China, Japan, and India, which are among the top ten economies in the world, South Korea, which is one of the top five in the global manufacturing industry, and Vietnam, which has received a large amount of foreign investment in the industrial chain in recent years. The import and export trade situation of these five countries has a significant impact on the global economy. From the import and export trade of China, Japan, South Korea, India, Vietnam and Taiwan, China in the first three quarters of 2023, the global market demand is still weak, the import and export of countries are in a comprehensive downward trend, the countries and regions that achieve trade surplus are still stable, and the countries that are still in trade deficit are narrowing.
In terms of US dollars, in the first three quarters, the export and import data of the above countries and Taiwan, China region of China declined in an all-round way. The year-on-year decline of Chinese Mainland was all in single digits, and the decline of various indicators in Taiwan, China region of China was the highest. The decline in Japan, India, and Vietnam is still within an acceptable range, which is basically in line with the expected goals of the industrial economic measures implemented by these countries this year. It is expected to gradually improve in the later stage. In contrast, the decline in South Korea's import and export trade is difficult to reverse.
In dollar terms, in the first three quarters of the year, the trade surplus of Chinese Mainland only achieved a very small year-on-year increase. The rapid adjustment of the export product structure and the soaring export of automobile products reversed the export decline of major industrial and economic provinces at the beginning of the year. A large amount of industrial investment played an important role in stabilizing the momentum of industrial development.
The trade surplus of Taiwan, China, which is still enjoying various policy dividends, is still up to more than 50 billion US dollars, with a year-on-year growth of more than 30%. However, with the weakening of policy dividends and the decline of the market for major products, the industry believes that the future import and export situation of Taiwan, China, China is not optimistic. Although Vietnam's import and export data has significantly declined, its trade surplus is still rapid, and the foreign investment industry chain continues to add to Vietnam, largely concealing the reality of its textile, electronic, and automotive products being sluggish. However, Vietnam's confidence lies in that as long as the global market recovers, Vietnamese exports grafted onto China's manufacturing industry will easily achieve significant gains with a free ride.
The trade deficits of Japan, South Korea, and India have all significantly narrowed. Although there is still a considerable distance from the surplus, the consecutive months of narrowing have been in double digits, indicating their industrial resilience and characteristics.
The fourth quarter of 2023 has already entered, and it is basically clear whether the economic goals set by various countries at the beginning of the year can be achieved. Authoritative institutions have not significantly changed their estimates of the economies of each country, and the GDP of Japan and South Korea will be surpassed by other countries, while India continues to steadily rise.