Vietnam’s exports to the European-American market in 2023 were estimated at 166.5 billion USD (Photo: VietnamPlus) Hanoi (VNA) – The European-American market is important and leading partners of Vietnam, whose exports to this market estimated at 166.5 billion USD, a 9.6% year-on-year decrease while imports at nearly 41.8 billion USD, down 9.1% from 2022.
As a result, Vietnam's trade surplus with the market hit nearly 125 billion USD, according to the Ministry of Industry and Trade (MoIT).
The Southeast Asian economy's trade surplus, however, remained positive at 125 billion USD this year, including 33 billion USD with the EU and 92 billion USD with the US.
At a conference on reviewing the 2023 performance of the MoIT’s European-American Market Department held in Hanoi on January 10, Minister Nguyen Hong Dien said that the European-American market is Vietnam's top and most important trade partner over the past years. This is also an area where many businesses with financial potential and high science-technology want to invest in Vietnam.
Ta Hoang Linh, Director of the European-American Market Department that with a large open economy, Vietnam's import-export activities are directly affected by the global economic downturn in the first half of 2023 and the slow and uneven recovery of world economies in the second half of 2023.
Many Vietnamese products win hearts of foreign consumers (Photo: VietnamPlus) In 2023, Vietnam's total trade turnover with countries in the European region reached 72.3 billion USD, down 5.3% compared to 2022, of which exports were estimated at 53.3 billion USD, down 4.7% and imports nearly 19 billion USD, down 6.8%. Vietnam's trade surplus with the European market hit 34.3 billion USD.
The figure with American countries reached 136 billion USD, down 11.6% compared to 2022, of which exports were 113.2 billion USD, down 11.7% and imports nearly 22.8 billion USD, down 11%. Vietnam's trade surplus with the American market was estimated at 90.4 billion USD.
Major export items, including machinery, equipment, spare parts; phones, computers, and components; computers, electronic products, and components; textiles; leather shoes and bags; wood and wood products; and seafood, all saw an average decrease of over 10% compared to 2022.
Meanwhile, some other items have seen good growth including cameras, camcorders, and components increased by 27%; various types of iron and steel increased by 23.5%. Particularly, some agricultural products such as rice increased by 53.3%; cashews increased by 10.2%; fruits and vegetables increased by 10.2%.
While trade has been slowing down, thanks to effective FTAs with European and American market partners, including the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the UK-Vietnam Free Trade Agreement (UKVFTA), the positive impact continues, maintaining Vietnam's advantages in trade and investment activities in 2024.
Regarding trade promotion, Tran Thu Quynh, Vietnamese Commercial Counsellor in Canada, said that among CPTPP member countries, Vietnam had very good leverage to accelerate the export of goods to Canada with the estimated export to Canada in 2023 at over 5.7 billion USD.
Linh said that the European and American Market Department would closely monitor the market, and promptly grasp information about the economic, political, and policy situation in the region and globally affecting trade with Vietnam. This would enable early warnings to the business community and provide policy recommendations to the government for appropriate responses./.
