Import-Export Department cited data from General Department of Customs as saying that total import-export turnover of goods between Vietnam and European Union (EU) in the first 6 months of 2024 reached 32 billion USD, of which exports reached 24.5 billion USD, up 14.1%, and imports from EU reached 7.5 billion USD, up 5.2%.
Thanks to improvement in exports compared to the same period last year, it contributed to improve trade balance with a trade surplus of 17 billion USD, up 18.5% over the same period.
Improvement in exports to EU was thanks to significant recovery of key commodity groups such as phones, computers, textiles, footwear, agriculture, forestry and fishery products.
The strongest increase was in computers, electronic products and components, reaching a turnover of approximately 4.1 billion USD, up nearly 50% over the same period, machinery, equipment and spare parts reached 3.95 billion USD, up more than 22%, footwear nearly 3 billion USD, up 11.3%.
Seafood exports from Vietnam to EU reached 513 million USD, up 12% over the same period last year.
Notably, a strong recovery in export orders has caused computers, electronic products and components to the EU to increase to a record level, after only 6 months but only 1.5 billion USD less than the performance of the whole of last year.
In 2023, exports of computers, electronic products and components to EU decreased by 13%, reaching only 5.53 billion USD. Footwear also decreased by 17%, bringing in 4.82 billion USD.
Demand for many types of goods has declined, so last year, Vietnam's export turnover to EU reached 43.68 billion USD, down 6.7% compared to 2022.
According to Ministry of Industry and Trade, Vietnam's exports to most markets and major trading partners in the first half of 2024 have recovered well and achieved high double-digit growth, in which EU has a high growth rate, second only to the US (22.1%), higher than the growth rate in ASEAN (12.3%), Korea (10.4%), Japan (1.8%), China (5.3%)...
If we continue to maintain recovery momentum as in the beginning of this year, in the second half of this year, exports to EU can reach 50-52 billion USD.
Significantly supporting recovery of trade in goods is Vietnam - EU Free Trade Agreement (EVFTA), which has been in effect for nearly 4 years (effective date 1/8/2020), with a commitment to preferential tariffs for many export items.
Total export turnover using preferential C/O in the EUR.1 form last year reached 14.3 billion USD, equivalent to 35.17% of export turnover to EU.
Statistics from Import-Export Department (Ministry of Industry and Trade) show that some commodity groups have a very good rate of using preferential C/O in the EUR.1 form, such as seafood (89.2%), vegetables and fruits (88.3%). In particular, footwear, one of Vietnam's key export items to EU market with an export turnover of 4.8 billion USD, has a rate of granting preferential C/O in the EUR.1 form of up to nearly 100%.

Source: Vitic/ congthuong.vn