US$28 billion trade surplus for Vietnam in 2023

The GSO report shows the country’s total import-export value this year fell 6.6% year on year to US$683 billion.

Of the total, the export turnover was US$355.5 billion, down 4.4%, while the import turnover was US$327.5 billion, down 8.9% year on year.

Notably, there are 35 items obtaining an export turnover of more than US$1 billion each, making up 93.6% of the total export turnover. Among the export commodities, seven items raked in more than US$10 billion each.

The United States is Vietnam’s largest export market with an estimated turnover of US$96.8 billion. China is Vietnam’s largest import market with an estimated turnover of US$111.6 billion.

In 2023, Vietnam’s trade surplus to the United States, the European Union, and Japan stood at US$83 billion, US$29.1 billion, and US$1.6 billion, down 12.6%, down 7.6% and up 90.3% respectively.

Meanwhile, the country slipped into a trade deficit of US$49.9 billion, US$29.1 billion, and US$8.3 billion with China, the Republic of Korea, and ASEAN respectively, down 17.6%, 23.3% and 37.2% correspondingly.