AsemconnectVietnam - The data from the General Department of Customs showed that import-export turnover in January of 2024 reached more than 65 billion USD and recorded impressive growth in both exports and imports.

According to preliminary statistics of the General Department of Customs, in the first month of 2024, the country's exports reached 34.53 billion USD, an increase of 46% over the same period in 2023.
All key export product groups grew impressively. 7 product groups among them reached the turnover of 1 billion USD or more, including: phones and components; computers, electronic products and components; machinery, equipment, tools, spare parts; textile; Footwear; wood and wood products; Transport vehicles and spare parts.
Notably, phones and components have regained the No. 1 position in exports with a turnover of 5.58 billion USD, an increase of 11.4% over the same period last year.
Meanwhile, the country’s import turnover reached 30.9 billion USD, up by 34.4% over the same period of 2023.
In the first month of the year, there were 4 groups of imported goods with a turnover of 1 billion USD or more, including: computers, electronic products and components; machinery, equipment, tools, spare parts; fabric; iron and steel.
Among them, computers, electronic products and components continue to maintain their position as the largest imported goods group with a turnover of 8.56 billion USD, an increase of 30.5%. The remaining product groups also had impressive growth, even iron and steel import turnover increased by 101.6% (reaching nearly 1.06 billion USD).
Thus, in January 2024, the country's import-export turnover reached an impressive figure of 65.43 billion USD and the trade surplus reached 3.63 billion USD.
Cassava exports had record growth in January of 2024
According to the statistics figures from the General Department of Customs, in January of 2024 cassava exports witnessed record growth. This was also the product with the strongest growth.
The preliminary statistics figures from the General Department of Customs showed that, in January of 2024, cassava exports witnessed record growth. Specifically, in January, cassava exports reached 76,118 tonnes with a value of more than 19.9 million USD, an increase of 369.6% in volume and an increase of 340.8% compared to December of 2023. At the same time, it also increased sharply by 30.9% in volume and increase by 36.4% over the same period of 2023. Thus, cassava was the product with the strongest growth in the first month of 2024.
The average export price reached 262 USD/tonne, down by 15 USD/tonne compared to the previous month. Overall, the group of cassava and cassava products earned more than 195 million USD, an increase of 38.1% compared to the previous month.
China continued to maintain its position as Vietnam's largest cassava importer. In January of 2024, Vietnam exported 401,945 tonnes of cassava to China and earned more than 183 million USD, up by 48% in volume and 38% in value compared to the previous month. China's market share has also increased from 91% in 2023 to 94% in the first month of 2024.
The export turnover of cassava and cassava products increased from 0.958 billion USD in 2018 to nearly 1.5 billion USD in 2022. Vietnam currently ranks 2nd in the world in cassava, after Thailand.
The Vietnam Cassava Association has set a target for cassava exports to reach 2 billion USD/year by 2028 and increase to 2.5 billion USD/year by 2050.
Measures to maintain export growth in 2024
According to experts, thanks to the rapid recovery of export orders in the last months of 2023 leading into the new year, by the end of the first month of 2024, phones and components have regained their position as the leading export industry with 5.8 billion USD
However, the growth of 15.8% over the same period does not say too much, because in January of 2023, there were many long Lunar New Year holidays, so the country's exports reached less than 24 billion USD (phones and components alone contributed 5 billion USD).
To continue to maintain its position as the leading export industry, in the following months, phone and component manufacturing businesses will also depend heavily on demand in major markets, especially the United States and South Korea because last year, this product group grew negatively by 30.5% in South Korea and negative 33.5% in the United States.
According to forecasts, the world and regional situation will continue to have complicated and unpredictable developments, with uneven economic growth, trade and investment prospects and increasing risks.
Therefore, in order for export growth to achieve the planned target in 2024, there is an important role of trade promotion activities and active support from authorities for the business community.
Experts note that balancing and diversifying between markets, customers and product types is very important, especially when being able to maintain customers and traditional markets, while also avoiding "putting all your eggs in one basket" when the market faces difficulties. Businesses need to be ready to welcome opportunities to return, as well as flexibly respond to challenges and have the most suitable strategy for themselves.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that in 2024, to successfully implement the goals and tasks of the socio-economic development plan, Resolution 11/NQ-CP of the Prime Minister has been consistent. The 2024 action motto is "Responsible discipline, timely initiative, accelerated creativity and sustainable efficiency". The Ministry of Industry and Trade requests localities, associations, and businesses to be proactive and creative in developing markets for local products and industries, closely coordinating with units under the Ministry of Industry and Trade and trade agencies abroad in building and implementing practical and effective trade promotion activities, supporting businesses to exploit a variety of export and import markets to serve production development.
CK
Source: VITIC/congthuong.vn