According to the Ministry of Industry and Trade, export sales were estimated at US$164.45 billion in the first six months of 2023, down 12.1% from the same period last year. It is noteworthy that exports of goods to the most important markets have decreased compared to the same period last year.

For example: US declined 22.6%, EU 10.1%; China fell 2.2%; Korea fell 10.2%; Japan fell 3.3%; ASEAN down 8.7%… At the same time, most major commodities also fell quite sharply.

Textiles and clothing in particular fell by 15.3%; shoes of all kinds, down 15.2%; Phones & Accessories declined 17.9%; Timber and wood products fell by 28.8%, all types of fertilizers fell by 45.6%…

The Ministry of Industry and Trade explained that the reason for the decline was that monetary policy had not been relaxed due to the still high inflation; The slow recovery of the world economy and the collapse of some banks around the world had some impact on the trend of spending cuts and buying of everyday and luxury products, especially in some markets. In the large consumer market for items such as textiles and shoes, furniture and electronic components (such as USA, EU), import demand fell.

In addition, industrial companies, especially exporters, continue to face difficulties in expanding and diversifying markets due to input costs of raw materials, production costs, logistics and interest rates on loans. Although prices are declining, they are still at a high level.

Meanwhile, key export markets tightened monetary policies to the detriment of Vietnam’s export prices and increased competition from China’s recent reopening. Some companies had to lay off workers due to a drop in production and new export orders.

Forecasting the export situation in the final months of 2023, Vice Minister of Industry and Commerce Do Thang Hai said the above challenges will remain. Global economic instability and uncertainty is at its highest level in many years, affecting Vietnam’s macroeconomic stability and growth prospects in the period ahead, especially when our country is the world’s largest economy. The economy exhibits a high degree of openness. This largely depends on the ability to diversify export markets, combined with the use of opportunities from free trade agreements (FTAs).

In addition, the global economy is entering a new era with many risks and challenges. Risks of economic recession, inflation and interest rates remain high, leading to sharp falls in consumer demand in countries around the world where Europe and America are major trading partners of Vietnam. Masculine.

In addition, the trend of multinational corporations follows the strategy of shifting supply chains, manufacturing closer to the consumer market and diversifying manufacturing supply chains instead of focusing only on manufacturing plants. In some countries like China and Vietnam.

Multinational corporations focus on investing in manufacturing facilities in a number of countries such as India, Mexico, Brazil, etc. to increase their competition in and directly influence Vietnam’s main export markets. Vietnam’s market share in these markets…

The content of the article was published in Vietnam Economic Review No. 29-2023 on July 17, 2023. Welcome readers to read below The:

https://postenp.phaha.vn/chi-tiet-toa-soan/tap-chi-king-te-viet-nam