According to report of General Department of Customs, in the first 11 months of 2024, total import-export turnover of goods reached 715.55 billion USD, an increase of 15.4% over the same period last year. Of which, export turnover of goods reached 369.93 billion USD, an increase of 14.4% over the same period last year. On other hand, preliminary import turnover of goods in the first 11 months of 2024 reached 345.62 billion USD, an increase of 16.4% over the same period last year.
According to experts, in the first 11 months of 2024, import and export recorded a positive recovery compared to the same period last year despite complicated developments of the world economy. Factors such as military conflicts and political instability continue to affect global economy.
Notably, exports of key commodity groups such as agricultural products, aquatic products and processed industry all grew impressively. Export turnover of agricultural and aquatic products is estimated at 35.46 billion USD (up 20.6%), while processing industry group is estimated at 312.59 billion USD (up 13.9%). Exports of domestic enterprises reached 103.38 billion USD, up 19.4%, surpassing growth rate of foreign-invested enterprise sector (12.2%).
Based on positive results achieved in the past 11 months and maintenance of this trend, it is likely that goods exports will reach 377 billion USD, up 6% compared to 2023, exceeding annual plan. Previously, a newly published report by UOB Bank forecast that Vietnam's exports this year will increase by 18% and reach nearly 420 billion USD, the highest since 2021.
In addition, with a trade surplus of 24.31 billion USD in the past 11 months, this is a positive signal, reflecting Vietnam's competitiveness and effectiveness of international economic integration. Maintaining a large trade surplus shows that the economy is reducing its dependence on imports and increasing domestic production.
With this result, 2024 will certainly continue to be the 9th year that Vietnam maintains a trade surplus. This is of great significance, contributing positively to improving balance of payments, increasing foreign exchange reserves and stabilizing exchange rates as well as other macroeconomic indicators.
Talking to reporters of Industry and Trade Newspaper, economic expert Dinh Trong Thinh said that in picture of import and export of goods in 2024, bright spot must be textile and garment and footwear industries that have regained their export performance. It is expected that in 2024, textile and garment exports will earn 44 billion USD, while footwear industry can earn 26 - 27 billion USD.
In addition, total export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 reached 56.74 billion USD, an increase of 19% over the same period in 2023. With achieved results, export turnover has exceeded target of 54 - 55 billion USD for the whole year of 2024 and is confident to aim for a new record of 60 billion USD...
However, Vietnam's import and export activities still have some limitations that need to be overcome. That is, exports are still concentrated in a number of markets with large turnover but have potential risks when these markets change policies or face economic fluctuations, requiring Vietnam to have a more effective market diversification strategy.
The fight against inflation still has many uncertain factors, especially monetary policies of major countries. The United States can implement policies to attract investment back to the United States or provide stronger protection for domestic production by applying trade barriers to imported goods.
For Vietnam, size of the economy is still modest but openness is large, competitiveness and resilience to external shocks are limited... Many businesses will face increased production costs due to having to invest in green technology and improve processes to meet sustainable development standards. Some businesses may lose customers if they do not meet new standards...
To promote export of goods in the coming time, Dr. Nguyen Quoc Viet - Deputy Director of Vietnam Institute for Economic and Policy Research (VEPR) - said that it is still necessary to prioritize export support policies, especially support for domestic exporting enterprises. In addition, export support policies must focus on each industry and value chain.
On side of Ministry of Industry and Trade, Mr. Tran Thanh Hai - Deputy Director of Import-Export Department - said that in order to promote import-export activities in the coming time, Ministry of Industry and Trade will continue to inform associations and industries about developments in the export market so that businesses can adjust their production plans to suit the markets. At the same time, it will maintain trade promotion conferences with Vietnamese trade office system abroad to update market information and regulations, standards... that may affect Vietnam's import-export activities.
In addition, promoting simplification of administrative procedures, implementing through online public services to facilitate import and export activities. Continuing to promote exports through border gates in the form of official channels, effectively operating and clearing export activities to Chinese market.

Source: Vitic/ congthuong.vn