Import turnover of goods increased by 15.4%
As one of Hanoi's key industrial product manufacturing enterprises, Mr. Nguyen Ngoc Chung - General Director of Export Mechanical Tools Joint Stock Company (EMTC) (brand iTEK ELEVATOR) - said, Enterprise sales in the first months of 2024 recovered quite well. The business is aiming to make Vietnamese products of international quality, serve Vietnamese people and reach out to the region and the world.
In the textile and garment sector, businesses in the industry also recorded an increase in export orders. The reason is that the markets have recovered, buyers' inventories are below the minimum level, so they have started importing goods again. "From the beginning of the year until now, export orders at this enterprise have recovered and grown well compared to the same period last year," Mr. Pham Van Viet - Chairman of Viet Thang Jean Company - said.
In the wood industry, orders at many businesses have now recovered by 80 - 90%. Some businesses already have orders until mid-2024. In the first 4 months of 2024, export of wood and wood products is estimated to reach 4.8 billion USD, up 23.7% over the same period in 2023. Of which, the turnover Wood product exports are estimated to reach 3.3 billion USD, up 25.8% over the same period in 2023.
Talking to reporters from Industry and Trade Newspaper, Mr. Do Xuan Lap - Chairman of Vietnam Timber and Forest Products Association said that consumption of goods in many large markets such as the US and Europe is receiving gradually better signs. This promotes an increase in export orders, including wood and wood products. Accordingly, the export activities of the wood industry in the first 4 months of 2024 recorded a positive growth rate.
The recovery of export orders is a factor promoting the import of raw materials for production. According to experts, currently industrialized countries continue to promote strategies to diversify supply chains and diversify investments, which will help Vietnam become an important production and export center in global value chain. Vietnam's maintenance of macroeconomic stability is an important plus, creating advantages in attracting investment and promoting production and business in the coming time, especially key industrial products and supporting industries. . Many businesses are making great efforts to connect more with partners from Japan, Korea, India... to increase customers, creating a premise for promoting production in 2024.
A report from the Ministry of Industry and Trade said that in the first 4 months of 2024, import turnover of goods is estimated to reach 115.24 billion USD, an increase of 15.4% over the same period last year. Notably, 89% of the total import turnover in the first 4 months of 2024 is a group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials for domestic production) with an estimated turnover of 102.4 billion USD, an increase of 17.2% over the same period in 2023. This shows a sign of positive recovery of production and export when the demand for imported machinery and equipment increases. Equipment, tools, spare parts and raw materials for production increased quite high.
Of which, the import turnover of computers, electronic products and components alone is estimated at 31.3 billion USD, up 23.1% over the same period in 2023 and accounting for 27.2% of the total import turnover of the whole country; machinery, equipment, tools and spare parts increased by 12.1%.
According to the Ministry of Industry and Trade, due to the recovery of production and export, the need to import machinery, equipment and raw materials for domestic production increased and our country's import turnover in the first 4 months of the year from most major markets increased.
“China continues to be our country's largest import market in the first 4 months of 2024 with an estimated turnover of 41.57 billion USD, up 28.4% over the same period last year and accounting for 36% of total turnover. imports of the whole country; Next is imports from the Korean market estimated at 17.05 billion USD, up 6.1%; ASEAN is estimated to reach 15.6 billion USD, up 16.9%; Japan is estimated to reach 7.4 billion USD, up 6.9%; EU is estimated to reach 5 billion USD, up 11.4%; The United States is estimated to reach 4.5 billion USD, an increase of 4.6%," the Ministry of Industry and Trade said.
The Industry and Trade sector continues to accompany and support businesses
Besides the achieved results, according to the assessment of the Ministry of Industry and Trade, the global economy is entering a new period with many risks, challenges and unpredictability. The fact that developed countries pay more attention to the issues of sustainable development, combating climate change, and consumer safety is continuing to be the premise for establishing new standards/regulations related to the food chain. Supply, raw materials, labor, and environment are stricter for imported products. On the other hand, countries that diversify their supply sources outside of China, focusing on a number of partners near the market and partners equivalent to Vietnam such as Turkey, Mexico, India, Indonesia, Bangladesh... will do increasing competition in Vietnam's export markets.
In the first 4 months of the year, the total export turnover of leather and footwear reached 6.542 billion USD, an increase of 5.7% over the same period in 2023. Although it is Vietnam's main export industry, according to the Vietnam Leather and Footwear Association (Lefaso), this industry is currently too focused on processing and leaving raw materials to foreign supply chains. The business market for buying and selling footwear raw materials and accessories in Vietnam is almost non-existent. Notably, 60 - 70% of small and medium-sized enterprises in Vietnam's leather and footwear industry have to struggle to find raw material sources or have to follow customers' orders. This has many potential risks in the near future.
In the field of supporting industries, Mr. Nguyen Van - Vice Chairman of Hanoi Supporting Industry Business Association (HANSIBA) informed reporters of Industry and Trade Newspaper that in fact, businesses in the association still face many difficulties in capital, financial capacity, and assets. Therefore, providing capital to businesses is important, especially preferential capital with low interest rates to recover and take advantage of opportunities in 2024.
To support businesses, in the field of Industry and Trade, the Ministry of Industry and Trade said that it will continue to deploy many solutions. Specifically, we will continue to closely monitor market developments and change partners' policies to propose appropriate solutions and develop a variety of traditional and new export markets.
At the same time, continue to promptly inform industry associations about developments in export markets so that businesses can promptly adjust appropriate production plans and orient themselves to seek orders from markets.
In addition, focus on promoting trade and export promotion activities for key markets, new markets, and potential markets. Strengthen activities to provide market information and improve capacity to deploy trade promotion activities on digital platforms.
In addition, we will continue to diversify import markets, especially markets for importing raw materials and accessories for production, avoiding heavy dependence on one market; Gradually improve the trade balance with Vietnam's trade deficit markets.

L. Giang
Source: Vitic/ congthuong.vn