AsemconnectVietnam - The US and China still maintained their positions as Vietnam's top two export markets in the first 5 months of 2024.

Export turnover to the US in the first 5 months of 2024 reached more than 44.4 billion USD, while exports to China reached more than 22.5 billion USD.
Vietnam's exports of goods to the US market in the first 5 months of 2024
According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the US market in May of 2024 reached more than 9.72 billion USD, an increase of 8.3% over the previous month. The figure brought the country’s total exports of goods to the US in the first five months of 2024 to more than 44.4 billion USD, up by 22.3% over the same period last year.
Key products exported to the US market in the first 5 months of 2024
Currently, more than half of Vietnam's export value to the US is high-tech products (consumer electronics, smart phones), garments and footwear, the rest is other products such as furniture and agricultural products.
In the first 5 months of 2024, leading export turnover was computers, electronic products and components with more than 8.94 billion USD, up by 50% over the same period last year, accounting for 20.1% of the total export proportion. The next was the group of machinery, equipment, tools and spare parts with 7.34 billion USD, up by 10.8% over the same period last year, accounting for 16.5%. And then was textile and garment products with 5.64 billion USD, accounting for 12.7% of export proportion.
Several items saw increase in export turnover in the first 5 months of 2024 compared to the same period last year: plastic products increased by 43.5%; iron and steel of all kinds increased by 147.4%; pepper increased by 53.4%; animal feed and raw materials increased by 100%; glass and glass products increased by 80.3%; tea increased by 62.1%.
The US is currently leading Vietnam's export markets. Meanwhile, Vietnam has become a major trading partner of the US and an important link in the supply chain of many goods for the US market.
Among Vietnam's exports to the US, agricultural products, aquatic products, furniture, decorations, etc. occupy a very important position because these are strong product groups of Vietnam and the US that have great demand.
Vietnam’s exports of goods to China in the first 5 months of 2024
According to the statistics figures from the General Department of Customs, the export turnover of Vietnamese goods to the Chinese market in May of 2024 reached more than 4.8 billion USD, an increase of 8.2% compared to the previous month. Overall in the first 5 months of 2024, the country’s total exports of goods to China reached more than 22.5 billion USD, an increase of 11% over the same period last year.
Key products exported to China in the first 5 months of 2024
Leading the export turnover in the first 5 months of 2024 was the group of computers, electronic products and components reaching more than 4.7 billion USD, up by 3.01% over the same period last year, accounting for 21% of the total export proportion. The next was the group of all kinds of phones and components reaching more than 4.6 billion USD, accounting for 20.7% of export proportion.
Product groups with export turnover growing in the first 5 months of 2024 compared to the same period last year included vegetables and fruits increased by 32.9%; cameras, camcorders and accessories increased by 96.2%; chemicals increased by 88.3%; cashew nuts increased by 45.6%; coffee increased by 52.9%; ores and other minerals increased by 250.8%.
In 2024, China is still identified as Vietnam's key agricultural, forestry and fishery export market, which is expected to achieve high growth. In addition to strong products such as vegetables, fruits and seafood, businesses are focusing on increasing market share of products with great potential such as rubber, pepper, cassava.
Main products imported from Hong Kong (China) in the first 5 months of 2024
According to the statistics figures from the General Department of Customs, the import turnover of goods from the Hong Kong market in May of 2024 reached more than 88.8 million USD, down by 12.3% compared to the previous month. Totally in the first 5 months of this year, the country’s exports of goods to Hong Kong reached more than 479.6 million USD, down by 42.8% over the same period last year.
Leading the import turnover in the first 5 months of 2024 was the group of computers, electronic products and components with more than 106.6 million USD, down by 75% over the same period last year, accounting for 22.2% of the total export proportion. The next was the iron and steel scrap group with more than 94 million USD, accounting for 19.6% of export proportion; and then was the group of machinery, equipment, tools and spare parts reaching 79.2 million USD, accounting for 16.5% of import proportion.
Some products saw a sharp increase in import turnover in the first 5 months of 2024 compared to the same period last year, including phones of all types and components increased by 360.8%; plastic raw materials increased by 104%; other products from petroleum increased by 89.6%.
CK
Source: VITIC