Vietnam's imports and exports surpassed $730 billion in 2022

According to the Ministry of Industry and Trade, the overall import-export turnover is estimated to exceed 732 billion USD this year, an increase of 10% from 2021.

The Ministry of Industry and Trade announced at the 2022 press conference on December 26 that exports in 2022 will reach around $3715 billion, an increase of 10.5% over 2021. Vietnam's import and export turnover surpassed $700 billion for the first time ever.

(Vietnam’s trade turnovers in 2022, VnExpress)

There are 39 export items with a turnover of over $1 billion, an increase of 4 over the previous year. Over ten billion dollars were generated by nine goods. Industrially processed goods still made up a big part of the export structure, making up more than 86% of all export revenue.

Due to effective management of limited imports, imports had a total turnover of 360,5 billion US dollars for the entire year, an increase of 8.5% compared to 2021.

Imports and exports surpassed 700 billion USD for the first time this year, hitting 732 billion USD, placing Vietnam among the leading economies in terms of international commerce. As a result, the trade balance was in surplus for the seventh year in a row, with a value of approximately 11 billion US dollars, contributing to the stabilization of the currency rate and foreign exchange reserves.

At the conference, Deputy Foreign Minister Nguyen Minh Vu highlighted that the year 2023 will be more difficult due to the forecast of high inflation in many global economies; the world economy is likely to experience a technical recession, resulting in a decline in global purchasing power and consumption. Trading partners are also becoming more demanding. For example, they might change laws about reducing carbon emissions or raise the quality standards for goods that come from other countries.

The World Trade Organization placed Vietnam twenty-third in exports and twenty-first in imports in 2021. Vietnam ranks second among the 10 members of ASEAN, trailing only Singapore.

Source:https://e.vnexpress.net/news/economy/trade-to-surpass-730b-for-first-time-4552969.html