Vietnam's import-export turnover declines 13.1% YoY in Jan-Aug 2023

30 Aug '23

1 min read

Pic: Shutterstock

Insights

Vietnam's import-export turnover dropped 13.1 per cent year-over-year to $435.23 billion in the first eight months of 2023, according to the General Statistics Office.
Despite a 10 per cent decline in exports and 16.2 per cent decrease in imports, the country had a $20.19 billion trade surplus.
The US and China remained key trading partners.

Vietnam's total import-export turnover of goods for the first eight months of 2023 fell by 13.1 per cent year-over-year (YoY) to $435.23 billion, according to data released by the General Statistics Office (GSO). Specifically, export value experienced a 10 per cent fall YoY, recording $227.7 billion, while import value declined by 16.2 per cent to $207.52 billion.

Despite the overall downturn, Vietnam enjoyed a trade surplus of $20.19 billion during the same period. The month of August alone saw a 6.7 per cent increase in total trade compared to July, amounting to $60.92 billion, although this still represented a 7.9 per cent decline compared to August last year.

The data also revealed that in the first eight months, 30 items posted export turnover exceeding $1 billion each, collectively accounting for 91.8 per cent of Vietnam's total export turnover.

The US remained Vietnam's largest export market, with an estimated turnover of $62.3 billion. Conversely, China was the largest import market for Vietnam, with imports totalling $68.1 billion, as per Vietnamese media reports.

Fibre2Fashion News Desk (DP)

More Textiles News - Vietnam...