Vietnam has secured its position as one of the world’s top 30 largest export economies, ranking 23rd with a total export turnover of US$354 billion in 2023. This milestone highlights the country’s growing prominence in the global trade landscape and its dynamic export sector, which plays a crucial role in driving economic growth and development.
Global Export Trends in 2023
According to the World Trade Organization (WTO), global exports reached US$23.8 trillion in 2023, representing a 5% decrease compared to the previous year. Despite this decline in overall global trade, Vietnam’s performance remains impressive, with the country accounting for 1.5% of global exports.
However, Vietnam’s export value in 2023 saw a slight dip of 4.6% (about $17.04 billion) from the previous year, reflecting challenges faced by several key industries. This drop in export turnover was influenced by global economic uncertainties, fluctuating demand, and disruptions in international supply chains.
Decline in Key Export Categories
Vietnam’s export performance in 2023 saw declines in several major product categories. The largest reduction occurred in the export of phones and components, which fell by $5.61 billion. This was followed by a drop in textiles and garments, which decreased by $4.27 billion. Other product categories such as footwear exports ($3.66 billion), machinery and equipment ($2.62 billion), timber and wood products ($2.54 billion), seafood ($1.95 billion), and chemicals and chemical products ($750 million) also experienced significant declines.
Despite these setbacks, Vietnam’s export sector has continued to demonstrate resilience, and certain product groups have shown notable growth.
Growth in Key Product Exports
On a positive note, some sectors saw impressive growth in 2023. Fruits and vegetables experienced a significant boost, with exports rising by $2.24 billion. Vehicles and parts followed with an increase of $2.17 billion. Rice exports grew by $1.22 billion, while cashew nuts also saw a gain of $558 million. These positive figures highlight the diversification of Vietnam’s export portfolio and its ability to adapt to changing global market demands.
The Impact of Global Trade Trends
The drop in global exports is attributed to a range of factors, including the rise in protectionism, trade barriers, and geopolitical tensions. However, despite the challenges faced by many countries, China continued to dominate the global export scene in 2023, maintaining its position as the world’s largest exporter.
With a total export turnover of $3.4 trillion, China’s exports surpassed those of the United States by nearly $1.4 trillion. Notably, exports to the US alone reached $500 billion. Despite experiencing an average decline of 10% in export value, China’s manufacturing sector remained resilient, demonstrating its ability to maintain high production levels in the face of global challenges.
Vietnam’s Strategic Position in Global Trade
Vietnam’s strong export performance, despite the challenges of 2023, underscores the country’s significant role in the global trade network. With a diverse range of products and an expanding market presence, Vietnam is well-positioned to continue growing its export sector in the coming years.
The country’s strategic location in Southeast Asia, its robust manufacturing capabilities, competitive labor costs, and expanding network of free trade agreements (FTAs) make it an attractive destination for investment and trade. Additionally, Vietnam’s continued focus on innovation and technological development is helping to enhance the competitiveness of its industries on the global stage.
| Ranking | Country | Global percentage in 2023 (%) | Value (billion USD) |
|---|---|---|---|
| 1 | China | 14,2 | 3.380 |
| 2 | USA | 8,5 | 2.020 |
| 3 | Germany | 7,1 | 1.688 |
| 4 | Netherlands | 3,9 | 935 |
| 5 | Japan | 3,0 | 717 |
| 6 | Italy | 2,8 | 677 |
| 7 | France | 2,7 | 648 |
| 8 | Korea | 2,7 | 632 |
| 9 | Mexico | 2,5 | 593 |
| 10 | HongKong | 2,4 | 574 |
| 11 | Canada | 2,4 | 569 |
| 12 | Belgium | 2,4 | 562 |
| 13 | England | 2,2 | 521 |
| 14 | UAE | 2,1 | 488 |
| 15 | Singapore | 2,0 | 476 |
| 16 | Taiwan | 1,8 | 432 |
| 17 | India | 1,8 | 432 |
| 18 | Russia | 1,8 | 424 |
| 19 | Spain | 1,8 | 423 |
| 20 | Switzerland | 1,8 | 420 |
| 21 | Poland | 1,6 | 382 |
| 22 | Australia | 1,6 | 371 |
| 23 | Vietnam | 1,5 | 354 |
| 24 | Brazil | 1,4 | 340 |
| 25 | Saudi Arabia | 1,4 | 322 |
| 26 | Malaysia | 1,3 | 313 |
| 27 | Thailand | 1,2 | 285 |
| 28 | Indonesia | 1,1 | 259 |
| 29 | Türkiye | 1,1 | 256 |
| 30 | Czech Republic | 1,1 | 255 |
| The World | 100 | 23.784 |
Future Outlook for Vietnam’s Export Sector
Looking ahead, Vietnam’s export sector is poised for recovery and growth. While global trade faces ongoing uncertainties, the country’s commitment to diversifying its export base and exploring new markets will be key drivers of future success. As Vietnam continues to strengthen its trade relationships and invest in sustainable practices, it is expected to build on its achievements and cement its place as a leading exporter in the global economy.
In conclusion, Vietnam’s inclusion among the top 30 largest export economies in 2023 reflects the country’s growing economic stature and its ability to weather challenges in the global trade environment. With a focus on innovation, diversification, and sustainability, Vietnam is set to continue expanding its role in global trade in the years to come.
