November import and export slowed down

Statistics of the Ministry of Industry and Trade show that in November 2022, export turnover of goods was estimated at 29.18 billion USD, down 3.9% over the previous month and down 8.4% over the same period last year. However, the positive results of the previous time helped for 11 months of 2022, export turnover of goods was still estimated at 342.21 billion USD, up 13.4% over the same period last year. In which, the domestic economic sector reached 87.5 billion USD, up 10.1%; the foreign-invested sector was estimated at $254.75 billion, up 14.6% over the same period last year.

Vietnam's textile and garment export turnover in 2022 is expected to maintain a good growth rate

In the first 11 months of 2022, the export of processed industrial products is 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%.

Textile and garment is one of the commodities that maintain a relatively positive export turnover. Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association said, this event is an opportunity for businesses in the industry to see the results achieved in 2022. In the last 6 months of the year, the import and export situation However, Vietnam's textile and garment export turnover in 2022 is expected to maintain a good growth rate, estimated at 42 billion USD, up 3.8% compared to the same period last year. 2021.

The goal from now to 2025, Vietnam will have 20 fashion brands not only in the country but also reaching out to the world. To support businesses, the Vietnam Textile and Apparel Association will continue to perform well its role of connecting domestic enterprises with each other and foreign-invested enterprises to form supply chains and expand export markets; coordinate with major international organizations to implement programs to support businesses in governance, green transformation, new technology, design, branding...

Regarding the export market, the United States is Vietnam's largest export market with an estimated turnover of 101.5 billion USD, up 18% over the same period last year and accounting for 29.7% of the total export turnover of the country. Next is China, EU, ASEAN, Korea, Japan.

On the other hand, in November, the import turnover of goods was estimated at 28.4 billion USD, up 1.8% over the previous month and down 7.3% over the same period last year. In which, the domestic economic sector reached 10.2 billion USD, up 6.4% over the previous month; FDI sector reached 18.2 billion USD, down 0.6%.

In the first 11 months of 2022, import turnover of goods was estimated at USD 331.61 billion, up 10.1% over the same period last year, of which the domestic economic sector reached USD 115.4 billion, up 11 ,2%; the foreign-invested sector reached $216.18 billion, up 9.6%.

China is still Vietnam's largest import market with an estimated turnover of US$109 billion, up 9% over the same period last year; followed by South Korea estimated at 58 billion USD, up 14.8%; ASEAN is estimated at 43 billion USD, up 16%; Japan is estimated at 21.7 billion USD, up 6.6%; EU is estimated at 14 billion USD, down 9.2%; The US is estimated at 13.4 billion USD, down 5%. In general, imported goods are mostly raw materials for production.

In November 2022, the trade balance of goods was estimated to have a trade surplus of US$0.78 billion. In the first 11 months of 2022, the trade balance of goods is estimated to have a trade surplus of 10.6 billion USD. In which, the domestic economic sector has a trade deficit of 27.9 billion USD; FDI sector (including crude oil) had a trade surplus of 38.6 billion USD.

Review of challenges in the last month of the year

According to the Ministry of Industry and Trade , the difficulty that export activities are facing is the shrinking market. Some of our key export products to the EU and US markets are facing pressure on trade remedy investigation and origin fraud; The European market is building up technical barriers related to the environment, sustainable development, green transformation... making businesses passive and facing many disadvantages in market access.

Not to mention, Vietnamese goods have to compete fiercely with China's export products of the same type in the EU, US, Japan, East Asia markets, etc. due to China's loosening of monetary policy and the decrease of the yuan. Strong prices make Chinese exports cheaper.

Accordingly, in the coming time, the Ministry of Industry and Trade will make efforts to diversify import and export markets, taking advantage of opportunities of each market and item to boost exports. In particular, focusing on guiding businesses to take advantage of signed FTAs, diversifying markets, not depending on the traditional market; 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.

The Ministry of Industry and Trade will also strongly implement activities to support trade promotion, connect supply and demand through the channels of the Trade Office system, cross-border e-commerce, support businesses to access new policies of the Ministry of Industry and Trade. Each market removes barriers to diversify markets to promote exports