Import-export activities at the Northern port. (Photo: Duc Duy/Vietnam+) Hanoi (VNA) - The Department of Trade Promotion under the Ministry of Industry and Trade deployed a variety of methods to diversify trade promotion activities abroad, supporting businesses to evaluate partners to promote exports.
Due to the global economic downturn, orders decreased, affecting the country's overall export results over the past 11 months. This is part of the Ministry of Industry and Trade’s report on industrial production and commercial activities in the first 11 months of 2023 which was announced on December 5.
Stagnant industrial goods processing
According to statistics from the Ministry of Industry and Trade, goods exports in November 2023 are forecast to reach 31.08 billion USD, down 3.6% compared to the previous month after it experienced an increase of 5.1% in October.
In the first 11 months of 2023, export turnover of goods is estimated to reach 322.5 billion USD, down 5.9% year-on-year.
The export of processed industrial goods in November 2023 decreased by 4% compared to the previous month, affecting the overall export turnover of the entire industry.
Computers, electronic products, and components increased by 20.2%, phones and components up 3.9%, electric wires and cables up 10.2%, iron and steel up 25.4%. However, textile and garment exports continued to decrease by 11.1% and footwear was down 6.4%.
Overall, for 11 months, the total export turnover of processed industrial goods was nearly 274 billion USD, down 7% over the same period in 2022.
Green production creates the opportunity for businesses to participate deeply in the supply chain. (Photo: Duc Duy/Vietnam+) Agricultural product exports continue to make impressive contributions, a bright spot in the country's export activities. The was especially the case with agricultural product groups such as rice, vegetables, coffee, and cashew nuts.
In general, all industries are facing difficulty in export markets due to reduced global demand, especially for non-essential consumer goods.
Focus on market solutions
In the opposite direction, in November 2023, the country spent about 29.8 billion USD to import all kinds of goods. In the first 11 months of 2023, the country's total import turnover was estimated at 296.67 billion USD, down 10.7% over the same period last year.
According to a representative of the Ministry of Industry and Trade, except for computers, electronic products and components increased by 4.1% (estimated at 79.2 billion USD), and most key product groups decreased by double digits.
Because imports decreased more sharply than exports, November still saw a trade surplus of about 1.28 billion USD. This brought the total trade surplus in the first 11 months of 2023 to 25.83 billion USD (compared to 10.3 billion USD in trade surplus in the same period last year).
The global economic situation will continue to be complicated and unpredictable. Strategic competition among major countries is increasingly fierce, global trade and investment growth still faces many risks and may impact Vietnam's growth prospects shortly.
To achieve the best results for exports in the remaining weeks of 2023, the Ministry of Industry and Trade will coordinate with the Ministry of Agriculture and Rural Development.
Their plan is to negotiate with China to open more markets for exporting other Vietnamese fruit and vegetable products such as green pomelos, fresh coconuts, avocados, pineapples among others.
Leaders of the Ministry of Industry and Trade promote trade promotion activities and support manufacturing and exporting enterprises. (Photo: Duc Duy/Vietnam+) Deputy Director of the Department of Trade Promotion Hoang Minh Chien said that to support businesses in promoting trade, the Ministry of Industry and Trade requested Vietnamese Trade Offices abroad continue analyzing and evaluating policies./.
