Cargo handling at a seaport. (Photo: VietnamPlus) Hanoi (VNA) – With many key exports posting growth, Vietnam’s foreign trade showed positive signs in August.
According to the Ministry of Industry and Trade (MoIT), export value in August totalled 32.37 billion USD, up 7.7% from the previous month, and the highest monthly export value within the past year. This is the fourth consecutive month that export value has shown an increase.
Manufacturing-processing products continued to be the main driver of export growth during the month, bringing home 27.68 billion USD, up 7.1% and accounting for 85.5% of the total export revenue.
Good growth was seen in the export of many products in this group, such as a 16.8% increase for phones and parts (5.2 billion USD), 8.7% for computers, electronic goods and parts 5.5 billion USD), 4.6% for machinery, tool and parts (3.7 billion USD), 3.3% for footwear (1.85 billion USD) and 1% for garment and textiles (3.3 billion USD).
Also in August, the export of agro-fishery products also rose 6.5% month-on-month to 2.76 billion USD, driven by high growth in the export of rice (60.6%), cassava and related products (32.2%), tea (21.3%) and pepper (5.4%).
The export value of fuels and minerals went up 14.9% thanks to a 107.2% hike in crude oil sales.
As a result, the total export earnings in the January-August period came to 227.71 billion USD, down 10% from the same period last year. This is an improvement from the 10.6% reduction recorded in the January-July period.
A representative from the MoIT said most sectors have faced difficulties in export due to declining demand, particularly demand for non-essential consumer goods, in the world. Reduction was seen in exports to most key export markets in the past eight months, for example shipments to Asian markets dropped 5.5%, the European market 6.9%, the American market 17.8% and the Oceania market 12%.
Many enterprises operating in the processing industry are gradually restoring production and export. (Photo: VietnamPlus) On the other hand, the declining trend in prices of export goods also affected the export value, for example the export price of pepper decreased by 26.5%, rubber latex 19.6%, fertiliser 35.4% and iron and steel 24.8%.
However, some items like rice, coffee and coal have benefitted from a rapid increase in prices.
Meanwhile, import value in August was estimated at 28.55 billion USD, up 5.7% from July. The figure for the January-August period was 207.52 billion USD, down 16.2% from the same period last year.
As import value decreased at a higher rate than export value, Vietnam continued to see a trade surplus of approximately 3.82 billion USD in August. The trade surplus amounted to 20.19 billion USD in the eight-month period, compared to 5.26 billion USD in the same period in 2022.
The MoIT forecast that import-export activities will improve towards the end of the year, supported by declining inflation in major economies such as the US and the EU and shrinking inventories in other countries.
Moreover, consumption demand tends to surge in the holiday season at the end of the year, and the move to cut interest rates by China, the second largest export market of Vietnam, is expected to boost demand in the country in the time ahead.
The Ministry of Industry and Trade intensifies trade promotion activities to help enterprises expand market (Photo: VietnamPlus) In order to seize the opportunities, the Ministry of Industry and Trade is rolling out concerted measures to support production and business, diversify supply sources, intensify trade promotion and expand markets so as to create more impetus for export.
The ministry focused on support the recovery of enterprises, especially small- and medium-sized ones, through streamlining administrative procedures and facilitating access to credit./.
