It can be seen that since 2021, implementing the EVFTA, the scale of trade in goods between Vietnam and Italy has increased significantly. In 2023, due to the impact of inflation, the general weakening of demand globally, trade decreased slightly but was still much higher than before the implementation of the EVFTA.
According to Vietnam customs statistics, in the first 8 months of 2024, two-way trade between Italy and Vietnam reached nearly 4.6 billion USD. In which, Italy's exports of goods to Vietnam reached 1.25 billion USD, up 13.9% over the same period in 2023 and Italy's imports of goods from Vietnam reached 3.34 billion USD, up 8.9% over the same period in 2023. In the first 8 months of 2024, Vietnam achieved a surplus of nearly 2.1 billion USD in trade exchanges with the Italian market.
In 2023, Italy's total import turnover of goods from Vietnam reached 4.74 billion USD, up 1% compared to 2022, while Italy's exports of goods to Vietnam reached 1.63 billion USD, down 9% compared to 2022. In 2023, Italy has a deficit of 3.11 billion USD in goods trade with Vietnam.
Export of Italian goods to Vietnam
According to Vietnam customs statistics, in the first 8 months of 2024, Italy's exports of goods to Vietnam reached 1.25 billion USD, up 13.9% over the same period in 2023. Particularly in August 2024, Italy's exports of goods to Vietnam reached nearly 173 million USD, down 11.8% compared to July 2024 but up 22.8% over the same period in 2023.
Machinery, equipment, tools and other spare parts topped the list of Italy's main commodity groups exported to Vietnam in the first 8 months of 2024 with a turnover of 297.4 million USD, accounting for 24% of Italy's total export value to Vietnam and a slight decrease of 3.2% over the same period in 2023.
In August 2024, Italy's exports of machinery, equipment, tools and other spare parts to Vietnam reached nearly 40.8 million USD, down 12.5% compared to July but up 19.7% over the same period in 2023.
Ranking 2nd in the list of Italy's main commodity groups exported to Vietnam in the first 8 months of 2024 are pharmaceuticals of all kinds with a value of 189.3 million USD, accounting for 15% of the total value of Italian goods exported to Vietnam in the first 8 months of 2024 and a sharp increase of more than 43% over the same period last year.
Next was the group of textile, garment, leather and footwear raw materials with a total turnover of 147.3 million USD, accounting for 12% of Italy's total export turnover to Vietnam in the first 8 months of 2024 and up 20.2% over the same period in 2023.
The next commodity groups are fabrics of all kinds and chemical products with a turnover value of 93.7 million USD and 57.7 million USD in the first 8 months of the year, up 14.5% and 36.1% respectively over the same period in 2023.