AsemconnectVietnam - Import and export of goods in the first 8 months of 2024 reached 511.11 billion USD, up by 16.7% over the same period last year.

Vietnam's import and export growth in the first 8 months is estimated at over 413 billion USD and the 6% growth target for the whole year of 2024 is almost certain to be achieved.
Vietnam's exports of goods in August and the first 8 months of 2024
According to data from the General Department of Customs, by the end of August 2024, the total export turnover of goods of Vietnam reached 265.44 billion USD, up by 15.9% over the same period last year. Notably, there were 10 commodity group bys that increased by over 1 billion USD compared to the same period last year, bringing the export turnover to increase by 29.72 billion USD compared to the same period last year, accounting for 81.5% of the country's export turnover increase.
Regarding export markets, by the end of August, the 10 largest markets all grew strongly. Of which, there were 6 markets that increased by 1 billion USD or more, including: the United States reached 78.2 billion USD, an increase of 16.08 billion USD; the EU reached 34.08 billion USD, an increase of 5.08 billion USD; China reached 38.1 billion USD, an increase of 1.7 billion USD; ASEAN reached 24.45 billion USD, an increase of 2.84 billion USD; South Korea reached 16.83 billion USD, an increase of 1.3 billion USD; Hong Kong (China) reached 8.1 billion USD, an increase of 2.27 billion USD.
In particular, the export turnover in August reached 4.66 billion USD, up by 14.6% over the same period. This is also the month with the highest export turnover ever. With signed orders in the third quarter and orders under discussion in the fourth quarter, there is much hope for the possibility of reaching the export turnover target of 44 billion USD this year, achieving the high target set at the beginning of the year for the whole industry. Exports of goods in 2024 are expected to maintain double-digit growth.
Ms. Phan Thi Thanh Xuan - Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association - informed that in the first 8 months of 2024, leather and footwear exports grew, with an increase of more than 10%, many markets are recovering. With the current recovery rate, it is expected that the leather and footwear industry's exports will reach about 27 billion USD this year.
On the side of the Ministry of Industry and Trade, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department said that import-export activities achieved good growth due to the more positive developments in the international and domestic context. Specifically, the world economic situation is more positive when the US Federal Reserve (FED) has proposed a roadmap to cut interest rates after a long period.
In addition, the problem of high inventories in markets is gradually being overcome, especially in key export markets that have encountered difficulties in 2023 such as the EU and the United States. For the United States, recovering consumer indicators have become an important sup byporting factor for economic growth.
In addition, Vietnam has also recently upgraded its relationship to a Comprehensive Strategic Partnership with the United States, promising sustainable development for trade relations between the two countries. Domestically, the Government has taken strong steps with many comprehensive support solutions for the economy.
Vietnam's goods imports in August and the first 8 months of 2024
Accounting for nearly 89% of the total import turnover in the first 8 months of 2024 were the group of items that need to be imported, this is a positive signal for the economy.
According to the General Department of Customs, in the first 8 months of 2024, Vietnam's total import turnover of goods reached 246.87 billion USD, up by 18.1% over the same period last year. Of which, the group by of computers, electronic products and components increased by the most, up by 14.93 billion USD (equivalent to an increase of 27.5%); second was machinery, equipment, tools and spare parts, up by 4.58 billion USD (equivalent to an increase of 17.1%).
Notably, in the first 8 months of 2024, 39 groups of imported goods reached a turnover of 1 billion USD or more, an increase of 1 group compared to the same period in 2023. In particular, there were 2 group of imported goods with a turnover of tens of billions of dollars: computers, electronic products and components reached 69.24 billion USD; machinery, equipment, tools and spare parts reached 31.36 billion USD.
According to the Ministry of Industry and Trade, in the context of high domestic production and consumption, the demand for imported raw materials, machinery and equipment for production increased by sharply.
In particular, in August 2024, imports of goods in the domestic economic sector increased by 1.4%; the foreign-invested sector decreased by 4.5% compared to the previous month. Compared to the same period last year, the imports of goods in the domestic economic sector increased by 13.2%; the foreign-invested sector increased by 11.9%.
According to the Ministry of Industry and Trade, nearly 89% of the total import turnover in the first 8 months of 2024 was the group by of goods that need to be imported, including machinery, equipment, tools, spare parts and raw materials for domestic production.
"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 has increased by sharply to serve newly signed orders," the Ministry of Industry and Trade commented.
Also according to the Ministry of Industry and Trade, due to the strong recovery of production and export, leading to an increase in the demand for importing machinery, equipment and raw materials for domestic production, our country's imports in the first 8 months of 2024 from most key markets have increased by.
China continued to be our country's largest import market with a preliminary turnover of 99.29 billion USD, up by 33.9% over the same period last year and accounting for 37.5% of the country's total import turnover; followed by imports from the Korean market reaching 36.9 billion USD, up by 10.3%; the ASEAN market reaching 30.27 billion USD, up by 12.5%; Japan reaching 14.37 billion USD, up by 3.1%; the EU reaching 10.8 billion USD, up by 11.4%; the United States reaching 9.78 billion USD, up by 6.9%.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn