AsemconnectVietnam - Vietnam recorded a trade surplus of 4.72 billion USD in the first two months of 2024, higher than the figure of 3.5 billion USD reported in the same period last year, according to the General Statistics Office (GSO).

In the first two months of this year, the country's total import-export turnover was estimated at 113.96 billion USD, up by 18.6% over the same period last year.
Vietnam’s exports of goods in February and the first two months of 2024
Vietnam’s exports of goods were estimated at 24.8 billion USD in February, down by 28.1% over the previous month and by 5% over the same period last year. The figure of the first two months of this year reached 59.34 billion USD, up by 19.2% over the same period of 2023.
In the first two months of this year, 11 commodities recorded an export value of over 1 billion USD each, accounting for 75.1% of the total export revenue. Especially, four commodities saw their export value surpassing 5 billion USD.
Regarding the structure of export goods in the first 2 months of 2024, the exports of fuel and mineral goods group were estimated to reach 0.59 billion USD, accounting for 1%; the exports of the group of processed industrial goods wer estimated at 52.45 billion USD, accounting for 88.4%; the exports of the agricultural and forestry products were estimated to reach 5 billion USD, accounting for 8.4%; and the exports of the seafood group were estimated to reach 1.3 billion USD, accounting for 2.2%.
The US was Vietnam's largest export market in the first two months of this year, with an estimated turnover of 17.4 billion USD, up by 33.7% over the same period last year.
Vietnam’s exports of agro-forestry-fishery products reached 9.84 billion USD in the first two months of 2024
Vietnam earned 9.84 billion USD from agro-forestry-fishery exports in the first two months of this year, increased by 50.3% over the same period last year. The agro-forestry-fishery sector recorded a trade surplus of 2.68 billion USD in the first two months of this year, up by nearly 2.9-fold, according to the Ministry of Agriculture and Rural Development.
Of the two-month value, agriculture contributed 5.18 billion USD, up by 55.7%; forestry products contributed 2.9 billion USD, up by 59.7%; and aquatic products contributed 1.37 million USD, up by 28.9%.
The ministry said key items like wood products, coffee, fruits and vegetables, rice, cashew nuts, and shrimp saw increases in export revenue, ranging from 20.5% to 85%. Tra fish (pangasius), however, dropped 0.7% to only 224 million USD.
Our agro-forestry-fishery exports to Asia reached 4.55 billion USD, up by 43%; to America reached 2.31 billion USD, up by 74.2%; to Europe reached 1.28 billion USD, up by 52.6%; to Oceania reached 135 million USD, up by 48.8%; and to Africa reached 129 million USD, up by 60.4%.
The US, China and Japan remained the three biggest importers, accounting for 21.5%, 21%, and 7.2%, respectively.
Vietnam’s imports of goods in February and the first two months of 2024
Vietnam’s imports were estimated at 23.72 billion USD in February, down by 23.2% over the previous month.
In February, the import value of the domestic economic sector reached 8.42 billion USD, down by 25.2%; the import valueo of the foreign investment sector reached 15.3 billion USD, down by 22.1%. In comparison to the same period last year, the country’s import turnover in February increased by 1.8%, of which the import value of the domestic economic sector increased by 5.4%; while the import value of the foreign invested sector decreased by 0.1%.
In the first two months of this year, the country’s total import value reached 54.62 billion USD, up by 18% over the same period last year.
In the first two months of this year, the import value of the domestic economic sector reached 19.67 billion USD, up by 27.4% over the same period last year while the import value of the foreign investment sector reached 34.95 billion USD, an increase of 13.3%.
China was the country's biggest import market with an estimated turnover of 20.9 billion USD, up by 49.7% over the same period last year.
In the first 2 months of 2024, there were 13 imported items worth over 1 billion USD, accounting for 71% of total import turnover (there were 02 imported items worth over 5 billion USD, accounting for 41.3%).
Regarding the structure of imported goods in the first 2 months of 2024, the import value of the group of capital goods was estimated to reach 51.47 billion USD, accounting for 94.2%, of which the group of machinery, equipment, tools and spare parts accounts for 47%; while the import value of the group of raw materials, fuel, and materials accounted for 47.2%; and the import value of the consumer goods group was estimated to reach 3.15 billion USD, accounting for 5.8%.
Trade balance with several leading trade partners in the first 2 months of 2024
In the first 2 months of 2024, Vietnam’s trade surplus to the United States was estimated to reach 15.2 billion USD, up by 36.6% over the same period last year; while the trade surplus to the EU was estimated at 5.3 billion USD, up by 13.9%; the trade surplus to Japan was 0.4 billion USD (same period last year the trade deficit was 0.2 billion USD); the trade deficit from China was 12.8 billion USD, an increase of 98.2%; the trade deficit from South Korea was 3.7 billion USD, down by 4.3%; the trade deficit from ASEAN was 1 billion USD, down by 21.9%.
Overall, in the first 2 months of 2024, the trade balance of goods was estimated to have a trade surplus of 4.72 billion USD (in the same period last year the trade surplus reached 3.5 billion USD). Of which, the domestic economic sector's trade deficit was 3.53 billion USD; and the foreign invested sector (including crude oil) had a trade surplus of 8.25 billion USD.
CK
Source: VITIC/congthuong.vn/vietnamplus.vn