In the first quarter of 2023, Vietnam’s total export value reached $79.3 billion, marking an 11.8% decrease compared to the same period in the previous year. According to statistics from the General Department of Customs, supporting industries have experienced a significant downward trend.
This decline resulted in a $10.58 billion reduction in export value for Q1 2023 compared to the previous year. Major export categories such as mobile phones and components, textiles, computers, electronic products and components, wood and wooden products, footwear, seafood, iron and steel, and textile fibers collectively saw a decrease of $8.58 billion, accounting for 81% of the country’s total export value decrease.
- Mobile phones and components exports reached $4.22 billion in March 2023, bringing the Q1 2023 total to $13.42 billion, a 12.2% decrease compared to the same period last year. The decline in exports affected key markets, including China, which saw a 4.5% decrease, the United States with a 21.2% decrease, and South Korea with a 42.4% decrease. However, exports to the European Union (27 countries) increased by 14.1%.
- Computer, electronic products, and components exports amounted to $4.91 billion in March 2023, with a Q1 2023 total of $12.03 billion, a 9.3% decrease compared to the same period in the previous year. During this quarter, export growth to the United States and South Korea contrasted with declines in the Chinese and EU markets. Specifically, exports to the United States reached $3.56 billion, a 7.7% increase, while exports to China dropped by 18.8%, the EU by 29%, and South Korea increased by 24.3%.
- Machinery, equipment, tools, and spare parts experienced a 5.4% increase in exports during March 2023, totaling $3.57 billion. However, the Q1 2023 export value reached $9.85 billion, a 3% decrease compared to the same period in the previous year. Key import markets for these products included the United States, the EU, China, and Japan.
- Textile exports in March 2023 reached $2.63 billion, a slight 14.5% increase compared to the previous month. Overall, the Q1 2023 textile export value totaled $7.17 billion, a 17.7% decrease compared to the same period last year. Export markets such as the United States, Japan, South Korea, and the EU experienced mixed performance during this period.
- Footwear exports in March 2023 reached $1.57 billion, a 12.4% increase compared to the previous month. However, the total export value for footwear in Q1 2023 amounted to $4.33 billion, an 18.3% decrease compared to the same period last year. Key export markets included the United States, the EU, and China.
In conclusion, Vietnam’s supporting industries experienced a significant decline in exports during Q1 2023, impacting various key markets and product categories.
Vietnam Sourcing