HANOI: Vietnam’s total trade with European and American markets is estimated to decrease by 9.5% year-on-year to around US$208 billion in 2023, but the country still enjoys a trade surplus of US$125 billion, reported the state news agency (VNA).

According to the Ministry of Industry and Trade’s European – American Market Department, Vietnam’s trade surplus with European countries is estimated to reach around US$33 billion and the figure with American nations is US$92 billion.

This year, Vietnam has exported goods worth US$166 billion to Europe and America, and imported products worth nearly US$41 billion from these markets, down 9.6% and 9.1% year-on-year, respectively.

Notably, for the first time after many years of continuous high growth, the country’s export turnover to some key markets have fallen sharply such as the US (US$96.9 billion, down 12.4%), and the European Union (US$43.7 billion, down 6.7%).

Existing free trade agreements (FTAs) with European and American partners will continue to have posi
tive impacts, and help maintain Vietnam’s advantages in trade and investment activities.
Source: Emirates News Agency