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Specifically, in October, the estimated export turnover reached US$32.3 billion, up 5.3 percent compared to the previous month. Over the first ten months of 2023, the estimated export turnover amounted to $291.28 billion, still showing a 7.1 percent decrease compared to the same period last year, primarily due to export market challenges in many months. However, these results also show that the decline in export growth has narrowed significantly from the 12 percent drop in the first half of 2023.
During the first ten months, 33 commodity groups achieved export turnovers surpassing $1 billion, constituting 92.9 percent of the total export turnover. Of which, seven commodity groups saw export turnovers exceeding $10 billion, accounting for 66.2 percent.
In the first ten months, the US retained its position as Vietnam's leading export destination, with an estimated turnover of $78.65 billion, despite a 15.8 percent decline compared to the same period last year. China emerged as the second-largest export market for the country, reaching an estimated turnover of $49.5 billion, reflecting a 5 percent increase. This achievement is noteworthy in light of declining exports to most of the key markets.
Export turnover to other major markets also dropped, with the EU market experiencing an 8.9 percent decrease, the ASEAN market falling by 6.2 percent, South Korea posting a 3.6 percent decline, and Japan going down by 4.1 percent.
On the contrary, exports to markets in Western Asia climbed by 8.7 percent, and the African market grew by 6.1 percent. This demonstrates the efforts of businesses in diversifying their market presence and concentrating on exploring new markets that still hold substantial potential.
A positive development in Vietnam's commodity export performance over the past ten months has been the reduction in the rate of decline in exports, with a 7.1 percent decrease for this period compared to a 12 percent decline in the first half of 2023.
In comparison to the same period last year, the growth in commodity export turnover in October for the domestic economic sector was three times higher than that of the foreign-invested sector, including crude oil, with a 15.1 percent growth compared to a 3 percent increase.
In the first ten months, the slump in commodity export turnover for the domestic economic sector was merely half of what was witnessed in the foreign-invested sector, including crude oil. This underlines the domestic economic sector's efforts to sustain and enlarge its export market share in the midst of global economic adversities.
Many agricultural commodity groups, such as rice and fruits, capitalized on market opening and increased prices to boost exports, resulting in the sole growth of 3.8 percent in the first ten months.
In spite of declining global market demand, Vietnamese businesses have excelled in diversifying their market presence over the past ten months. Effectively implementing export solutions to neighboring countries with shared borders, ensuring minimal congestion of essential goods, even during peak seasons, has played a crucial role in increasing export turnover to the Chinese market.
According to the Ministry of Industry and Trade, this is the only export market among Vietnam's major export markets that has achieved positive growth (5 percent), while other major markets have seen declines.
The trade balance continues to maintain a surplus, contributing to macroeconomic stability, ensuring a significant balance in the national economy, and providing substantial support to the international payment balance.
