Topic: export turnover

Exports rose 13.4 per cent year-on-year in the first eleven months despite a slight dip in November.

Vietnam has risen to be among the largest exporters in Asia to Spain, just behind China and overtaking Japan, Taiwan (China), and South Korea, which have been identified by the country as strategic markets. It is expected that trade between Vietnam and Spain will continue to prosper, as the two countries will soon hold the first meeting of an Intergovernmental Committee on economy, trade, and investment.

Total export turnover came in at $250.8 billion in the first eight months of this year and import value $246.84 billion. Trade was therefore in surplus, to the tune of $3.96 billion. Thirty items posted export turnover in excess of $1 billion, or 91.8 per cent of total turnover. The US continues to be Vietnam’s largest export market, with turnover of $77.7 billion.

Figures from the General Department of Vietnam Customs show that export turnover from Vietnam to members of the CPTPP (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership) in the first seven months of 2022 stood at $31.47 billion, an increase of 21.43 per cent year-on-year and accounting for 14.48 per cent of Vietnam’s total export turnover. It is forecast that Canada, Australia, Malaysia, and Brunei will join Japan as markets of potential for Vietnam.

Due to sharp increases in materials and transportation costs, the export turnover of wood and wooden products in July fell 5.5 per cent compared to June and 1.6 per cent year-on-year. According to the Timber Association and Forest Trends report, nearly half of surveyed wood enterprises believe their revenue will fall by 40 per cent this year.

Vietnam’s export turnover in the first quarter of 2022 reached $88.59 billion, far exceeding the $60.8 billion recorded in the same period by Shenzhen (China)’s main export center. The South China Morning Post in Hong Kong (China) believes that Vietnam can become a new “production capital”, but also quotes analysts as saying that China will maintain its position as the “world's workshop” for at least another 30 years.