Trade surplus hits US$3.6 billion in first month of 2023

The total import and export turnover of goods in January fell compared to the previous month and the same period last year.

Most notably, the total export and import turnover of goods in January was estimated to be at US$46.56 billion, down 17.3% compared to the previous month and a decline of 25% compared to the same period from last year.

The main reason behind this drop is due to the prolonged Tet holiday, but the decrease in import and export has largely been caused by the difficult global economy coupled with reduced consumer demand which has combined to cause a general decrease in new orders.

This can also be explained by a sharp decline in terms of industrial production. Data compiled by the GSO indicates that the export turnover recorded in January was at an estimated US$25.08 billion, a fall of 13.6% compared to the previous month.

Of the figure, the domestic economic sector raked in US$6.44 billion, down 18%, whilst the foreign invested sector, including crude oil, reached US$18.64 billion, down 12%.

Therefore, compared to last year’s corresponding period, the export turnover of goods in January dropped by 21.3%. In which, the domestic economic sector decreased by 27.1%, with the foreign investment sector, including crude oil, falling by 19%.

During the reviewed period, there were seven items which recorded export turnover of US$1 billion or more, accounting for 66.6% of total export turnover. In the opposite direction, the import turnover of goods in January was US$21.48 billion, down 21.3% from the prior month.

In which, the domestic economic sector reached US$7.48 billion, down 26.6%, with the foreign invested sector hitting US$14 billion, down 18.1%.

Most notably, in January the United States made up the country’s largest export market with an estimated turnover of US$7.6 billion, while China was the largest Vietnamese import market with an estimated turnover of US$8.1 billion.