Most Countries Experience a Decline in Exports
Since the beginning of this year, due to factors such as weak external demand, the trade performance of countries around the world has been less than satisfactory. According to July data, the exports of most countries have shown a declining trend, and this trend is unlikely to be quickly reversed in the short term. In such a global environment, only a few countries have seen export growth, such as Germany and Turkey.
Vietnam’s Exports Decrease by 3.5% in July
In July, Vietnam’s exports have declined for five consecutive months, marking the longest drop in 14 years. Vietnam’s exports contracted by 3.5% in July, with a year-on-year decline of 10.6% in the first seven months of 2023, totaling $194.73 billion. Imports also fell by 17.1% to $179.5 billion. Vietnam’s key industry, the textile sector, is also facing significant challenges. In the first quarter of this year, Vietnam’s textile export orders dropped by 70%-80%. In the second quarter, textile export orders further decreased by 80%.
South Korea’s Exports Decrease by 16.5% in July
South Korea’s exports in July dropped by 16.5% year-on-year, amounting to $50.33 billion, marking the tenth consecutive month of decline. Data reveals that imports in July decreased by 25.4% to $48.71 billion, resulting in a trade surplus of $1.63 billion for the month. South Korea’s main export item, semiconductor chips, saw a 34% decline in July’s exports, experiencing negative growth for twelve consecutive months.
Brazil’s Exports Decline by 2.6% in July
Brazil achieved a trade surplus of $9.035 billion in July this year, which increased by 68.7% compared to the same period last year, reaching a historical high. Looking at monthly trade data, Brazil’s exports in July totaled $29.062 billion, showing a 2.6% year-on-year decrease. Imports amounted to $20.027 billion, down 18.2% year-on-year.
Singapore’s Exports Drop by 15.5% in June
In June, Singapore’s exports decreased by 15.5% year-on-year, continuing the downward trend of the previous months. Among Singapore’s top ten markets, exports of both electronic and non-electronic products have declined.
Thailand’s Exports Decline by 6.4% in June
In June 2023, Thailand’s exports amounted to $24.82 billion, declining by 6.4%. This marks the ninth consecutive month of decline, affecting all types of product exports. Given the sluggish global economy and the high export base in the same period of the previous year, this decline was anticipated. In the first half of 2023, Thailand’s exports totaled $141.17 billion, contracting by 5.4% year-on-year.
Japan’s Exports Decrease by 3.72% in June
From January to June 2023, Japan’s global imports decreased by 7.8%. In June, Japan’s imports amounted to $61.601 billion, down 17.62% year-on-year. Exports amounted to $61.906 billion, a 3.72% decline compared to the previous year. As of June, Japan’s exports had declined for fifteen consecutive months.
US Goods and Services Decrease by $300 Million in June
The US trade deficit reduced by 4.1% to $65.5 billion in June. US exports of goods and services decreased by $300 million to $247.5 billion, while imports decreased by $3.1 billion to $313.0 billion.
Germany’s Exports Grow by 3.3% in the First Half of the Year
In the first half of 2023, Germany’s total exports of goods reached €797.8 billion, growing by 3.3% year-on-year. Imports of goods amounted to €699.1 billion, decreasing by 4.3% year-on-year.
Turkey’s Exports Increase by 8.4% in July
Turkey’s exports in July increased by 8.4% year-on-year, reaching $20.093 billion, setting a historical record. Turkey’s exports in the first seven months of 2023 reached $143.435 billion, approaching the level of the previous year, largely unaffected by the global trade slowdown. Imports in July increased by 11.1% year-on-year. Total imports for the first seven months of this year amounted to $217.5 billion, growing by 5.1% year-on-year.
In summary, based on the data, the exports of countries such as Vietnam, South Korea, Singapore, the United States, Brazil, Thailand, and Japan have experienced widespread declines, while a few countries like Germany and Turkey have seen export growth in the first half of this year. The global economy remains sluggish and uncertain, but there might be a rebound in international trade in the second half of the year. Major exporters should closely monitor trade conditions and policies and adjust their shipping and transportation plans accordingly.
