AsemconnectVietnam - Exports of goods continued to recover strongly and were a bright spot in the overall picture of Vietnam's economy in the first 7 months of 2024.

According to information from the Ministry of Industry and Trade, Vietnam's export turnover in July of 2024 was estimated at 35.92 billion USD, up by 6.7% over the previous month. Of which, the exports of goods of the domestic economic sector reached 9.87 billion USD, up by 9.8%; the exports of goods of the foreign-invested sector (including crude oil) reached 26.05 billion USD, up by 5.6%.
Compared to the same period of 2023, Vietnam's goods export turnover in July of 2024 was estimated to increase by 19.1% over the same period last year, of which the export turnover of the domestic economic sector increased by 25.9%, and the export turnover of the foreign-invested sector (including crude oil) increased by 16.7%.
In the first 7 months of 2024, Vietnam's goods export turnover was estimated to reach 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 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%.
Vietnam's key export items in the first 7 months of 2024
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 exported over 5 billion USD, accounting for 70.8%).
Exports grew strongly and evenly in all 3 groups of goods. The exports of agricultural products in the first 7 months of the year were estimated at 21.4 billion USD, up by 19.6% over the same period of 2023, accounting for 9.4% of the total export turnover of the country.
Some items in the agricultural product 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%, mainly due to increased export prices.
The export turnover of the processed and manufactured industrial goods group was estimated at nearly 192 billion USD, accounting for 84.6% of total export turnover and increasing by 15.4% over the same period of 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%.
Meanwhile, the export turnover of the mineral fuel group was estimated at 2.35 billion USD, a slight increase compared to the same period in 2023 (up by 0.6%).
Vietnam's main commodity export markets in the first 7 months of 2024
In the first 7 months of 2024, export turnover to most markets, especially markets that are major trading partners of our country, recorded good recovery and achieved high double-digit growth.
In particular, the United States continued to be our country's largest export market with an estimated turnover of 66.09 billion USD, accounting for 29% of the country's total export turnover and an increase of 24.4% over the same period last year. The Chinese market ranked second with an estimated export turnover of 33.38 billion USD, an increase of 7.2%. The exports to the EU market were estimated at 29.34 billion USD, up by 15.8%; to South Korea were estimated at 14.39 billion USD, up by 9%; and to Japan were estimated at 13.46 billion USD, up by 2.8%.
Vietnam's main import items in the first 7 months of 2024
In the first 7 months of 2024, Vietnam's 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%; the import turnover of the foreign-invested sector reached 134.9 billion USD, up by 16.9%. In the first 7 months of this year, there were 35 imported items with a value of over 1 billion USD, accounting for 89.4% of total import turnover (there were 10 imported items over 5 billion USD, accounting for 62.5%).
Structure of Vietnam's imported goods in the first 7 months of 2024
In the first 7 months of this year, 89% of the total import turnover was from the group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials for domestic production), with an estimated turnover of 189.3 billion USD, an increase of 19.7% over the same period of 2023.
This is a positive signal for the economy in the context of high domestic production and consumption, the demand for importing raw materials, machinery and equipment for production increased sharply to serve the newly signed orders.
In particular, the import turnover of computers, electronic products and components was estimated at 58.8 billion USD, an increase of 28.1% over the same period of 2023 and accounting for 27.6% of the total import turnover of the whole country; while the imports of machinery, equipment, tools and spare parts reached 26.4 billion USD, up by 14.6%.
In addition, the import turnover of most other items also recorded high double-digit increases, such as phones of all kinds and components increased by 26.9%; steel of all kinds increased by 23.4%; electric wires and cables increased by 32.4%; plastic raw materials increased by 17.5%; textile and footwear raw materials increased by 19.9%; fabrics of all kinds increased by 14.8%.
The import turnover of the group of goods requiring import restrictions in 7 months was estimated at 11.46 billion USD, up by 7.2% over the same period last year. Some items with high import turnover include household electrical appliances and components, up by 22.1%; vegetables and fruits increased by 14%; cameras, camcorders and components increased by 14.1%.
Vietnam's main import markets in the first 7 months of 2024
Due to the strong recovery of production and export, leading to increased demand for imported machinery, equipment and raw materials for domestic production, our country's imports in the first 7 months of 2024 from most key markets increased.
China continued to be our country's largest import market with an estimated turnover of 79.2 billion USD, up by 34.9% over the same period last year and accounting for 37.2% of the country's total import turnover. It was followed by the imports from the South Korean market with 32.1 billion USD, up by 12.6%; the ASEAN market with 26.5 billion USD, up by 13.3%; Japan with 12.4 billion USD, up by 4.6%; the EU with 9.2 billion USD, up by 8.7%; the US with 8.5 billion USD, up by 6.2%.
The 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 we had the 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.
CK
Source: VITIC/ moit.gov.vn