In January 2023, Vietnam's import and export volume of goods fell by 25% year-on-year

The Vietnam Industry and Trade News website reported on January 29 that due to the New Year’s Day and Lunar New Year holidays, the working days in January 2023 will be less than those in the previous month and January last year. % (of which exports fell by 13.6% month-on-month and imports fell by 21.3% month-on-month), and fell by 25% year-on-year (of which exports fell by 21.3% year-on-year and imports fell by 28.9% year-on-year). The trade surplus is estimated to be 3.6 billion US dollars. The US remains Vietnam's largest export market with an estimated export value of US$7.6 billion. China is Vietnam's largest import market with an estimated import value of US$8.1 billion. The trade surplus with the EU was US$1.8 billion, down 45% year-on-year; the trade surplus with Japan was US$100 million, down 65.3%; the trade deficit with China was US$3.4 billion, down 52.6%; the trade deficit with South Korea was US$2.5 billion, down 20.9%; The trade deficit of ASEAN countries was US$1.3 billion, an increase of 74.3%. Affected by the shrinking demand in the European and American markets, Vietnam’s imports and exports have shown signs of decline in the fourth quarter of 2022. The export growth rate dropped from 13.4%, 21.1% and 17% in the first three quarters to -6.5%. The export value of some major commodities that accounted for a large proportion of Vietnam’s exports in the fourth quarter also fell sharply year-on-year, for example, telephones and spare parts (14.1 billion US dollars, a year-on-year decrease of 14.6%), electronic products, computers and spare parts (13.4 billion US dollars, a year-on-year decrease of 14.6%). down 5.3%), machinery, equipment, tools and spare parts (11.4 billion US dollars, down -5.5% year-on-year), textile and clothing (8.45 billion US dollars, down 9.2% year-on-year). The export value of the above-mentioned commodities amounted to US$47.3 billion, accounting for 53.2% of Vietnam’s total exports. Commodities such as steel, yarn and telephones and spare parts have declined for several consecutive quarters. Affected by inflation and global economic recession, global consumer demand is expected to continue to decline in 2023, which will continue to have an adverse impact on Vietnam's import and export of goods.