.4 billion, up 32.7% over the same period last year because export markets currently have high demand for seafood. Vietnamese products. Other commodities such as coffee and rice also grew in both volume and value over the same period last year.

Currently, the drought situation in China affecting production has been an opportunity for agricultural exports to this market. Besides, inflation in Europe, military conflict in Ukraine, climate change aggravate the problem of food security; The EU has built a "solidarity lane" plan to facilitate trade, so the export of agricultural products to this market has gradually changed positively.

Besides agricultural products, the export turnover of processed industrial products in 10 months continued to make an important contribution to the overall growth rate of export activities with an estimated turnover of 269.5 billion USD, up 16%. over the same period last year and accounted for 86% of the total export turnover.

In this group of products, exports of most key commodities have achieved a high growth rate of over 10% such as: fertilizers; chemistry; Chemical products; Book bags, suitcases, hats, umbrellas; Textiles and apparel; Shoes and sandals of all kinds; Computers, electronic products and components…

In the remaining group, the export turnover of mineral fuels in the first 10 months of 2022, although tended to slow down, continued to be the group with the highest growth rate, increasing by 30% over the same period last year. ; in which, exports of petroleum, coal and other ores and minerals increased due to the increase in prices of these commodities.

Regarding export markets, the United States is Vietnam's largest export market with an estimated turnover of 93.4 billion USD, up 21.7% over the same period last year and accounting for 29.8% of total export turnover. export nationwide. Next is China, EU, ASEAN, Korea, Japan.

In the opposite direction, in October 2022, the import turnover of goods was estimated at 28 billion USD, down 1.4% compared to the previous month but up 7.1% over the same period. In 10 months, the import turnover of goods was estimated at 303.42 billion USD, up 12.2% over the same period last year. Imported goods mainly focus on the group of goods that need to be imported.

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. In which, the domestic economic sector has a trade deficit of 24.9 billion USD; FDI sector (including crude oil) had a trade surplus of 34.3 billion USD.

Promote exports, strengthen appropriate import management

In the context that some of our major markets such as the EU and the United States are shrinking and demand is decreasing, the Ministry of Industry and Trade determined that in the coming time, it is necessary to focus on solutions such as guiding businesses to switch market access to other markets. Asian countries where less affected by inflation, diversified markets, not dependent on traditional markets; taking advantage of demand when EU countries cut production for some heavy industrial products, chemicals, fertilizers, steel...; many countries restrict food exports to stabilize the country... to boost exports of these items;

In addition, strongly implementing activities to support trade promotion, connect supply and demand through the channels of the Transnational Trade and E-commerce system, and support market information to remove barriers. to diversify markets to promote exports; at the same time promoting official export in association with brand building; early warning of the risk of trade remedy lawsuits for businesses. At the same time, coordinate with industry associations to grasp the situation and handle and remove difficulties in order to boost production and export of commodities.

The Ministry of Industry and Trade also continues to closely monitor the import and export situation, exchange and purchase goods at border gates, promote official trade; strengthen information work, orient businesses to quickly shift, strongly shift export activities to the Chinese market to a sustainable official form.

For cross-border import and export, it is necessary to promote the diversification of goods transport forms such as exploiting intermodal rail transport routes through railway border gates (such as Dong Dang - Bang Tuong), reducing pressure force for road border gates. The Ministry of Industry and Trade will also continue to advise the business community to exchange with Chinese customers for delivery through main border gates and international border gates; or switch to using other modes of transport such as sea (currently seafood exporters are doing very well).

Working with logistics service businesses to support agricultural, aquatic and fruit businesses by prioritizing the preservation of fruits, reducing storage and warehousing costs, reducing transportation costs, cargo handling. Strengthening the dissemination of information and new regulations of the Chinese market to localities and exporting enterprises in order to promote meeting the requirements of the Chinese market and facilitate the export of Vietnamese goods. .