Picture of commodity exports in 9 months has a fresh color
According to data from General Statistics Office, preliminary export turnover of goods in September 2024 reached 34.05 billion USD, down 9.9% compared to the previous month and up 10.7% compared to the same period last year. In the third quarter of 2024, preliminary export turnover reached 108.6 billion USD, up 15.8% compared to the same period last year and up 10.6% compared to the second quarter of 2024.
In general, in the first 9 months of 2024, preliminary export turnover of goods reached 299.63 billion USD, an increase of 15.4% over the same period last year. Of which, domestic economic sector reached 83.47 billion USD, an increase of 20.7%, accounting for 27.9% of total export turnover; foreign-invested sector (including crude oil) reached 216.16 billion USD, an increase of 13.4%, accounting for 72.1%. Notably, in terms of structure of export goods in the first 9 months of 2024, group of preliminary processed industrial goods reached 263.47 billion USD, accounting for 87.9%. Mr. Tran Thanh Hai - Deputy Director of Import-Export Department (Ministry of Industry and Trade) - said that in the first 9 months of 2024, items with high export turnover were computers, electronic products and components estimated at 52.75 billion USD, an increase of 27.3%; Phones and components are estimated at 41.78 billion USD, up 6.9%; textiles and garments are estimated at 27.35 billion USD, up 9.0%; footwear is estimated at 16.6 billion USD, up 12.9%; wood and wood products are estimated at 11.61 billion USD, up 20.7%; seafood is estimated at 7.23 billion USD, up 9.5%; fruits and vegetables are estimated at 5.67 billion USD, up 34.7%.
Notably, there are 7 groups of goods with export turnover of over 10 billion USD, including: Machinery, equipment, tools, spare parts; Phones and components; Computers, electronic products and components; footwear; textiles; wood and wood products; means of transport and spare parts. There are 11 groups of goods with export turnover of over 5 billion USD and 31 groups of goods with export turnover of over 1 billion USD.
From a business perspective, Mr. Hoang Huu Yen - General Director of Vietnam Engineering and Industry Group (Intech Group) - shared that this year's market is more vibrant than last year, so by September 2024, number of orders at Intech Group has increased by 30% compared to last year and met capacity until November 2024. During this time, the company also has to arrange additional staff and allocate appropriate production plans to ensure orders. Intech Group's current order volume is 70% for manufacturing processing for domestic partners, mainly partners from Japan, Korea... the rest is for export to Japan, the United States. Similarly, Mr. Nguyen Van Tuan - Director of Binh Minh Construction, Mechanical and Trading Company Limited said that the company's order volume is sufficient until December 2024, in which export order volume accounts for about 20% of revenue, along with supplying to FDI enterprises and multinational corporations in Vietnam.
According to Mr. Nguyen Xuan Thang - Sales Director of TYG International Company Limited (TYGICO), revenue situation and market demand at the end of 2024 are improving, in which TYGICO has received a lot of support from functional agencies and industry associations to be able to operate more effectively, strengthening cooperation connections between businesses and partners.
Mr. Nguyen Bich Lam - former General Director of General Statistics Office assessed that picture of goods exports in the first 9 months of the year had a fresh color. Growth rate of goods export turnover of domestic economic sector reached 20.7%, much higher than growth rate of export turnover of 13.4% of FDI sector.
Except for export turnover of goods in the first 3 months of 2024, which fluctuated up and down due to "seasonal" factors, picture of goods exports of Vietnam in the first 9 months left a strong impression with average export turnover in the following months being higher than the previous months.
"On average, in the first 9 months of 2024, export turnover reached 33.29 billion USD, 1.52 billion USD higher than average monthly turnover in the first 6 months of 2024. If export level of following month is maintained higher than the previous month in the fourth quarter of 2024, total export turnover of goods in 2024 is estimated to set a historical milestone of about 400 billion USD, surpassing 371.82 billion USD mark of 2022", Mr. Nguyen Bich Lam commented.
Supporting and enhancing competitiveness of Vietnamese goods
Trade balance of goods in the first 9 months of 2024 had a trade surplus of 20.79 billion USD, down 0.53% compared to trade surplus of 20.9 billion USD in the same period in 2023; of which, domestic economic sector had a trade deficit of 17.38 billion USD; the foreign-invested sector had a trade surplus of 38.17 billion USD.
In the first 9 months of 2024, service exports are estimated at 17.4 billion USD, up 18.8% over the same period last year; service imports are estimated at 26.6 billion USD, up 26.8% over the same period last year, service trade deficit in the first 9 months of 2024 is 9.2 billion USD. Mr. Nguyen Bich Lam commented that central banks of major economies, which are important trade partners of Vietnam, cutting interest rates will affect exchange rate between VND and USD in direction of increasing value of VND. This has a positive impact on imports and a negative impact on exports.
In addition, domestic production depends heavily on imported raw materials. In the fourth quarter of 2024, businesses will boost production to meet increased consumer demand at the end of the year, which will lead to a sharp increase in import demand, which may lead to a trade deficit in the last three months of the year, reducing surplus of the trade balance of goods for the whole year.
In 2023, trade balance of goods will have a trade surplus of 27.78 billion USD, contributing significantly to GDP growth of 5.05%. For import and export activities in 2024 to contribute to GDP growth higher than an increase of the previous year, trade balance for the whole year of 2024 must have a trade surplus exceeding the previous year's level of 27.78 billion USD.
To maximize growth momentum based on exports and make a positive contribution to economic growth, Mr. Nguyen Bich Lam suggested that the Government should implement fiscal and monetary policies and exchange rate policies to support businesses in increasing supply, reducing costs and improving competitiveness of Vietnamese goods.
Ministry of Industry and Trade needs to continue to promote trade, diversify import and export markets; improve effectiveness of market information work; support businesses to effectively take advantage of opportunities and fully implement commitments from trade agreements to boost exports. At the same time, strengthen propaganda on rules of origin and issuance of Certificates of Origin; focus on building image of reputable Vietnamese export enterprises.
Enterprises need to proactively seek orders, expand markets and maintain trade balance of goods at the highest possible level.

Source: Vitic/ congthuong.vn