The last time export value achieved positive growth over the same period was in February at the beginning of the year. In the group of key products, phones and components along with textiles and garments gained positive growth.

According to data from the General Statistics Office, commodity export turnover in September is estimated at USD 31.41 billion, decreased by 4.1% compared to the previous month. Import turnover is estimated at USD 29.12 billion, decreased by 0.7% compared to the previous month.

However, over the same period, export turnover increased by 4.6% and import turnover increased by 2.6%. Both indexes increased for the first time in many months.

Among the group of 5 key export products, phones and components have most positive growth both over the same period (an increase of 14.7%) and over the previous month (an increase of 0.2%).

With textiles and garments, exports of this commodity group in September with positive growth of 9.6% over the same period, ending the 6 consecutive months of decline. However, compared to August, textile and garment exports decreased by nearly 13%.

Meanwhile, footwear exports still had negative growth both over the previous month and over the same period.

In the import direction, imports of two commodity groups, i.e. electronics, computers, components and other machinery, equipment and spare parts increased both over the same period and compared to August.

The most prominent are electronics, computers and components with an increase of 31.2% compared to September 2022, but a decrease of nearly 5% compared to the previous month.

The group of machinery, equipment, tools and other spare parts grew by about 2% both over the previous month and over the same period.

Although growth over the same period was positive, over the nine months overall, exports decreased by 8.2% and imports decreased by 13.8% over the same period last year.

Exports of all five products mentioned above also decreased compared to the first nine months of 2022.

Forecasting the future, recently, according to the Asian Development Bank (ADB), weakening world demand will negatively impact trade prospects in the remaining months of 2023 and 2024.

Kylie Nguyen