AsemconnectVietnam - According to the General Statistics Office, in the first 7 months of 2024, Vietnam’s total export and import turnover of goods reached 439.88 billion USD, up by 17.1% over the same period last year, of which exports increased by 15.7%; imports increased by 18.5%.

The trade balance of goods had a surplus of 14.08 billion USD.
In July, the total export and import turnover of goods was estimated at 69.72 billion USD, up 8.7% over the previous month and up 21.8% over the same period last year.
Vietnam’s exports of goods in July and the first 7 months of 2024
Vietnam’s export turnover of goods in July of 2024 was estimated at 35.92 billion USD, up by 6.7% over the previous month. Of which, the export turnover of the domestic economic sector reached 9.87 billion USD, up by 9.8%; and the export turnover of the foreign-invested sector (including crude oil) reached 26.05 billion USD, up by 5.6%.
Compared to the same period last year, the export turnover of goods in July was estimated to increase by 19.1%, of which the domestic economic sector increased by 25.9%, the foreign-invested sector (including crude oil) increased by 16.7%.
In the first 7 months of 2024, the country’s total export turnover of goods was estimated at 226.98 billion USD, up by 15.7% over the same period last year. Of which, the export turnover of the domestic economic sector reached 63.08 billion USD, up by 21.1%, accounting for 27.8% of the total export turnover; while the export turnover of the foreign-invested sector (including crude oil) reached 163.9 billion USD, up by 13.8%, accounting for 72.2%.
Notably, in the first 7 months of 2024, 30 items achieved an export turnover of over 1 billion USD, accounting for 91.9% of total export turnover (there were 9 items with export turnover of over 5 billion USD, accounting for 70.8%).
Leading export items in the first 7 months of 2024
Regarding the structure of export groups in the first 7 months of 2024, the group of fuel and minerals is estimated to reach 2.48 billion USD, accounting for 1.1%; the group of processed industrial goods is estimated to reach 199.94 billion USD, accounting for 88.1%; the group of agricultural and forestry products is estimated to reach 19.27 billion USD, accounting for 8.5%; the group of aquatic products is estimated to reach 5.29 billion USD, accounting for 2.3%.
Vietnam’s import value in July and the first 7 months of 2024
Vietnam’s import turnover of goods in July of 2024 was estimated to reach 33.8 billion USD, up by 11% over the previous month. Of which, the import turnover of the domestic economic sector reached 12.2 billion USD, up by 11.3%; while the import turnover of the foreign-invested sector reached 21.6 billion USD, up by 10.8%. Compared to the same period last year, the import turnover of goods in July increased by 24.7%, of which the domestic economic sector increased by 16.5%; the foreign-invested sector increased by 29.9%.
In the first 7 months of 2024, the import turnover of goods was estimated at 212.9 billion USD, up by 18.5% over the same period last year, of which the import turnover of the domestic economic sector reached 78 billion USD, up by 21.5%; and the import turnover of the foreign-invested sector reached 134.9 billion USD, up by 16.9%.
Leading import items in the first 7 months of 2024
In the first 7 months of 2024, there were 35 imported goods with a value of over 1 billion USD, accounting for 89.4% of the total import turnover (there were 10 imported goods with a value of over 5 billion USD, accounting for 62.5%).
Regarding the structure of imported goods in the first 7 months of 2024, the import turnover of the group of production materials was estimated to reach 199.88 billion USD, accounting for 93.9%, of which the group of machinery, equipment, tools and spare parts accounts for 46.2%; the group of raw materials, fuels and materials accounts for 47.7%. The import turnover of the group of consumer goods was estimated to reach 13.02 billion USD, accounting for 6.1%.
Leading trade partners of Vietnam in the first 7 months of 2024
Regarding the import and export market of goods in the first 7 months of 2024, the United States was Vietnam's largest export market with an estimated turnover of 66.1 billion USD. China was Vietnam's largest import market with an estimated turnover of 79.2 billion USD.
In the first 7 months of 2024, the trade surplus to the United States was estimated to reach 57.5 billion USD, up by 27.6% over the same period last year; the trade surplus to the EU was estimated to reach 20.1 billion USD, up by 19.4%; the trade surplus with Japan reached 1.1 billion USD, down by 14%; the trade deficit with China reached 45.8 billion USD, up by 65.4%; the trade deficit with South Korea reached 17.7 billion USD, up by 15.7%; the trade deficit with ASEAN of 5.5 billion USD, up by 21%.
The preliminary trade balance of goods in July was estimated to have a trade surplus of 2.12 billion USD. In the first 7 months of 2024, the trade balance of goods was estimated to have a trade surplus of 14.08 billion USD (the same period last year had a trade surplus of 16.5 billion USD). Of which, the domestic economic sector had a trade deficit of 14.92 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 29 billion USD.
The goal of reaching export revenues of 377 billion USD within reach
According to Le Quoc Phuong, former deputy director of the Vietnam Industry and Trade Information Centre, the goal of reaching export revenues of 377 billion USD, or a growth rate of 6% in 2024, is within reach, as Vietnamese enterprises are well prepared for taking opportunities from free trade agreements (FTAs).
Vietnam is among the world's top exporters for many products such as rice, pepper and garments, he said, adding that it’s critical for the country to continue to improve product quality to meet requirements of import markets.
Companies also need to diversify into other markets and expand into ones such as the Middle East, Africa and South America in order to minimise the risks from dependence on single or several markets.
Vietnam’s export and import are robust in the period, Tran Thanh Hai, Deputy Director of the Agency of Foreign Trade under the Ministry of Industry and Trade said.
The ministry is hastening the progress of negotiations for the Comprehensive Economic Partnership Agreement with the UAE as well as promote in-effect FTAs to enterprises.
The ministry will continue to provide market updates for enterprises so that they can build appropriate production and market development plans.
It will also focus on increasing digital transformation in trade promotion, he added.
CK
Source: VITIC/ vietnamplus.vn /haiquanonline.com.vn