AsemconnectVietnam - In the first quarter of 2024, exports became a bright spot in Vietnam's economic picture with an estimated turnover of 93.06 billion USD, up by 17% over the same period last year.

Vietnam's exports of goods in the first quarter of 2024
According to the data from the General Statistics Office, in the first quarter of 2024, Vietnam’s export turnover was estimated to reach 93.06 billion USD, up by 17% over the same period last year.
In the first quarter of 2024, Vietnam had 16 items with export turnover of over 1 billion USD, accounting for 82.1% of total export turnover, of which 3 items reached the export turnover of over 10 billion USD, including electronics and machinery; computers and components; phones and components; machinery, equipment and spare parts.
In the first quarter of 2024, the export turnover growth of 100% domestically invested enterprise sector reached 26.2%, nearly double the growth rate of the foreign invested enterprise sector including crude oil (up by 13.9%), showing the efforts of the domestic economic sector in maintaining and expanding export markets.
Exports of key product groups in the first quarter of 2024
In the first quarter of 2024, Vietnam’s exports grew strongly and evenly in all three product groups.
Of which, export turnover of agriculture, forestry and fishery products was estimated at 8.46 billion USD, up by 23.8% over the same period of 2023, accounting for 9.09% of total export turnover of the country.
Some products have high export turnover compared to the same period last year, such as coffee increased by 54.2%; rice increased by 40%; tea of all kinds increased by 27%; vegetables and fruits increased by 25.8%; cashew nuts increased by 20.5%; cassava and products from cassava increased by 21.1%.
The export turnover of processing and manufacturing industrial goods was estimated at 79.6 billion USD, accounting for 86% of total export turnover and increasing by 17.5% over the same period of 2023.
The export turnover of many groups of processed industrial products achieved high growth rates (some product groups grew at two to three digits), in which the exports of key export items such as plastic products increased by nearly 132%; wood and wood products increased by 18.9%; textiles and garments increased by 7.9%; footwear of all kinds increased by 11.7%; iron and steel of all kinds increased by 32.7%; computers, electronic products and components increased by 30.3%; phones of all types and components increased by 9.7%; other machinery, equipment, tools and spare parts increased by 10.2%.
The export turnover of mineral fuel products in the first quarter of 2024 was estimated to reach 1.13 billion USD, up by 12.1% over the same period of 2023.
Vietnam's main commodity export markets in the first quarter of 2024
In the first quarter of 2024, Vietnam's export turnover to most of our country's major markets and trading partners has recovered well and achieved high growth.
Specifically, the United States was Vietnam's largest export market with an estimated turnover of 26.06 billion USD, accounting for 28% of the country's total export turnover and an increase of 25.5% over the same period last year (in the same period of 2023 the exports to the U.S were down by 21%). The next was China, estimated at 12.68 billion USD, up by 5.2% (in the same period of 2023, the exports to China were down by 10.2%). Meanwhile, the exports to the EU market were estimated to reach 12.1 billion USD, up by 16.3% (in the same period of 2023, the country’s exports to the EU were down by 10.3%). The exports to South Korea were estimated to reach 6.6 billion USD, up by 12.9% (in the same period of 2023, the country’s exports to South Korea were down by 5.4%); and the exports to Japan were estimated to reach 5.7 billion USD, up by 6.4% (in the same period of 2023, the country’s exports to Japan were down by 0.4%).
Vietnam's imports of goods in the first quarter of 2024
According to a report from the Ministry of Industry and Trade, Vietnam's import turnover of goods in the first quarter of 2024 was estimated to reach 84.98 billion USD, an increase of 13.9% over the same period last year (in the same period of 2023, the figure decreased by 15.4%). Of which the import turnover of the domestic economic sector was estimated at 29.7 billion USD, up by 14.4% over the same period last year; and import turnover of the foreign invested sector was estimated at 55.3 billion USD, an increase of 13.6%.
In the first quarter of 2024, there were 17 imported products saw the import value of over 1 billion USD, accounting for 76.1% of total import turnover, of which, there were 2 imported products worth over 5 billion USD, accounting for 40.3%.
Regarding the structure of imported goods, the group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials). raw materials for domestic production) accounted for 89% of Vietnam's total import turnover in the first quarter of 2024, with an estimated turnover of 75.7 billion USD, up by 16.1% over the same period of 2023.
Of which, the import turnover of computers, electronic products and components was estimated at 23.9 billion USD, an increase of 23.6% compared to the first quarter of 2023; and the import turnover of machinery, equipment, tools and spare parts increased by 12.1%.
The imports of most other products also recorded increases, such as steel of all kinds increased by nearly 32%; plastic raw materials increased by 8.5%; raw materials for textiles, garments and footwear increased by 9.1%; fabrics of all kinds increased by 2.7%.
Meanwhile, the import turnover of goods groups that need to be restricted in the first quarter of 2024 decreased by 3.8% over the same period last year, estimated at 4.6 billion USD. Of which, the highest increase was in the import turnover of household electrical appliances and components, up by 22.7% and vegetables and fruits up by 21.2%.
Vietnam's main import markets in the first quarter of 2024
In the first quarter of 2024, China was still Vietnam's largest import market with an estimated turnover of 29.4 billion USD, an increase of 24.4% over the same period last year (the import turnover from China in the same period of 2023 decreased by 14.6 %). The next was South Korea, estimated at 12.8 billion USD, up by 4.3% (in the same period of 2023, the imports of goods from South Korea were down by 27.1%). The imports of goods from ASEAN reached 11.07 billion USD, an increase of 9.8% (the imports of goods from ASEAN in the same period of 2023 decreased by 14.9%). The imports from Japan reached 5.6 billion USD, up by 6.8% (the imports from Japan in the same period of 2023 were down by 9.6%). The imports from EU reached 3.9 billion USD, up by 17.3% (the figure of the same period of 2023 was down by 14.6%). The imports from the United States reached 3.5 billion USD, an increase of 14.8% (the figure of the same period of 2023 decreased by 12.1%).
There are many trade scenarios for Vietnam in 2024 and with a high growth scenario, the country’s total import-export turnover of goods in 2024 is forecast to reach 790.56 billion USD, an increase of 16.08% compared to 2023.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn