The Asian market was among many hit by the post-pandemic global trade slowdown. However, some economies are making a slow but steady comeback.
According to the most recent trade figures published by the Vietnamese General Statistics Office, exports in Vietnam rose 5.9% this October compared to last year.
Despite the overall improvement, the economic recovery was uneven across industries, says local media outlet VN Express. "Of the 34 main export categories, only 15 went up while the rest declined last month," adds the agency.
Market experts reported increased orders for Vietnamese goods in October. However, they believe consumer spending is still muted, making manufacturers reluctant to increase production.
Regarding imports, the data shows Vietnam's total imports grew 6.0 % year-on-year in October to nearly USD 29.5 billion.
Development of two essential commodities: Rice and pangasius
Vietnam is one of the leading rice producers and exporters worldwide. According to Statista, the 2022 production volume of rice paddies in Vietnam amounted to approximately 42.7 million metric tonnes.
Last month, rice prices in the country hit a new 15-year peak, exceeding that of competitors Thailand and Pakistan.
One of the reasons behind this positive development for Vietnam is rising demand, improved quality and bans on some rice varieties in India, reports VN Express. These factors boosted rice exports to 7.1 million tonnes since January (a 35% increase in volume).
In contrast, another key commodity is witnessing a downturn: Pangasius.
Pangasius is a type of fish belonging to the giant catfish family. Like some types of seafood, Vietnamese exports of this commodity fell sharply in the past few months.
Local reports show that pangasius exports were down 30% year-on-year in the first nine months of 2023.
Exports to the United States had the sharpest decline this year as they decreased by 54%, followed by China and Hong Kong, where exports dropped by 26%.
On the other hand, Shrimp, also one of Vietnam's top seafood exports, had a positive growth in volumes shipped to the United States and China.
Vietnam's shrimp exports in September of this year showed positive signs in markets like the United States, Australia, Canada, Belgium, and Taiwan, with growth rates ranging from 1% to 54%, according to the Trade Ministry's report.
