2023 marked a significant shift in the trade landscape between Vietnam and the European and American markets. After years of rapid growth, Vietnams exports to these two major markets experienced a notable decline for the first time. According to data from the Europe-America Market Department under Vietnams Ministry of Industry and Trade, Vietnams exports to the EU and the U.S. were estimated at approximately $166 billion, a 9.6% decrease compared to 2022, while imports were estimated at nearly $41 billion, down 9.1%.

This downward trend was particularly evident in Vietnams goods trade with the European and American markets. In 2023, the total trade volume with these two markets was approximately $208 billion, a 9.5% decrease from 2022. Exports accounted for about $166 billion, down 9.6%, while imports totaled $41 billion, a 9.1% decline.

The Europe-America Market Department of Vietnams Ministry of Industry and Trade analyzed that this downward trend was primarily due to three factors: the global economic downturn, reduced demand in Vietnams key export markets, and the impact of high inflation and geopolitical instability on consumer behavior. According to IMF projections, GDP growth in most European and American countries was below 2.5%.

Despite this, some of Vietnams major export items still showed growth. For example, cameras, camcorders, and components increased by 27%, steel rose by 23.5%, and certain agricultural products such as rice grew by 53.3%.

Additionally, the effective free trade agreements Vietnam has with the European and American markets, such as EVFTA, CPTPP, and UKFTA, have played a positive role in consolidating its position in international trade. The Europe-America Market Department of Vietnams Ministry of Industry and Trade stated that it would continue to closely monitor market dynamics to respond promptly to potential market changes.

In summary, although Vietnams exports to the European and American markets declined in 2023, with its flexible market strategies and close cooperation with international trade partners, Vietnam is expected to maintain its important position in global trade in the future.