17/10/2022
U&I Logistics - Despite achieving positive results, import and export activities in the last months of the year as well as the forecast for 2023 will face some difficulties and challenges.
Nguyen Cam Trang - Deputy Director of the Import - Export Department (Ministry of Industry and Trade) at a regular press conference on the afternoon of October 12 held by the Ministry of Industry and Trade in Hanoi, despite achieving positive results, import and export activities in the last months of the year as well as the forecast for 2023 will face some difficulties and challenges.
For example, supply disruptions and high prices of input materials for production make many major economies in the world such as the US and EU forecast to face challenges and risk falling into recession. Moreover, the high inflation in markets, especially the main export markets of Vietnam, also reduces the demand for consumer goods.
Meanwhile, the consumer industry is the products that Vietnam has strengths such as textiles, footwear, wooden furniture… This also directly affects the situation and export growth trend of these items in the coming time.
Ms. Nguyen Cam Trang also pointed out that China is both a raw material supply market and a large export market for Vietnam. Therefore, the country's continued application of strict measures to prevent the COVID-19 epidemic also affects the export progress and affects the supply of raw materials in Vietnam as well as the supply of global goods.
However, with opportunities to participate in bilateral and multilateral Free Trade Agreements (FTAs) and experience in proactively responding and diversifying markets and sources of goods, Vietnam's exports may limit certain risks. In particular, the positive results of the past 9 months will be the premise and basis for import and export activities in 2022 to reach the target and strive to exceed the set targets.
In this context, Ms. Nguyen Cam Trang recommended businesses to proactively update information from the world market as well as from the import market itself to capture market fluctuations. Since then, there have been changes in management policies, proactive production, and business plans. At the same time, proactively plan to diversify export markets and import markets.
“With many solutions, the Ministry of Industry and Trade always accompanies businesses, especially through the Vietnam Trade Office system abroad and the early warning system.
This is to provide timely information on market developments, help businesses to update soon and take measures to diversify export and import markets, towards sustainable import-export development", emphasized Ms. Nguyen Cam Trang.
Affirming that import and export continues to be a bright spot in Vietnam's economic picture in the first nine months of 2022, Ms. Nguyen Cam Trang said that by the end of the third quarter of 2022, exports maintained an increase of 17.2% and reached turnover of more than 282 billion USD. In which, the growth among product groups, markets and subject structure are all assessed to be similar and have a stable growth rate.
For example, all commodity groups recorded good growth sources; in which, the group of agriculture, forestry and fishery increased by nearly 15%, the group of processing industries increased by 17%. Similarly, in terms of subjects, the group of domestic enterprises has an increase of over 15% and the group of FDI enterprises with an increase of over 17%.
Notably, in the first nine months of 2022, Vietnam's exports recorded double-digit growth in many markets, especially markets where Vietnam has signed FTAs such as Canada, Korea, and Japan. With the positive results of export activities, the trade balance continued to be in surplus with a trade surplus of over USD 6.8 billion.
Source: VNA
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