x Your business is participating in transactions, trade and international trading activities need to learn carefully about the turnover in import and export?
x You wonder how important is the turnover? How is the formula for calculating turnover in export and import of goods in general?
x You are interested in Vietnam's import and export turnover and want to know which solutions to help increase the most effective turnover?
For the field of international trade, the turnover of the economy's strength and reflects the level of integration of a country. Let Proship.vn find out what in the import and export of goods, what is the turnover and play the following important role.
What is the turnover? Formula for calculating turnover?
Proship will answer questions about the term of turnover in import and export as well as the most standard total turnover:
What is turnover in import and export?
The turnover is the term that is widely used in the field of economic and trade. Simply understanding, the total value of an import and export services of an import and export services of a country in a certain period of time, usually in a year.
The formula for calculating the total import and export turnover
You can determine the import and export turnover through the formula:
Import and export turnover = (export value / import value) x 100%
* In there:
- The export value of goods is the value of goods that have been exported to the international market.
- The value of imported goods is the value of goods imported from the international market to meet the needs of consumer, production and business of consumers and domestic businesses.
Meaning, the role of turnover with the economy
The turnover plays a very important role for the economy. Specifically:
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Reflecting the global integration level
The turnover shows how much a country has integrated into the global economy. Countries with large trade turnover often have an open economy, connected closely with international markets, creating favorable conditions for economic development.
Demonstrate the national economic power in the international market
If the export turnover is high, proves that the economy is produced by many valuable goods and services to meet international demand. In contrast, large import turnover shows dependence on goods and raw materials from abroad.
Balancing trade balance, increasing foreign currency reserves
A country with a larger export turnover will achieve a trade surplus, helping to balance the balance of payment and increase foreign currency reserves. This can help stabilize the exchange rate and enhance the strength of the local currency, contributing to stabilizing the macroeconomy.
Create jobs and promote domestic production
When export turnover increases, domestic enterprises need to expand production scale to meet the demands from abroad, this directly creates many job opportunities for workers. In addition, the development of export industries helps promote domestic production, increase the value of goods and international competitiveness.
Promote diplomatic relations and economic partners
High trade turnover between countries often accompanied by the development of diplomatic relations and economic partners. Free trade agreements (FTAs) and economic alliance are also often established to enhance import and export turnover between stakeholders, bringing bilateral benefits.
Strengthen national competitiveness
Export turnover shows the competitiveness of national products and services in the international market. Any country with large export turnover is usually countries with high quality products, competitive prices, thereby improving the prestige and position in the international arena.
Support the Government to develop economic development policies
Based on the data on turnover, the Government can orient and adjust the policies to support export, attract foreign investment and protect the domestic industry.
Overview of Vietnam's import and export turnover
Proship has recorded the situation of Vietnam's import -export turnover as follows:
Export turnover
The export turnover of goods in October 2023 was estimated at US $ 32.31 billion, up 5.3% compared to the previous month. In particular, the domestic economic sector reached US $ 8.49 billion, up 5.7%; Foreign investment areas (including crude oil) reached US $ 23.82 billion, up 5.2%.
In October 2023, the total turnover reached over 1 billion USD, accounting for 67.6% of the total export turnover. There are 2 export items with a turnover of over 5 billion USD, accounting for 33.1%. In particular, electronics, computers and components, reaching 5.6 billion USD, accounting for 17.3% of the total export turnover; Machinery, spare parts, reaching 4.6 billion USD, up 14.7% and vehicles, spare parts reached US $ 1.3 billion, up 30.7%.
Import turnover
The total import turnover in October 2023 was estimated at US $ 29.31 billion, recorded an increase of 2.9% compared to the previous month. In particular, the domestic economic sector reached US $ 10.36 billion, up 3.7% and the FDI sector reached 18.95 billion USD, up 2.4%.
In October 2023, 4 imported items with a value of over 1 billion USD, accounting for 47.3% of the total import turnover. In which electronics, computers and components reached US $ 8.2 billion, up 26.4%. Machinery, equipment, tools, other parts reached US $ 3.5 billion, up 2.4%, fabric reached 1.2 billion USD, up 8%.
Solutions that help increase export turnover
What are the solutions to increase turnover? Accordingly, to increase export turnover needed:
Focus on the market near
Focus on developing export markets in the near area to increase export turnover. Because the market is near, it will reduce shipping costs, delivery time, weather risks and international market fluctuations.
Transport development
Building and improving the transportation system is an important factor to reduce freight costs and increase market access. The development of roads, railways, seaports, and airways helps improve export capacity and attract foreign investment.
Increase economic scale
Increasing investment and economic development helps improve the country's production and export capacity. Increase economic scale to improve production and quality of goods, meet greater export demand.
Promote processing production
Increasing production of high VAT processing will help increase export turnover. Processing products from agricultural, forestry and fisheries as well as high VAT industrial products to enhance export and promote economic development.
What is the turnover and how important is it, how the formula, or the solution to increase the import and export turnover has also been answered by Proship Logistics above. Any questions related to the terms of logistics - import and export or customers wishing to use cheap multimodal transport service, bonded warehouse rental, ... Contact immediately 0909 344 247 .
