FOX LOGISTICS SERVICE COMPANY LIMITED
Address 273/3 Nguyen Trong Tuyen, Ward 10, Phu Nhuan District, Ho Chi Minh City, Vietnam
Counter Address 9A1 Street 48, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
The Ministry of Industry and Trade announced that the total value of goods exports in the first 9 months of 2023 is expected to reach $259.67 billion, a decrease of 8.2% compared to the same period last year. Within this, exports from the domestic economic sector reached $68.86 billion, down 5.7%, accounting for 26.5% of the total export value, while exports from the foreign-invested sector (including crude oil) reached $190.81 billion, down 9.1%, accounting for 73.5%.
During the first 9 months of 2023, there were 31 export commodities with a value exceeding $1 billion, constituting 92.2% of the total export value. Among them, 6 commodities had export values exceeding $10 billion, accounting for 62.2% of the total export value.
Regarding the structure of export goods, in September 2023, most major commodities recorded positive growth compared to the same period last year due to market demand recovery and the low base of the last months of 2022.
In this context, the export of agricultural and aquatic products increased by 31.1% compared to the same period, estimated at $3.01 billion. Within this category, the export of vegetables and fruits increased by 160%, reaching $650 million; rice increased by 80%, reaching $495 million; pepper increased by 22.7%, cashews increased by 39.6%, and so on.
The export value of processed industrial products also increased by 1.8% compared to the same period last year, estimated at $26.65 billion. However, some products within this category experienced price decreases or stagnation, such as computers, electronic products, and components (-0.6%), textiles and garments (-13%), footwear (-12.7%), wood and wooden products (-7%), iron and steel (-21%).
Overall, in the first 9 months of 2023, the export of processed industrial products accounted for 84.8% of the total national export value, estimated at $220.28 billion, down 9.6% compared to the same period last year. This was mainly due to the decrease in export values of various key export products such as computers, electronic products, and components (estimated at $41.19 billion, down 1.7%), phones and components (reaching $39 billion, down 13.4%), machinery, equipment, tools, and other accessories (reaching $30.6 billion, down 10.6%), textiles and garments (reaching $25.5 billion, down 12.1%), footwear (reaching $14.86 billion, down 18.2%), and wood and wooden products (reaching $9.68 billion, down 21.3%).
However, in contrast, agricultural products made a positive contribution to export value, especially agricultural and aquatic product groups like rice, vegetables and fruits, coffee, cashews, etc. In the first 9 months of 2023, the export value of agricultural and aquatic products increased by 3.1%, reaching an estimated $23.87 billion, accounting for 9.2% of the total export value.
Looking at the overall picture, exports in the first 9 months of 2023 decreased compared to the same period last year. However, individual monthly data shows positive signs. While exports continuously declined from January to April, from May to now, exports have been gradually recovering.
Regarding export markets for goods in the first 9 months of 2023, the Ministry of Industry and Trade stated that most sectors faced difficulties due to the global decrease in overall demand, especially for non-essential products. As a result, Vietnam's export value to major markets decreased, but the impact varied for each sector (exports to Asian markets decreased by 3.6%, European markets decreased by 6.8%, American markets decreased by 15.8%, African markets increased by 1.2%, Oceania markets decreased by 3.9%).
The United States remains Vietnam's largest export market in the first 9 months of 2023, with an estimated export value of $70.9 billion, down 16.8% compared to the same period in 2022. China is the second-largest export market for Vietnam with an estimated export value of $42.2 billion, an increase of 2.1%. The export value to other major markets also decreased, such as the EU market (down 8.2%), ASEAN market (down 5.5%), South Korea market (down 5.1%), and Japan market (down 3%).
However, exports to West Asian markets increased by 4%, reaching an estimated $5.9 billion, and African markets increased by 1.2%, especially the North African market increasing significantly by 9.4%. This shows efforts in diversifying markets and focusing on exploring new potential markets by Vietnamese businesses.