The total export turnover in the first ten months of this year was estimated at 144.1 billion USD, a year-on-year increase of 7.2% with numerous commodities experiencing big increases in their export values.
October was the third consecutive month in which the country’s exports reached higher growth than the same period last year, with a rise of 8.3%.
As of October, there were 23 commodities with export turnovers of more than 1 billion USD, including fourteen with turnovers exceeding 2 billion USD.
During the period, the growth rate of the country’s exports were lower than the same period last year (8.5%).
The Ministry of Industry and Trade has forecast this year’s export turnover at 174-175 billion USD, up around 7.5%-8%.
Some main export items suffered a decline in both volume and value compared to the same period last year, such as rice’s export turnover, reaching 1.9 billion USD, a year-on-year decrease of 16.3% in value and 20.6% in volume; crude oil, recording nearly 2 billion USD, down 39.6% in value and 22.2% in volume; and cassava and cassava products, reaching 809 million USD, decreasing 26.5% in value and 13.2% in volume.
There are many reasons for difficulties in export activities, including objective reasons such as low consumer demand in markets and the falling price of crude oil bringing about the decline of the prices of many export commodities.
Besides, in large export markets, Vietnamese products face fierce competition from many competitors including China and India.
Meanwhile, unfavourable weather in the country in recent months has affected the supply as well as productivity and quality of exported products.
Despite high export value, the production of key industrial export commodities, including phones, electronics, textile and footwear, still depends on imported raw materials due to the lack of a strong supporting industry.
In the last two months of this year, the world’s economic situation is predicted to experience no positive changes, continue have challenges for Vietnam’s exports.
However, many domestic commodities have begun to benefit from new free trade agreements (FTA) such as the FTA between Vietnam and Eurasia, which is expected to pave the way for the nation's production development and exports and help Vietnamese goods further access global supply chains.
Despite difficulties, there are many opportunities for exports. Promoting exports in the remaining months of this year mainly depends on taking full advantage of opportunities as well as overcoming difficulties, especially expanding export markets and effectively utilizing opportunities from the country’s international integration.
In addition, it is necessary to urgently improve the competitiveness of domestic enterprises to proactively turn challenges into opportunities in export activities.
October was the third consecutive month in which the country’s exports reached higher growth than the same period last year, with a rise of 8.3%.
As of October, there were 23 commodities with export turnovers of more than 1 billion USD, including fourteen with turnovers exceeding 2 billion USD.
During the period, the growth rate of the country’s exports were lower than the same period last year (8.5%).
The Ministry of Industry and Trade has forecast this year’s export turnover at 174-175 billion USD, up around 7.5%-8%.
Illustrative image
|
There are many reasons for difficulties in export activities, including objective reasons such as low consumer demand in markets and the falling price of crude oil bringing about the decline of the prices of many export commodities.
Besides, in large export markets, Vietnamese products face fierce competition from many competitors including China and India.
Meanwhile, unfavourable weather in the country in recent months has affected the supply as well as productivity and quality of exported products.
Despite high export value, the production of key industrial export commodities, including phones, electronics, textile and footwear, still depends on imported raw materials due to the lack of a strong supporting industry.
In the last two months of this year, the world’s economic situation is predicted to experience no positive changes, continue have challenges for Vietnam’s exports.
However, many domestic commodities have begun to benefit from new free trade agreements (FTA) such as the FTA between Vietnam and Eurasia, which is expected to pave the way for the nation's production development and exports and help Vietnamese goods further access global supply chains.
Despite difficulties, there are many opportunities for exports. Promoting exports in the remaining months of this year mainly depends on taking full advantage of opportunities as well as overcoming difficulties, especially expanding export markets and effectively utilizing opportunities from the country’s international integration.
In addition, it is necessary to urgently improve the competitiveness of domestic enterprises to proactively turn challenges into opportunities in export activities.
