Commodity exports continue to be a bright spot
Report on Industrial Production and Trade Activities in July 2024 recently announced by Ministry of Industry and Trade emphasized that with gradual recovery of the world market, increased export orders, so import-export activities of goods in the first 7 months of 2024 flourished and achieved positive results.
Specifically, in July, import-export turnover of goods is estimated at 69.72 billion USD, up 8.7% over the previous month and up 21.8% over the same period last year. In the first 7 months of 2024, total import-export turnover of goods reached 439.88 billion USD, up 17.1% over the same period last year, of which exports increased by 15.7%; imports increased by 18.5%. Trade balance of goods had a surplus of 14.08 billion USD. Goods exports continue to be a bright spot in overall picture of the economy in the first 7 months of 2024, showing a strong recovery. Goods exports in July 2024 are estimated at 35.92 billion USD, up 6.7% over previous month. Of which, domestic economic sector reached 9.87 billion USD, up 9.8%; foreign-invested sector (including crude oil) reached 26.05 billion USD, up 5.6%. However, compared to the same period last year, export turnover of goods in July is estimated to increase by 19.1%, of which domestic economic sector increased by 25.9%, foreign-invested sector (including crude oil) increased by 16.7%. In the first 7 months of 2024, export turnover of goods is estimated at 226.98 billion USD, up 15.7% over the same period last year. Of which, domestic economic sector reached 63.08 billion USD, up 21.1%, accounting for 27.8% of total export turnover; foreign-invested sector (including crude oil) reached 163.9 billion USD, up 13.8%, accounting for 72.2%. In the first 7 months of 2024, there were 30 items with 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%).
Notably, in the first 7 months of 2024, exports grew strongly and evenly in all 3 commodity groups. Specifically, agricultural product group has maintained its growth momentum from 2023 to present, with total export turnover of this group estimated at 21.4 billion USD, up 19.6% over the same period in 2023, accounting for 9.4% of total export turnover of the country. Due to increase in export prices, most of items in this group achieved high export turnover growth rates at double digits compared to the same period last year, such as: Coffee increased by 30.9%; rice increased by 25.1%; tea of all kinds increased by 34.8%; vegetables and fruits increased by 24.3%; cashew nuts increased by 22.1%; pepper increased by 46.3%; Cassava and cassava products increased by 12.5%.
Export turnover of processed and manufactured industrial goods group is estimated at nearly 192 billion USD, accounting for 84.6% of total export turnover and increasing by 15.4% over the same period in 2023. Many product groups achieved high growth rates, including key export items such as: Cameras, camcorders and components increased by 51.5%; computers, electronic products and components increased by 30%; plastic products increased by 29.9%; wood and wood products increased by 23.3%; iron and steel of all kinds increased by 9.8%; machinery, equipment, tools and other spare parts increased by 19%; textiles and garments increased by 4.3%; footwear of all kinds increased by 10.1%; phones of all kinds and components increased by 12.3%...
Export turnover of mineral fuel products is estimated at 2.35 billion USD, a slight increase compared to the same period in 2023 (up 0.6%).
Export turnover to most markets, especially markets that are major trading partners of Vietnam in the first 7 months of 2024, has recovered well and achieved high growth rates at double digits.
In particular, the United States continues to be Vietnam's largest export market with an estimated turnover of 66.09 billion USD, accounting for 29% of the country's total export turnover and increasing by 24.4% over the same period last year (the same period last year decreased by nearly 20%); followed by Chinese market with an estimated turnover of 33.38 billion USD, up 7.2%; EU market is estimated at 29.34 billion USD, up 15.8%; South Korea is estimated at 14.39 billion USD, up 9%; Japan is estimated at 13.46 billion USD, up 2.8%.
Strengthening promotion activities, supporting import and export activities
To accompany enterprises and cooperatives in export work, Deputy Minister of Industry and Trade Phan Thi Thang said that the Ministry will continue to closely monitor developments in markets and import and export policies of countries to promptly inform associations and enterprises. In particular, the focus is on Russia-Ukraine war situation; escalating conflicts in the Gaza Strip, the Red Sea; developments in China-EU trade conflict; sustainable development trends, greening in EU industries, new regulations in assessing supply chains of EU countries for export industries.
Focus on promoting export promotion activities for key markets, especially making the most of incentives brought by FTAs such as CPTPP, EVFTA, RCEP, etc.
Speed up negotiations, signing and ratification of FTAs, new economic linkages, initially with Israel and UAE, to diversify markets, supply chains and boost exports. Support enterprises in implementing trade promotion activities in new markets, potential markets that individual businesses do not have opportunity to directly penetrate.
Instruct Vietnam Trade Office system in market areas to regularly update information on foreign market situations; regulations, standards and conditions of foreign markets that may impact Vietnam's import and export activities and make recommendations to localities, associations, and import and export enterprises.
At the same time, coordinate with domestic agencies and localities to strengthen exchanges with Chinese agencies and localities to improve efficiency and regulate speed of customs clearance of import and export goods at border gates between Vietnam and China, especially for seasonal agricultural and aquatic products; implement measures to promote cooperation with China on border trade infrastructure and promote construction of border trade infrastructure in northern border localities.
Strengthen early warning of foreign trade defense cases against Vietnamese export goods; work to prevent evasion of trade defense measures and origin fraud; Continue to support businesses in responding to trade defense cases that have been and are being investigated by foreign countries.

Source: Vitic/ congthuong.vn