AsemconnectVietnam - According to the statistics from the General Department of Customs, in the first 7 months of 2024, Vietnam's export of goods to some ASEAN countries such as Indonesia, Singapore and Malaysia all recorded growth.

Specifically, Vietnam's exports of goods to Indonesia in the first 7 months of 2024 reached 3.46 billion USD, up by 19.5% over the same period last year; while the exports to the Singapore market reached 2.97 billion USD, up by 26.7% and the exports to Malaysia reached over 3.04 billion USD, up by 6.5% over the same period last year.
Exports of goods to Indonesia in July and the first 7 months of 2024
According to the statistics from the General Department of Customs, Vietnam's export of goods to the Indonesian market in July of 2024 reached 484.7 million USD, an increase of 11.6% compared to the previous month. In the first 7 months of 2024, it reached 3.46 billion USD, an increase of 19.5% over the same period last year.
Indonesia has become a key and extremely potential market in the Asian region in particular and the world in general. The consumption level of goods and products of Indonesian people is very large, especially Halal products - a market with many opportunities to increase export turnover.
Main export items to Indonesia in the first 7 months of 2024
The items that Vietnam exported to Indonesia were rice, seafood, coffee, chemical products, plastic materials, footwear of all kinds, textile raw materials, leather and footwear, iron and steel of all kinds, etc. The group of computers, electronic products and components was the leading group of goods in terms of export turnover to the Indonesian market. Vietnamese goods are also gradually asserting their position in the Indonesian market with export turnover increasing over time.
In the first 7 months of 2024, rice led the export turnover to the Indonesian market, reaching 481.6 million USD, up by 60.8% over the same period last year, accounting for 13.9% of the export proportion. The next was machinery, equipment, tools and spare parts, reaching 255.8 million USD, up by 20.%, accounting for 7.3% of the export proportion.
In the first 7 months of 2024, some items had export turnover growth compared to the same period last year: the exports of coffee increased by 101.8%; chemicals increased by 133.3%; rubber increased by 72.7%; tea increased by 105.8%; and coal increased by 153.1%.
The two-way trade between Vietnam and Indonesia in 2023 reached 13.8 billion USD, down by 2.5% compared to 2022. Of which, the imports from Indonesia reached 8.73 billion USD, the exports to this market reached 5.07 billion USD. Thus, the trade deficit with Indonesia in 2023 reached 3.66 billion USD, down by 28.3%.
Vietnam's exports to Singapore in the first 7 months of 2024
According to the preliminary statistics figures from the General Department of Vietnam Customs, the export turnover of goods to the Singapore market in July of 2024 reached 461.8 million USD, an increase of 14.4% over the previous month, and in the first 7 months of 2024, it reached 2.97 billion USD, an increase of 26.7% over the same period last year.
Main export items to Singapore in the first 7 months of 2024
In the first 7 months of 2024, the group of computers, electronic products and components was leading in export turnover with 579.7 million USD, an increase of 38.4% over the same period last year and accounting for 19.4% of the proportion. The next was the group of machinery, equipment, tools and spare parts reaching 489.6 million USD, up by 5.4%, accounting for 16.4% of the export proportion.
Some items with a strong increase in export value in the first 7 months of 2024 compared to the same period last year: means of transport and spare parts increased by 90.3%; rice increased by 55.1%; iron and steel of all kinds increased by 30.6%.
Singapore is a country with a developed economy among the most dynamic in the Asia-Pacific region, playing an important role in trade cooperation with Vietnam. Singapore's need to find and expand the market for supplying raw materials to replace the Chinese market is very large. Vietnam is one of the key markets that helps Singapore make up for the shortage of goods, especially agricultural, aquatic, food and construction products.
Exports of goods to Malaysia in the first 7 months of 2024
Malaysia is currently one of the import markets with great potential for Vietnam in the ASEAN region. Malaysia is Vietnam's 2nd largest trading partner in ASEAN and 9th in the world.
Malaysia is Vietnam's 2nd largest trading partner in ASEAN and 9th in the world.
According to the statistics figures from the General Department of Customs, the export turnover of goods to the Malaysian market in July of 2024 reached 429.7 million USD, down by 6.05% compared to the previous month. The total export turnover of goods to Malaysia in the first 7 months of the year reached over 3.04 billion USD, up by 6.5% over the same period last year.
Main items exported to the Malaysian market in the first 7 months of 2024
Vietnam's main export products to the Malaysian market include machinery, equipment and spare parts; computers; electronics and components; iron and steel of all kinds; petroleum, chemicals.
Leading the group of export items in the first 7 months of 2024 were the following groups of items: iron and steel of all kinds reaching 342.9 million USD, down 1.08%, accounting for 11.2%; followed by the group of computers, electronic products and components reaching 324.6 million, down by 8.9%; followed by rice reaching 314.1 million USD, up by 176.6%, accounting for 10.3%. Some items with export growth in the first 7 months of 2024 compared to the same period last year: chemicals increased by 204.3%; coffee increased by 115.3%; plastic products increased by 60.7%; rubber increased by 141.5%; ores and minerals increased by 120.5%.
CK
Source: VITIC