Exports bounce back in October 2023 (Photo: Duc Duy/Vietnam+) Hanoi (VNA) - The positive outcomes were attributed to comprehensive measures aimed at supporting domestic production, facilitating trade promotion, and expanding export markets.
This has contributed to the total export value of over 290 billion USD for the first 10 months of the year, representing a decline of only 7.1% compared to the same period last year, a remarkable improvement compared to the 12% decrease observed in the first half of 2023.
Statistics reveal that out of seven items with an export turnover exceeding 10 billion USD, some key products experienced year-on-year growth such as computers, electronic products, and spare parts (up 0.7% to reach 47 billion USD), means of transportation and components (up over 18% to reach 11.58 billion USD).
Connecting businesses with supply chains to expand markets and exports (Photo: Duc Duy/Vietnam+) During the past 10 months, agro-fishery products emerged as a bright spot in Vietnam’s export landscape.
This group was the only one to exhibit growth, with an export turnover of 26.7 billion USD, a year-on-year rise of 3.8%.
Several products achieved remarkable export values. For instance, the export turnover of fruits and vegetables in October alone is estimated at 700 million USD, marking a 2.3-fold increase compared to the same period last year.
Consequently, the total export turnover of fruit and vegetables for the ten-month period experienced substantial growth of nearly 80% to reach almost 4.9 billion USD.
Rice exports also reported growth despite a nearly 2-percent decrease in export volume in October. This was due to the price hike, resulting in a 27% growth in rice export turnover compared to the same period last year.
Over the ten-month period, Vietnam shipped abroad over 7 million tonnes of rice to rake in nearly 4 billion USD. This is an annual rise of 17% and nearly 35%, respectively.
To promote export growth in the remaining months of the year, the Ministry of Industry and Trade has initiated various measures to support businesses.
The solutions include negotiating and signing trade agreements, forging new trade commitments, and fostering collaborations to diversify markets, products, and supply chains.
FTAs are a great opportunity to promote Vietnam's trade activities. (Photo: Duc Duy/Vietnam+)Simultaneously, the ministry is actively facilitating the utilization of the benefits for businesses offered by free trade agreements (FTAs) through disseminating information regarding rules of origin and issuing Certificates of Origin.
Furthermore, collaborative efforts with the Ministry of Agriculture and Rural Development are underway to negotiate with China, aiming to open additional export markets for various Vietnamese fruit and vegetable products such as green-skinned grapefruits, fresh coconuts, avocados, pineapples, star apples, lemons, and melons.
The ministry will enhance early warning systems for trade defense lawsuits and provide guidance to businesses on how to respond effectively.
It will also promptly disseminate information regarding market regulations, requirements, and emerging needs to businesses and associations in a timely manner./.
