AsemconnectVietnam - In the first 6 months of 2024, Vietnam's exports and imports of goods both recorded growth.

According to the data from the General Statistics Office, Vietnam's export turnover of goods in the first 6 months of 2024 was estimated to reach 190.08 billion USD, up by 14.5% over the same period last year.
Meanwhile, in the first 6 months of 2024, the country’s import turnover of goods was estimated to reach 178.45 billion USD, up by 17% over the same period last year.
According to the latest report of the Ministry of Industry and Trade, with the recovery of the world market and increased export orders, import and export activities in the first half of 2024 continued to prosper and achieve good results. The total import and export turnover of goods in the first half of the year was estimated at 368.53 billion USD, up by 15.7% over the same period last year, of which the exports increased by 14.5%; the imports increased by 17%; and the trade balance of goods had a surplus of 11.63 billion USD.
Goods exports in June and the first 6 months of 2024
According to the data just announced by the General Statistics Office, in June, Vietnam’s total import and export turnover of goods was estimated at 63.24 billion USD, down by 2.7% over the previous month and up by 11.7% over the same period last year.
The country’s export turnover of goods in June of 2024 was estimated to reach 33.09 billion USD, up by 2.6% compared to the previous month. Of which, the domestic economic sector reached 9.33 billion USD, an increase of 3.7%; the foreign invested sector (including crude oil) reached 23.76 billion USD, an increase of 2.1%.
Compared to the same period last year, the export turnover of goods in June was estimated to increase by 10.5%, of which the domestic economic sector increased by 16.6%, the foreign invested sector (including crude oil) increased by 8.3%.
In the second quarter, the export turnover was estimated at 97.2 billion USD, up by 12.5% over the same period last year and up by 4.6% over the first quarter.
In the first 6 months of 2024, merchandise export turnover was estimated to reach 190.08 billion USD, up by 14.5% over the same period last year. Of which, the export turnover of the domestic economic sector reached 53.39 billion USD, an increase of 20.6%, accounting for 28.1% of total export turnover; the export turnover of the foreign invested sector (including crude oil) reached 136.69 billion USD, an increase of 12.3%, accounting for 71.9%.
Structure of Vietnam's export goods in the first 6 months of 2024
Notably, in the first 6 months of 2024, there were 29 items with export turnover of over 1 billion USD, accounting for 91.4% of total export turnover (there were 7 export items with over 5 billion USD, accounting for 65.6% of the country’s total export turnover).
Regarding the structure of export goods, the exports of the fuel and minerals group was estimated at 2.29 billion USD, accounting for 1.2%; the export turnover of the group of processed industrial goods was estimated at 166.79 billion USD, accounting for 87.7%; the export turnover of the group of agricultural and forestry products wa estimated at 16.64 billion USD, accounting for 8.8%; and the export turnover of the seafood group was estimated to reach 4.36 billion USD, accounting for 2.3%.
A notable point in goods export activities is that many products have impressive export growth rates. For example, textile and garment exports in the first half of 2024 reached 16,282 million USD, up by 3.1% over the same period last year.
With agricultural products, the general trend is that export prices are anchored at a high level. The total export turnover of this product group in 6 months was estimated at 18.37 billion USD, up by 19.9% over the same period of 2023, accounting for 9.67% of total export turnover of the country.
Due to increased export prices, most products in this group achieved high double-digit growth in export turnover compared to the same period last year, such as coffee increased by 34.5% in export value. Although the amount of coffee exported decreased by 10.6%; the exports of rice only increased by 10.4% in volume but increased by 32% in export value.
Vietnam's imports of goods in June and the first 6 months of 2024
Vietnam's import turnover of goods in June of 2024 was estimated to reach 30.15 billion USD, down by 7.9% compared to the previous month. Of which, the import value of the domestic economic sector reached 10.95 billion USD, down by 8.9%; the import value of the foreign invested sector reached 19.20 billion USD, down by 7.2%. Compared to the same period last year, the country’s import turnover in June increased by 13.1%, of which the domestic economic sector increased by 15.5%; the foreign invested sector increased by 11.8%.
In the second quarter, the country’s import turnover was estimated at 93.4 billion USD, up by 19.8% over the same period last year and up by 9.7% over the first quarter.
In the first 6 months of 2024, the import turnover of goods was estimated to reach 178.45 billion USD, up by 17% over the same period last year, of which the import value of the domestic economic sector reached 65.74 billion USD, up 22% over the same period last year. 3%; the import value of the foreign invested sector reached 112.71 billion USD, an increase of 14.1%. There were 33 imported items worth over 1 billion USD, accounting for 88.1% of total import turnover (there were 5 imported items worth of over 5 billion USD, accounting for 50.2%).
Structure of Vietnam's imports in the first 6 months of 2024
Regarding the structure of imported goods, the import value of the group of capital goods was estimated at 167.73 billion USD, accounting for 94%, of which the group of machinery, equipment, tools and spare parts accounted for 46%; the import value of the group of raw materials, fuel, and materials accounted for 48and the import value of the consumer goods group was estimated to reach 10.72 billion USD, accounting for 6%.
In the first 6 months of 2024, the total import and export turnover of goods reached 368.53 billion USD, an increase of 15.7% over the same period last year, of which exports increased by 14.5%; and imports increased by 17%.
The trade balance of goods had a surplus of 11.63 billion USD (in the same period last year, we had a trade surplus of 13.44 billion USD). Of which, the domestic economic sector's trade deficit was 12.35 billion USD; the foreign invested sector (including crude oil) had a trade surplus of 23.98 billion USD.
Regarding the import and export market of goods, the United States continued to be Vietnam's largest export market with an estimated turnover of 54.3 billion USD. China was Vietnam's largest import market with an estimated turnover of 67 billion USD.
In the first 6 months of 2024, the trade surplus to the United States was estimated to reach 47.2 billion USD, up by 25.6% over the same period last year; the trade surplus to the EU was estimated at 17 billion USD, up by 18.5%; the trade surplus to Japan was 952 million USD, up by 2.8%; the trade deficit from China was 39.2 billion USD, up by 67.9%; the trade deficit from South Korea was 14 billion USD, up by 4.9%; and the trade deficit from ASEAN was 4.4 billion USD, an increase of 9.8%.
Import and export forecast for 2024
In 2024, the Ministry of Industry and Trade targets Vietnam's export turnover of goods to reach 377 billion USD, an increase of about 6% compared to 2023, with an expected surplus of trade balance of about 15 billion USD.
Currently, import-export turnover of goods is showing many signs of good growth. Not to mention, the global economy and trade are on the path to recovery and better growth in 2025. According to the WTO (April 2024), the world merchandise trade volume will grow by 2.6% in 2024 and 3.3% in 2025. Vietnam's exports are forecast to continue to grow positively in the second half of 2024 (many businesses have orders until the end of the third quarter of 2024). The price of food products may continue to increase and remain at a high level, favorable for agricultural exports.
At the same time, the imports of raw materials for production have been boosted in recent months, showing that export activities will continue to increase in the coming time.
In addition, cyclically, demand increases in both domestic and world markets at the end of the year; Vietnam is benefiting from the wave of orders shifting from the US and has many advantages in boosting exports to China. Advantages from the Free Trade Agreements that Vietnam has signed will also bring positive results.
If import and export of goods maintain the current growth "tempo", it can be expected that import and export of goods in 2024 will continue to reach a new milestone of exceeding 750 billion USD, the best number ever.
CK
Source: VITIC/congthuong.vn