Vietnam has secured a spot among the top 30 largest goods-exporting economies globally, ranking 23rd with a total export turnover of US$354 billion last year.
Pomelos are packed for export in Mỏ Cày Bắc District in the southern province of Bến Tre. — VNA/VNS Photo
According to the World Trade Organization (WTO), global export turnover in 2023 reached US$23.8 trillion, a 5 per cent decrease compared to the previous year.
With an export turnover of $354 billion, Vietnam ranks 23rd out of the 30 largest export economies in the world, accounting for 1.5 per cent of the global total.
However, Vietnam's export value in 2023 dropped by 4.6 per cent (about $17.04 billion) compared to 2022.
The country's export performance saw significant declines across several product categories, including phones and components experiencing the largest drop, down by $5.61 billion. Following are textiles and garments, which decreased by $4.27 billion. Footwear exports declined by $3.66 billion, while machinery, equipment, tools and spare parts fell by $2.62 billion. Timber and wood products also dropped by $2.54 billion, seafood by $1.95 billion, and chemicals and chemical products by $750 million.
Conversely, certain product groups achieved notable growth compared to the previous year. Exports of fruits and vegetables rose by $2.24 billion, vehicles and parts increased by $2.17 billion, rice exports grew by $1.22 billion, and cashew nuts saw a gain of $558 million.
Despite the rise in protectionism and global trade barriers, China continues to assert its position as the world’s largest exporting nation.
In 2023, China exported $3.4 trillion worth of goods, surpassing the US by nearly $1.4 trillion. Notably, its exports to the US reached $500 billion.
Even with an average 10 per cent decline in export value, China maintained production levels close to all-time highs. This large-scale manufacturing economy demonstrated resilience in navigating tariff waves and supply chain uncertainties.
About 20 of the world’s top 30 exporting nations recorded a decline in export value over the past year. The number of global trade restrictions has nearly quintupled since 2015, reaching almost 3,000 restrictive measures in 2023.
The US remains a powerhouse in trade, showing positive shifts in energy exports. In 2023, the US achieved a net energy surplus of $65 billion, partly due to increased domestic energy production. The US is the second-largest goods exporter globally, with a total export value of nearly $2 trillion. — VNS
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