In the first 10 months of 2024, trade surplus reached 23.3 billion USD
According to statistics from General Department of Customs, total import-export turnover of goods in October reached 69.19 billion USD, up 5.1% (equivalent to an increase of 3.35 billion USD) compared to September. Export still maintained an increase of 4.4%, with 35.59 billion USD and import reached 33.6 billion USD, up 5.8%.
In the first 10 months of 2024, total import-export turnover of goods nationwide reached nearly 648 billion USD, an increase of 15.8%, equivalent to an increase of 88.57 billion USD compared to the same period in 2023.
Of which, export turnover reached 335.59 billion USD, an increase of 14.9% (equivalent to an increase of 43.54 billion USD) and total import turnover reached 312.28 billion USD, an increase of 16.8% (equivalent to an increase of 45.03 billion USD), a trade surplus of 23.3 billion USD. Trade recovered positively, export orders to major markets all increased by double digits, thereby improving budget revenue from import and export.
In agricultural sector, according to report of Ministry of Agriculture and Rural Development, export turnover of agricultural, forestry and fishery products in October 2024 is estimated at 5.91 billion USD. Thus, total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Trade surplus value of agricultural, forestry and fishery products in the first 10 months reached 15.21 billion USD, up 62.2% over the same period last year. Many items emerged as bright spots in picture of agricultural exports. Specifically, rice export volume in October 2024 is estimated at 800,000 tonnes with 505 million USD, bringing total volume and value of rice exports in 10 months to nearly 7.8 million tonnes with 4.86 billion USD, up 10.2% in volume and 23.4% in value over the same period in 2023.
Average export price of rice in the first 10 months of 2024 is estimated at 626.2 USD/tonne, up 12% over the same period in 2023. With export speed of the past 10 months and domestic production capacity, rice exports in 2024 will reach over 8 million tonnes, exceeding 5 billion USD.
For fruits and vegetables, export turnover also set a historical record when earning 6.34 billion USD in just 10 months, a sharp increase of 31.5% compared to the same period in 2023. According to calculations by agricultural sector, this year's fruit and vegetable exports could exceed 7 billion USD mark, an increase of nearly 20% compared to last year.
Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development - emphasized that Vietnam currently ranks 2nd in Southeast Asia and 15th in the world in agricultural exports. Vietnam's agricultural exports are reaching their highest peak ever. This year, Vietnam will reach the highest level in agricultural export turnover. In October, total export turnover of agricultural sector reached 5.91 billion USD. In the last two months of the year, export only need to reach 5.5 billion USD/month, agricultural sector will reach target of 62 billion USD.
In textile and garment sector, EU is currently the second largest export market for this industry, after the United States. According to EU data, last year, EU imported 115 billion Euros from third countries, down 17% compared to 2022, of which top 10 suppliers accounted for 82% (95 billion Euros). China, Bangladesh and Turkey are the top 3 exporters to EU, accounting for 69.1% of market share, followed by Bangladesh at 15.3% and Turkey at 12.8%. Vietnam ranked 6th, reaching more than 4.1 billion Euros, accounting for 4.3% of market share. EU economy has begun to recover and improved purchasing power has boosted exports of goods, including textiles and garments from Vietnam. In the first 9 months of 2024, Vietnam exported goods worth 38.1 billion USD to EU27 block, an increase of 17% over the same period last year and is expected to reach nearly 50 billion USD this year.
In the last months of the year, along with other consumer goods industries, textiles and garments continue to have better growth opportunities thanks to increased demand during the holidays. In addition, textiles and garments exported to EU have more advantages than many other exporting countries thanks to Vietnam-EU Free Trade Agreement (EVFTA) which has entered its 5th year of implementation.
According to commitment in EVFTA, 100% of Vietnamese textiles and garments will enjoy 0% import tax after a maximum of 7 years from a date the agreement takes effect, creating a great driving force for expanding market share in the EU market.
Expected import and export will reach 800 billion USD
Forecasting exports for the remainder of 2024, Mr. Bui Huy Son - Director of Department of Planning and Finance (Ministry of Industry and Trade) - said that although there are still many risks, geopolitical conflicts directly affect supply chain and sea freight rates are still high, there is still room for growth in year-end exports.
Because year-end consumption demand in major markets such as the US and EU will be an important driving force to boost exports, especially in fields of electronics, consumer goods and textiles (global retailers increase stockpiling of goods for major holidays). Export markets under Free Trade Agreements (FTAs) continue to have a positive impact, maintaining Vietnam's advantages in trade and investment activities, etc.
To boost production and trade in the fourth quarter of 2024, a quarter that is decisive in achieving the 2024 target, Ministry of Industry and Trade said that it will increase support for businesses and industries to restore production and take advantage of FTAs to boost import and export activities.
According to Mr. Tran Thanh Hai - Deputy Director of Import and Export Department (Ministry of Industry and Trade), it is forecasted that in the last months of the year, both agricultural products and processing and manufacturing industries will continue to maintain good growth. With current growth rate and recovery of key markets, especially the US and EU, when signs of inflation decrease, purchasing power will increase again.
This will help us boost exports in the last months of the year. In addition, agricultural products group, although promising, needs to be noted for its seasonality and price fluctuations. This requires flexibility in the business and export strategies of enterprises.
With results achieved in 10 months and recent growth rate, many experts and managers expect that import-export turnover in 2024 will reach a new record of 800 billion USD.

Source: Vitic/ congthuong.vn