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Vietnam’s total trade with European and American markets is estimated to decrease by 9.5% year-on-year to around 208 billion USD in 2023, but the country still enjoys a trade surplus of 125 billion USD.

Vietnam enjoys a trade surplus of 125 billion USD with European and American markets

According to the Ministry of Industry and Trade’s European – American Market Department, Vietnam’s trade surplus with European countries is estimated to reach around 33 billion USD and the figure with American nations is 92 billion USD.

This year, Vietnam has exported goods worth 166 billion USD to Europe and America, and imported products worth nearly 41 billion USD from these markets, down 9.6% and 9.1% year-on-year, respectively.

Notably, for the first time after many years of continuous high growth, the country's export turnover to some key markets have fallen sharply such as the US (96.9 billion USD, down 12.4%), and the European Union (43.7 billion USD, down 6.7%).

On the other hand, increases have been recorded in some markets, including the UK, and Eurasian Economic Union (EAEU) and Southern Common Market (Mercosur) countries.

According to the department, in 2024, import-export activities between Vietnam and the European and American markets will have favourable conditions but also face big challenges.

Existing free trade agreements (FTAs) with European and American partners will continue to have positive impacts, and help maintain Vietnam's advantages in trade and investment activities.

In addition, market demands in the world in generall and Europe and America in particular are gradually recovering because inflation has seen a downward trend from the end of 2023.

However, the overarching challenge is that the global economy is entering a new period, full of risks, challenges and unpredictability. In 2024, the economic growth rates of the world and countries in Europe and America are forecast to be lower than in 2023.

To make the most of advantages and minimise the impact of challenges on Vietnam's import and export activities, the department recommended closely monitoring the market situation and promptly grasping information on the economic and political situation and fluctuations and policies in the region and the world./.

VNA