Two-way trade turnover between Vietnam and the European Union last year fell 5.3% to US$72.3 billion, resulting in US$34.3 billion in trade surplus.

Trade exchanges between Vietnam and the EU were significantly impacted by the slow growth of global economy and trade. EU residents were forced to tighten their belt due to economic recession, high inflation and high interest rates, affecting trade exchanges between Vietnam and the EU.

Statistics show Vietnam earned US$53.3 billion from exports to the EU, down 4.7%, while it spent nearly US$19 billion on imports, down 6.8%.

Exports to the EU slowed down rapidly in the last months of the year, while in the first half of the year, the decline in export turnover was at double digits.

With a high level of openness, the Vietnamese economy was directly affected by the decline in the global economy in the first half of the year and the slow recovery of the economies in the world in the second half of 2023.

The Ministry of Industry and Trade reports that there is a lot of external pressure on Vietnam’s industrial production and import-export activities in 2024. Notably, many economies that are Vietnam’s major trading partners, including the EU, are expected to record slow growth, making it difficult for aggregate demand to recover strongly, thereby impacting export activities.

VOV