In the eleven months of 2022, the total import and export turnover of goods was estimated at $673.82 billion, up 11.8% over the same period last year, exceeding the result in 2021 ($668.5 billion).
In which, export is estimated at $342.21 billion, up 13.4%; imports were estimated at $331.61 billion, up 10.1%.
In November 2022 alone, the total import-export turnover of goods was estimated at $57.58 billion, down 1.2% over the previous month and down 7.8% over the same period last year.
Thus, with the above results, in the first 11 months of 2022, the trade balance of goods is estimated to have a trade surplus of $10.6 billion (the same period last year, a trade surplus of $0.6 billion); in which, the domestic economic sector has a trade deficit of $27.97 billion; the foreign-invested sector (including crude oil) had a trade surplus of $38.57 billion.
Contributing to that achievement, the export turnover of goods in November 2022 was estimated at $29.18 billion, down 3.9% compared to the previous month.
Generally for 11 months of 2022, export turnover of goods is estimated at $342.21 billion, up 13.4% over the same period last year; in which, the domestic economic sector gained $87.46 billion, up 10.1%, accounting for 25.6% of total export turnover; the foreign-invested sector (including crude oil) reached $254.75 billion, up 14.6%, accounting for 74.4%.
There were 35 items with export turnover of over $1 billion, accounting for 93.7% of total export turnover (there were 08 export items of over $10 billion, accounting for 70.1%).
Regarding the structure of export products in 11 months, fuel and mineral products accounted for 1.4%, up 0.2 percentage points over the same period last year; processed industrial products accounted for 89%, equal to the same period last year; agricultural and forestry products accounted for 6.6%, down 0.5 percentage points; aquatic products accounted for 3%, up 0.3 percentage points.
In the opposite direction, the import turnover of goods in November 2022 was estimated at USD 28.4 billion, up 1.8% compared to the previous month; in which, the domestic economic sector reached 10.16 billion USD, up 6.4%; FDI sector reached 18.24 billion USD, down 0.6%.
In the first 11 months of 2022, the import turnover of goods was estimated at 331.61 billion USD, up 10.1% over the same period last year, of which the domestic economic sector reached 115.42 billion USD, up 11.2%; the foreign-invested sector reached $216.19 billion, up 9.6%.
There are 45 imported items worth over 1 billion USD, accounting for 93.2% of the total import turnover (there are 6 imported items with over 10 billion USD, accounting for 52.3%).
Regarding the structure of imported goods in 11 months, the group of materials of production accounted for 93.6%, the proportion was equal to the same period last year, of which the group of machinery, equipment, tools and spare parts accounted for 44.7%, down 1.8 percentage points over the same period last year; raw materials, fuel and materials accounted for 48.9%, up 1.8 percentage points. The group of consumer products accounted for 6.4%, equal to the same period last year.
For the export and import markets of goods in the first 11 months of 2022, the United States is Vietnam's largest export market with an estimated turnover of 101.5 billion USD. China is Vietnam's largest import market with an estimated turnover of 109.9 billion USD. In 11 months, trade surplus to the EU was estimated at 29.4 billion USD, up 42.4% over the same period last year; trade deficit from China was 56.9 billion USD, up 14.1%; trade deficit from Korea was 35.7 billion USD, up 16.1%; trade deficit from ASEAN is 12.2 billion USD, up 9.4%; trade deficit from Japan was 139 million USD (the same period, the trade deficit was 2.3 billion USD).
In order to promote exports in the last month of the year, in the coming time, the Ministry of Industry and Trade will continue to promote exports, strengthen appropriate import management, and ensure a harmonious and sustainable trade balance; To step up the exploitation of signed FTAs; At the same time, promote well the role of the system of overseas Vietnamese trade agencies to expand and diversify export markets and products; Promote trade facilitation, support market information; remove barriers to entering new markets; Early warning of the risk of trade defense lawsuits for businesses.
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Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.
Company Q (Plaintiff – the Insured) and Company B (Defendant – the Insurer) entered into an insurance contract. After an insured event occurred, the parties could not agree on the value of the loss and therefore conducted an assessment. The unilateral assessment conducted by the Insurer was not accepted, while the independent assessment was only partially recognized.
