AsemconnectVietnam - According to the data from the Ministry of Industry and Trade, Vietnam’s total import-export turnover in the first 2 months of 2024 was estimated at 113.96 billion USD, up by 18.6% over the same period last year (the figure of the same period last year decreased by 13.3% year – on - year).

Of which exports increased by 19.2%; imports increased by 18% and the trade balance of goods had a trade surplus of 4.72 billion USD.
Exports of goods in February and the first 2 months of 2024
Vietnam’s export turnover in February of 2024 was estimated to reach 24.82 billion USD, down by 28.1% compared to the previous month. In the first two months of 2024, the country’s total export turnover was estimated to reach 59.3 billion USD, up by 19.2% over the same period last year.
The exports of the domestic economic sector were estimated at 16.14 billion USD, an increase of 33.3%, accounting for 27.2% of total export turnover; while the exports of the foreign invested sector (including crude oil) reached 43.2 billion USD, an increase of 14.7%, accounting for 72.8%.
In the first 2 months of 2024, there were 11 items with export turnover of over 1 billion USD, accounting for 75.1% of total export turnover, of which 4 export items saw export turnover of over 5 billion USD, accounting for 52.5%.
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 0.57 billion USD, accounting for 0.95%; the exports of the group of processed industrial goods were estimated at 50.59 billion USD, accounting for 85.26%; and the exports of the group of agricultural, forestry and aquatic products were estimated to reach 5.5 billion USD, accounting for 9.3%. In particular, exports grew strongly and evenly in both the agricultural, forestry and fishery products group (up by 38.8%) and the processing industry group (up by 18.3%).
In the first 2 months of 2024, most products recorded growth. The exports of up to 39/45 items increased compared to the same period last year. The export turnover of many groups of processed industrial products achieved high growth rates, even double-digit increases, in which key export items such as wood and wood products increased by 43.8%; iron and steel increased by 45.4%; footwear increased by 18.3%; computers, electronic products and components increased by 33.9%; textiles and garments increased by 15%.
In the first 2 months of 2024, there were 4 products with export turnover of 5 billion USD. Phones of all kinds and components were the leading products in export turnover in the first 2 months of 2024, estimated at 9.58 billion USD, up by 4.1% over the same period last year. They were followed by computers, electronic products and components, estimated at 9.54 billion USD, up by 33.9% over the same period last year; other machinery, equipment, tools and spare parts also brought in 6.82 billion USD; followed by textiles with 5.23 billion USD.
In the billion USD turnover group, computers, electronics and components had the highest growth rate of 6.3%. In contrast, the exports of machinery, equipment, tools, and spare parts decreased by 17.5%; Phones and components decreased by 4.6%; textiles and garments decreased by 8.4% and footwear decreased by 6.8%.
Some products had a sharp increase in export turnover compared to the same period last year, such as coffee increased by 67.5%; cameras, camcorders and accessories increased by 65.0%; wood and wood products increased by 43.8%, iron and steel increased by 45.4%.
In the first two months of the year, the country’s exports to major markets recovered well and achieved high growth. In particular, the United States was still our country's largest export market, estimated at 17.4 billion USD, up by 33.7% over the same period last year; followed by Japan with an increase of 19.6%; EU with an increase of 14.2%, and China with an increase of 7.7%.
The Ministry of Industry and Trade assessed: "The favorable start in the first two months of the year with increased orders and businesses accelerating production to keep up with export schedules has opened a positive signal and brought expectations for exports in 2024".
Imports of goods in February and the first 2 months of 2024
The Ministry of Industry and Trade said that the import turnover of goods in February of 2024 was estimated to reach 23.72 billion USD, down by 23.2% compared to the previous month. However, due to the strong recovery of production and exports in the first two months of the year, the need to import machinery, equipment and raw materials for production increased.
In the first 2 months of 2024, the country’s import turnover was estimated at 54.62 billion USD, up by 18% over the same period last year.
Notably, the imports of capital goods accounted for 94% and increased by 22.2%, of which imports of machinery, equipment, tools and spare parts accounted for 47%; increased by nearly 25%, showing positive signs of the recovery of production and exports.
Of these, computers, electronic products and components continued to be the items with the largest import turnover, estimated at 15.56 billion USD, up by 24.4% over the same period last year and accounting for 28% of the total total import turnover of the country.
The import turnover of machinery, equipment, tools and spare parts also increased by 24.8%, reaching nearly 7 billion USD; fabric imports increased by 15.4%, reaching 1.98 billion USD; iron and steel increased by 62.7%, reaching 1.95 billion USD; crude oil increased by 27.5%; plastic raw materials increased by 13.2%; phones of all types and components increased by 17.7%.
In the first 2 months of 2024, there were 13 imported items worth over 1 billion USD, accounting for 71% of total import turnover (including 02 imported items worth of over 5 billion USD, accounting for 41.3%).
Regarding the import market for goods in the first 2 months of 2024, China continued to be Vietnam's largest import market with an estimated turnover of 20.9 billion USD, an increase of nearly 50% over the same period last year.
The trade balance of goods in February of 2024 was estimated at a trade surplus of 1.1 billion USD. In general, for the first 2 months of 2024, the trade balance of goods was estimated at a trade surplus of 4.72 billion USD, higher than the trade surplus of the same period last year (in the same period last year the country had a trade surplus of 3.5 billion USD).
Of which, trade surplus to the United States was estimated at 15.2 billion USD, up by 36.6% over the same period last year; the trade surplus to the EU was estimated at 5.3 billion USD, up by 13.9%; the trade surplus to Japan was estimated at 0.4 billion USD (in the same period last year the trade deficit was 0.2 billion USD); the trade deficit from China was estimated at 12.8 billion USD, up by 98.2% over the same period last year; the trade deficit from South Korea was estimated at 3.7 billion USD, down by 4.3% over the same period last year; the trade deficit from ASEAN was estimated at 1 billion USD, down by 21.9% over the same period last year.
The results achieved in the first 2 months of 2024 were due to the recovery of the world market, gradually shifting to a new state, adapting to major fluctuations in 2022 and 2023; the number of new export orders increased for the first time since October of 2023, the Ministry of Industry and Trade assessed.
In addition, the efforts to diversify export markets, especially upgrading relations with our country's major trading partners such as the US, China, Japan... have strengthened confidence. The capacity of businesses, especially domestic businesses, is improved thanks to the combined impact of the Government's supportive policies, investor confidence, business efforts and recovery trends of the world market.
Although the results in the first 2 months of 2024 were very positive, it is still necessary to focus on closely monitoring the situation to promptly respond because there are still potential difficulties and challenges such as high interest rates and loan interest rates that have not yet decreased corresponding to the deposit interest rate. The export markets are recovering but not yet sustainable; there will be many elections in 2024, so it may lead to many policy changes, especially populist, protectionist, and trade-restrictive policies in major partners such as the United States, EU, Russia, India; etc.
Deputy Minister of Industry and Trade Phan Thi Thang said that in the field of import and export, in the coming time, the Ministry will continue to closely monitor market developments and change partners' policies to propose solutions to suit the market; integrate and develop a variety of traditional and new export markets.
At the same time, the ministry will coordinate with the Ministry of Agriculture and Rural Development to manage rice exports to ensure food security, while maximizing market opportunities, harmonizing the interests of rice growers and export businesses.
In addition, the ministry will also effectively exploit free trade agreements (FTAs), accelerate negotiations, sign FTAs, and new economic linkages to diversify markets, supply chains and boost exports; support businesses to strongly shift to official exports associated with brand building, effectively responding to technical barriers and trade Remedy lawsuits from importing countries; promote exports through digital platforms.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn