Trade surplus of goods reached a record number after the first 7 months of 2023

According to the latest statistics of the General Department of Customs, in July 2023, the total import and export value of Vietnam's goods reached 57.07 billion USD, up 2.3% over the previous month. In which, the total export value reached 30.07 billion USD, up 2.1% and the total import value reached 27 billion USD, up 2.4%.

In the first 7 months of 2023, the country's trade surplus was 16.48 billion USD

The total value of import and export turnover of the whole country in 7 months of 2023 reached 374.36 billion USD, down 13.8% (equivalent to 60.14 billion USD) over the same period last year; in which the total export value reached 195.42 billion USD, down 10.3% (equivalent to 22.5 billion USD) and the total import value reached 178.94 billion USD, down 17.4% (equivalent to 17.4%). down 37.64 billion USD).

Vietnam's merchandise trade balance in July 2023 had a surplus of 3.07 billion USD. Thereby, raising the accumulated surplus in 7 months of 2023 to USD 16.48 billion, much higher than the surplus of USD 1.34 billion in the same period last year.

Dr. Le Quoc Phuong, former Deputy Director of the Center for Industry and Trade Information - Ministry of Industry and Trade , assessed that in the context of the world economy as well as domestic difficulties, the trade balance is still in surplus, which is a good thing. . Large trade surplus is a factor to help stabilize the macro economy, support the balance of international payments, and stabilize the exchange rate.

However, further analysis shows that, in the past 7 months, the trade surplus was due to a decrease in import and export turnover, in which imports fell more sharply than exports. Many markets, especially Vietnam's major export markets such as the US, EU... all cut consumption, causing a sharp drop in export orders of domestic enterprises. Besides, more than 90% of imported goods of our country are material goods serving production activities for export. The decrease in material imports shows that the economy is facing difficulties and production is stagnant.

However, the good news is that about the past 3 months, both export and import of goods have shown signs of growth again, although the growth rate is still not high. In July, commodity exports increased by 0.8% month-on-month; commodity imports in July 2023 increased by 4.4% over the previous month. In particular, imports of goods necessary for production still account for a large number of total import needs. This is a signal that production and export of goods may prosper in the second half of the year.

In the current context, businesses are advised to take advantage of the opportunity to restructure and promptly meet new standards of the exporting partner country, such as the carbon border adjustment mechanism (CBAM), goods and services. not related to deforestation activities of the US, EU... Besides taking advantage of recovery opportunities from large, traditional partner markets, such as the US, EU, Japan, China, Korea , ASEAN... also need to strengthen the exploitation of new and potential markets such as Northern Europe, Eastern Europe, Western Asia, South Asia, Australia, Africa and Latin America...

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