Trade surplus to EU market down by 8.5% in 2023

The General Department of Customs reported that in 2023, the nation's total import-export turnover with the EU hit US$58.6 billion, suffering a 5.8% drop on-year, accounting for 8.6% of the country's total trade turnover.

The EU currently makes up the nation’s fourth largest trading partner behind China, the United States, and the Republic of Korea (RoK). In addition, it is the country’s third largest export market after the US and China, whilst also being the fifth biggest import market after China, the RoK, Japan, and Taiwan (China).

Most major Vietnamese export items endured a drop in export turnover to the European market in 2023. However, there were some products that enjoyed positive growth in export turnover in 2023 compared to 2022.

Most notably, phones and components fetched nearly US$6.7 billion, up 3%; iron and steel with nearly US$1.9 billion, up 29%; means of transport and spare parts with close to 1.15 billion, up 3.9%; and cashew nuts with nearly US$651 million, an increase of 10.3%.

Last year saw Vietnamese import turnover from the EU market stand at US$14.9 billion, down 3.1% compared to 2022.

The nation's imports from many EU countries in 2023 also endured decreases, such as Ireland down 7.2%, France by 0.1%, Italy by 9%, the Netherlands by 0.3%, Belgium by 18.5%, Hungary by 30%, and Poland by 0.4%.

Meanwhile, Vietnamese imports from other remaining countries in the EU witnessed positive growth, albeit not high, thus further contributing to a general decline in imports from the EU in 2023.

The country’s import staples from the bloc all recorded a decline in 2023. However, some products posted positive growth compared to the previous year, including machinery, equipment, tools, spare parts, chemicals, aquatic products, along with milk and dairy products.