Export turnover in 2023 expected to reach 393 394 billion USD

Enterprises need to diversify export markets. Photo: H.Diu

Speaking at the Government press conference on the evening of February 2, Deputy Minister of Industry and Trade Do Thang Hai said that in 2022, the country’s exports will reach 371.3 billion USD, up 10.5% compared to 2021. So with the target of export growth of 6%, export turnover in 2023 is expected to reach 393-394 billion USD, increasing about 22 billion USD compared to 2022.

Analyzing more about the factors affecting exports in 2023, Deputy Minister Do Thang Hai stated that the difficulties of the world economy and global trade at the end of 2022 are not expected to be overcome or be resolved immediately, but they may extend to early 2023.

Specifically, world demand has dropped markedly because the global economy continues to face many difficulties, especially in major economies, which are the top import markets in the world. Along with that, due to supply chain shocks, the prices of raw materials and materials increased, leading to high production costs.

In particular, the export situation was also affected by high inflation and high inventories, affecting the demand for imported goods of consumers, in which the strongest impact was on non-essential goods, which are Vietnam’s main export products to developed countries’ markets.

“The decline in world demand is a difficult factor and a big challenge for Vietnam’s exports in 2023. Export growth in 2023 will therefore depend on many factors such as developments in Ukraine, inflation control, economic developments in large-scale import markets in the world,” said the Deputy Minister of Industry and Trade.

However, besides difficulties, the representative of the Ministry of Industry and Trade also affirmed that there are still many positive factors such as free trade agreements (FTAs) that continue to be implemented on the tariff reduction roadmap; attracting positive domestic and foreign investment, etc. These factors will be the driving force to create new production capacity for export.

But Deputy Minister Do Thang Hai also recommended that Vietnamese businesses continue to promote their initiative and creativity, seek new markets, and take advantage of FTAs.

Impressive 700 billion USD of import and export turnover

Earlier, at the Governmental meeting, on trade, import and export, the Prime Minister asked the Ministry of Industry and Trade to strengthen trade promotion, connect supply and demand, expand export markets; diversify markets, products and supply chains; effectively exploit FTAs, especially new generation FTAs. Promote exports to major markets, such as China and India, to take full advantage of opportunities from China’s reopening and promote the signing of an FTA with Israel.