Exports reach $230 billion, three commodity group achieve growth of “billion USD”

Sketched by T.Bình

Three groups contribute $15 billion

According to the General Department of Vietnam Customs, by the end of October, total export value reached $229.79 billion, up 5%, equivalent to an increase of $10.85 billion from the same period last year.

Notably, by the end of October, there were three commodity groups with an additional growth rate of $1 billion or more. These are computers, electronic products and components with an increase of $7.33 billion, corresponding to an increase of 25.2%; machinery, equipment, tools and other spare parts up by $6.39 billion, corresponding to an increase of 43.3%; wood and wood products increased by $1.21 billion, respectively by 14.1%.

Only three groups of goods as mentioned above have brough additional turnover of approximately $15 billion. This is an important offset as many other key commodity groups decline in turnover to maintain the overall positive growth rate of export activities.

In addition, several other commodity groups with impressive increase rates such as iron and steel of all kinds increased by $709 million, equivalent to an increase of 20.4%; precious stones, metals and products increased by $590 million, an increase of 30.2%.

However, the past 10 months also recorded the struggles of many key and traditional export groups of Vietnam.

The most significant group is textiles and garments with decline in turnover of $2.56 billion, a decrease of 9.4%. Followed by is phones and accessories decreased $1.85 billion, respectively down 4.2%; footwear decreased $1.31 billion, equivalent to a decrease of 8.8%.

Among the main export markets of Vietnam, the US and China were areas with impressive growth.

Specifically, the US reached $62.36 billion, up 24% and accounting for 27.1% of total export turnover of the country. This figure in the Chinese market was $37.91 billion; 14.8% and 16.5% respectively.

Contrary to such positive growth, many other major partners declined such as South Korea (down 3.7%); Japan (down 6.2%); ASEAN region (down 10.8%) and the EU (down 3.8%).

Five groups of "tens of billions of dollars"

According to the statistics of the General Department of Vietnam Customs, by the end of October, there were five groups of export goods with a turnover of $10 billion or more.

Despite the decline in turnover (down 4.2% over the same period in 2019), phones and components remained the largest export commodity group with value of $42.2 billion.

The main export markets were the EU with $8.83 billion, down by 16.7%; China reached $8.39 billion, a sharp increase of 35.5%; US reached $7.76 billion, down slightly by 0.6%; and South Korea reached $4.09 billion, down 9.1%.

Computers, electronic products and components was the second largest group with $36.4 billion, up 25.2% over the same period in 2019.

China was the largest market of the above group with a turnover of $9.25 billion, up 22.3% from the same period last year.

Next was the US with $8.45 billion, a sharp increase of 77.4%; EU reached $5.26 billion, up 24.6% and the Hong Kong market reached $3.13 billion, up 30%.

Textile and garment products with a total turnover of $24.7 billion (down 9.4%) were the third largest export commodity group of Vietnam.

The US continued to be the largest textile and garment export market of Vietnam with a value of $11.62 billion, a decrease of 5.8%, but still accounting for 47% of the country's total export value of textile.

The other major markets were the EU with $3 billion, down 15.5%; Japan reached $2.89 billion, down 11.2% and South Korea reached $2.5 billion, down 14.4%.

Machinery, equipment, tools and spare parts had strong growth of 43.3% and reached $21.2 billion, ranking in fourth place.

The main export markets were the US with $9.08 billion, increasing strongly by 128%; EU reached $2.8 billion, up 29.4%; South Korea reached $1.7 billion, up 29.5%; Japan reached $1.63 billion, up 2.8% and China reached $1.52 billion, up 21.2%.

Footwear of all kinds reached $13.5 billion, down by 8.8% and was the fifth largest export commodity group.

The US and the EU continued to be the two largest export markets, but both turnovers are declined. Specifically, the US market reached $5.06 billion (down 6.3%) and the EU hit $3.44 billion (down 16.2%).

Therefore, the two major markets as mentioned above reached $8.5 billion, accounting for 62.8% of the country's total export value of footwear.