Vietnam's import-export activity slumps 44% in January 2023

According to the General Department of Customs, exports reached $9.02 billion, down 49% over the same period in 2022, with FDI enterprises contributing $7.14 billion and domestic enterprises $1.88 billion. 

Only three export items - phones and components, computers and electronics, and other machinery - had a turnover of over $1 billion, accounting for 53% of total export turnover. 

Seafood exports saw the lowest growth rate among the top 10 largest export items, declining 72%.

In contrast, imports reached $9.06 billion, down 38% compared to the same period in 2022, with FDI enterprises accounting for $6.06 billion and domestic enterprises contributing $3.05 billion. 

Two imported items - computers and electronics, and other machinery - had a turnover of over $1 billion, accounting for 40% of total import turnover. 

Petroleum was the only item among the 10 largest imported items to record positive growth, with a 57% increase compared to the same period in 2022. 

Phones and components saw the highest decline among imported items with -78%.

With the world economy forecasted to enter a recession this year, Vietnam's import-export activity is expected to remain sluggish in the coming months.

Source: Mekong ASEAN