Trade surplus is estimated at 125 billion USD

In 2023, trade in goods between Vietnam and European and American market countries will witness a significant decline, the total import-export turnover of goods between Vietnam and the European and American regions is estimated to reach 208 million. billion USD down about 9.5% compared to 2022.

Of which, exports are expected to reach 166 billion USD, down 9.6%, imports are expected to reach nearly 41 billion USD, down 9.1%. Vietnam's trade surplus with the European - American market is expected to reach 125 billion USD, of which the surplus with European countries is about 33 billion USD, with the Americas reaching about 92 billion USD.

Vietnam's trade surplus with the European - American market is expected to reach 125 billion USD. Illustration

Analyzing the causes of the decline in import and export with the Europe - America region, the Europe - America Market Department (Ministry of Industry and Trade) explains, first of all, with the large economic openness, economic activities Vietnam's import and export are directly affected by the decline in the global economy from the first half of 2023 and the slow and uneven recovery of the world's economies in the second half of 2023. .

According to the IMF, the GDP growth rate of economic leaders in the Europe-America region is largely forecast to grow at less than 2.5% (for example, the United States 2.1%, Canada 1, 3%, EU 0.7%, UK 0.5%, Russia 2.2%...) except for countries such as: Mexico is forecast to increase by 3.2%, Brazil is forecast to increase by 3.1%.

Second, because the demand for imported goods in Vietnam's main export markets decreased compared to the same period last year. According to your statistics for the first 10 months of 2023, the EU reduced imports from non-bloc markets by nearly 16%; US imports from the world decreased by 6%.

Third , although inflation has been controlled, it is still at a high level combined with pressure from geopolitical instability, profound changes in consumer behavior and habits in European and American countries, leading to the maintenance of export markets. more difficult.

“ For the first time after many years of continuous high growth, export turnover to some key markets decreased sharply such as: the United States is estimated to reach 96.9 billion USD, down 12.4% compared to 2022; EU reached 43.7 billion USD, down 6.7%; CPTPP countries in the Americas reached 13.1 billion USD, down 10.6% " - Representative of the European - American Market Department informed and added that, along with the decline in exports in key markets, The export turnover of Vietnam's key products to this market witnessed a fairly high decline.

Exploit new and niche markets well

In 2023, although the domestic and world situation has many negative impacts on production, business and import-export activities, under the direction of the Ministry of Industry and Trade, the European - American Market Department has Coordinate with relevant domestic and foreign agencies to actively propose many solutions and implement many practical activities to support businesses to restore production and promote import and export activities.

Its activities have actively supported Vietnam's import and export not only in terms of supporting the exploitation of traditional markets, expanding new and potential markets/products, but also in terms of protecting rights. benefits of Vietnamese businesses in the international arena while limiting negative impacts or removing tariff and non-tariff barriers.

Thanks to solutions to diversify markets and products, in 2023 export growth to niche markets in the European and American regions will be very high. Illustration

Notably, according to the European - American Market Department, thanks to solutions to diversify markets and export products, in 2023 when traditional markets face difficulties, the growth rate in these markets will increase. new, very niche market. Notably, export turnover in the first 11 months of 2023 increased by 12.1% in EFTA countries, 12.7% in EAEU countries, 48.5% in Central Asian countries, Mercosur bloc with Argentina increased by 17 .9%, Brazil 9.1%, Paraguay 20.8%...

Also according to the European - American Market Department, in 2023, the Department will focus on promoting the implementation of the Project "Promoting Vietnamese Enterprises to directly participate in foreign distribution networks until 2030" with the orientation of supporting Supporting businesses and localities to directly penetrate wholesale and retail distribution systems for both indigenous people and people of Asian descent in European and American countries. The solutions proposed in the project have been synchronously deployed at both central and local levels, both domestically and internationally, and have initially achieved very practical success.

Specifically, the organization of Vietnamese goods weeks at major distribution systems in the world such as Carrefour, Aeon, Central Retail... has become an annual event. Some Vietnamese agricultural products such as rice, spices, instant foods... have been on shelves abroad with their own brands. And especially the Vietnam International Sourcing 2023 international goods supply chain connection event has attracted the attention and participation of hundreds of importers and international purchasing systems coming to Vietnam to find suppliers.

Entering 2024, according to analysis from the European - American Market Department, import and export activities between Vietnam and the European and American markets will have favorable conditions and face quite big challenges.

Therefore, to maintain export growth in the European and American markets, the European - American Market Department believes that business support continues to be implemented in a specific and in-depth manner according to each market and commodity industry, focusing on: increasing awareness of manufacturing and exporting businesses about new approaches to circular economy, sustainable production and consumption; overcome the limitations of businesses in terms of market information, autonomy of raw materials, production capacity...

At the same time, overcome the limitations of Vietnamese enterprises today such as: market information, ability to self-control raw materials, production capacity to ensure market requirements, brand building... On the other hand, Mobilize a system of experts to train and disseminate to businesses about new standards and regulations of export markets.