According to the General Statistics Office, the total import and export turnover of goods in October is estimated at USD 61.6 billion, an increase of 4% over the previous month and an increase of 6% over the same period last year. Trade balance at USD 3 billion.

In the first 10 months of 2023, the total import and export turnover of goods reached nearly USD 558 billion, a decrease of 10% over the same period last year. The trade balance of goods is estimated to have a trade surplus of USD 24.6 billion.

Export turnover in October is estimated at USD 32.3 billion, an increase of 5% over the previous month. Accumulated over the first 10 months of 2023, export turnover is estimated to reach USD 291.3 billion, a decrease of 7% over the same period last year.

Of which, the domestic economic sector with USD 77.1 billion, a decrease of 4% over the same period, accounting for 26.5% of total export turnover. The foreign invested sector (including crude oil) with USD 214.2 billion, a decrease of 8%, accounting for 73.5%.

In the first 10 months of 2023, Vietnam has 33 items with export turnover of over USD 1 billion, accounting for 93% of total export turnover, of which 7 export items with export turnover of over USD 10 billion, accounting for 66%.

On the contrary, the import turnover of goods in October is estimated at USD 29.3 billion, increased by 3% compared to the previous month. In the first 10 months of 2023, import turnover is estimated to reach USD 266.7 billion, decreased by 12% over the same period last year.

Of which, the domestic economic sector reached USD 95.1 billion, a decrease of 10% compared to the first 10 months of 2022; the foreign investment sector reached USD 171.6 billion, a decrease of 13%.

In the first 10 months of 2023, Vietnam has 41 imported products worth over USD 1 billion, accounting for 91% of total import value, of which 3 imported products are worth over USD 10 billion, accounting for 43%.

Regarding the export and import market of goods in the 10 months of 2023, the US is Vietnam's largest export market with an estimated turnover of USD 78.6 billion. China is Vietnam's largest import market with an estimated turnover of USD 89.8 billion.

In the first 10 months of 2023, Vietnam's trade surplus with the US is estimated to reach USD 67.1 billion, a decrease of 17% over the same period last year; trade surplus to the EU is estimated at USD 23.7 billion, a decrease of 12%; trade surplus to Japan of USD 1.6 billion (same period last year trade surplus of USD 317 million).

In the opposite direction, Vietnam's trade deficit from China of USD 40.5 billion, a decrease of 23%; Trade deficit with Korea Republic of USD 23.4 billion, a decrease of 28%; Trade deficit with ASEAN of USD 6.5 billion, a decrease of 38%.

Kylie Nguyen