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Vietnam enjoys trade surplus of 125 billion USD with European, American markets

Vietnam’s total trade with European and American markets is estimated to decrease by 9.5% year-on-year to around 208 billion USD in 2023, but the country still enjoys a trade surplus of 125 billion USD.
Vietnam enjoys trade surplus of 125 billion USD with European, American markets ảnh 1Vietnam enjoys a trade surplus of 125 billion USD with European and American markets. (Photo: VNA)

Hanoi (VNA) – Vietnam’s total trade with European andAmerican markets is estimated to decrease by 9.5% year-on-year to around 208billion USD in 2023, but the country still enjoys a trade surplus of 125billion USD.

According to the Ministry of Industry andTrade’s European – American Market Department, Vietnam’s trade surplus with European countries is estimated to reach around 33 billion USD and the figure with American nations is 92 billion USD.

This year, Vietnam hasexported goods worth 166 billion USD to Europe and America, and importedproducts worth nearly 41 billion USD from these markets, down 9.6% and 9.1%year-on-year, respectively.

Notably, for the first time after manyyears of continuous high growth, the country's export turnover to some key markets havefallen sharply such as the US (96.9 billion USD, down 12.4%), and the EuropeanUnion (43.7 billion USD, down 6.7%).

On the other hand, increases have beenrecorded in some markets, including the UK, and Eurasian Economic Union (EAEU)and Southern Common Market (Mercosur) countries.

According to the department, in 2024,import-export activities between Vietnam and the European and American markets willhave favourable conditions but also face big challenges.

Existing free trade agreements (FTAs) with Europeanand American partners will continue to have positive impacts, and help maintainVietnam's advantages in trade and investment activities.

Vietnam enjoys trade surplus of 125 billion USD with European, American markets ảnh 2Illustrative image (Photo: VNA)

In addition, market demands in the world ingenerall and Europe and America in particular are gradually recovering becauseinflation has seen a downward trend from the end of 2023.

However, the overarching challenge is thatthe global economy is entering a new period, full of risks, challenges andunpredictability. In 2024, the economic growth rates of the world and countriesin Europe and America are forecast to be lower than in 2023.

To make the most of advantages and minimisethe impact of challenges on Vietnam's import and export activities, the departmentrecommended closely monitoring the market situation and promptly grasping informationon the economic and political situation and fluctuations and policies in theregion and the world./.

VNA
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