AsemconnectVietnam - It is expected that in 2024, Vietnam's total import-export turnover could reach a new record of 800 billion USD, up by 15% over the previous year and nearly 3 times higher than the assigned plan.

The merchandise trade balance recorded a high trade surplus for the 9th consecutive year (nearly 25 billion USD), helping to increase foreign exchange reserves, stabilize exchange rates and macroeconomic indicators.
In particular, Vietnam's merchandise exports to most market regions grew well, especially markets that have signed free trade agreements (FTAs) with Vietnam.
The United States continued to be Vietnam's largest export market, accounting for nearly 30% of total turnover, and increased sharply due to recovering demand. Other major markets such as China and the EU also maintained positive growth.
Exports in all three sectors of industry, agriculture and services recorded good recovery and development, export growth in all three sectors increased month after month and quarter after quarter and higher than the same period last year.
Import and export remained at a high level and ensured a trade surplus. The trade balance was maintained at a fairly positive level, which strongly supported the balance of payments to also maintain a positive level, while supporting a stable exchange rate.
According to the Ministry of Industry and Trade, in 2024, Vietnam’s industrial production recovered strongly, growing spectacularly by over 8.0% compared to the previous year, exceeding the assigned plan and much higher than the growth rate of 2.3% of the previous year, in which the processing and manufacturing industry increased by nearly 10%, more than 3 times higher than the previous year's growth rate, affirming its important role as a pillar leading the growth of the economy. The number of jobs in the industrial and manufacturing sectors increases, the import and export activities of enterprises increase and thereby support domestic processing and manufacturing activities.
Agricultural, forestry and fishery exports grew
Despite the difficulties caused by the impact of Typhoon Yagi, 2024 was still a breakthrough year for Vietnam's agricultural sector in both production and export.
Production value increased by over 3.2%, the export turnover of agriculture, forestry and fishery products is estimated at over 62 billion USD, an increase of over 18% compared to 2023, with 11 items continuing to maintain an export turnover value of over 1 billion USD, of which 7 items reached over 3 billion USD (wood and wood products estimated at 16.1 billion USD, vegetables and fruits estimated at 7.1 billion USD, rice estimated at 5.7 billion USD, coffee estimated at 5.4 billion USD, cashew nuts 4.3 billion USD, shrimp 3.8 billion USD, rubber estimated at 3.2 billion USD). In particular, the export of vegetables, fruits, rice, coffee, cashew nuts and pepper all had double-digit growth (coffee increased by 56.9%, pepper increased by 53.3%, rubber increased by 24.6%, rice increased by 10.6%). 2024 is also the 9th year that Vietnam has recorded a trade surplus, which is one of the important components to determine the growth rate of the economy. With the efforts of the entire economy, especially businesses, farmers, etc., it has contributed to increasing the total demand of the economy through this trade surplus.
Such a trade surplus, together with FDI capital and remittances flowing into Vietnam, will contribute to increasing the supply of foreign currency in the domestic market.
According to experts, this is an advantage for Vietnam to have more room to stabilize the exchange rate and stabilize the Vietnamese currency.
Exports of goods in the first period of December of 2024
According to the latest preliminary statistics of the General Department of Customs, exports in the first period of December (December 1-15) reached 15.36 billion USD, down by 9.1% (equivalent to a decrease of 1.54 billion USD) compared to the second period of November of 2024.
The exports in the first period of December decreased compared to the second period of November of 2024 in the following commodity groups: machinery, equipment, tools and spare parts decreased by 19.8%; phones of all kinds and components decreased by 14.9%; textiles and garments decreased by 12.4%.
Thus, by the end of December 15, Vietnam's total export turnover reached 385.35 billion USD, up by 13.9% (equivalent to an increase of 46.92 billion USD compared to the same period of 2023).
Some commodity groups increased sharply compared to the same period last year such as computers, electronic products and components increased by 26.6%; machinery, equipment, tools and spare parts increased by 20.8%; textiles increased by 10.4%; wood and wood products increased by 20.6%; footwear of all kinds increased by 12.21%.
Notably, although the year is not over yet, the export results have reached the highest level ever.
Specifically, compared to 2023, the export results over the past 11 months increased by 30.68 billion USD (the figure of the whole year of 2023 reached 354.67 billion USD).
Compared to the previous record achieved in 2022, the export results were also 14 billion USD higher (the record in 2022 reached 371.3 billion USD).
With the above results, it is likely that in 2024, the country's exports will set a new record with an estimated figure reaching and exceeding 400 billion USD.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn