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Imports and exports in 2024: Proactively adapt to maintain markets 

 Tuesday, February 20,2024

AsemconnectVietnam - After positive numbers in January of 2024, businesses also expect import-export activities to recover even better in the near future.

7 billion USD export items in January of 2024
According to the data from the General Statistics Office, Vietnam’s total import-export turnover in January of 2024 reached 64.22 billion USD, an increase of 37.7% over the same period last year (corresponding to an increase of 17.62 billion USD), of which the exports reached 33.57 billion USD, up by 42%, the imports reached 30.65 billion USD, up by 33.3% over the same period last year. The trade balance of goods in January of 2024 was estimated at a trade surplus of 2.92 billion USD.
In terms of market, the United States was Vietnam's largest export market with an estimated turnover of 9.6 billion USD. China was Vietnam's largest import market with an estimated turnover of 10.9 billion USD.
In January of 2024, the trade surplus to the US market was estimated to reach 8.2 billion USD, up by 57.6% over the same period last year; while the trade surplus to the EU was estimated at 2.5 billion USD, up by 10.6%; the trade surplus to Japan was 200 million USD (same period last year the trade deficit was 138 million USD); the trade deficit from China was 4.8 billion USD, up 39.8%; the trade deficit from South Korea was 2.8 billion USD, down by 24.9%; and the trade deficit from ASEAN was 704 million USD, down by 11.4%.
Regarding the structure of export goods in January of 2024, the fuel and mineral goods group was estimated to reach 292 million USD, accounting for 0.9%; the group of processed industrial goods was estimated at 29.48 billion USD, accounting for 87.8%; agricultural and forestry products were estimated at 3.07 billion USD, accounting for 9.1%; and the seafood group was estimated to reach 730 million USD, accounting for 2.2%.
In January of 2024, there were 7 products with export turnover of over 1 billion USD, accounting for 65.7% of total export turnover.
Specifically, the exports of phones and components reached 5.8 billion USD, up by 15.8% over the same period last year; electronics, computers and components reached 5 billion USD, an increase of 57.4%; other machinery, equipment, tools and spare parts reached 3.8 billion USD, an increase of 31.2%; textiles and garments reached 2.9 billion USD, up by 28.6%; footwear reached 1.85 billion USD, an increase of 35%; wood and wood products reached 1.4 billion USD, an increase of 74.6%; transport vehicles and spare parts reached 1.4 billion USD, an increase of 74.6% over the same period last year.
Balance and diversify markets
According to experts, thanks to the rapid recovery of export orders in the last months of 2023 leading into the new year, by the end of the first month of 2024, phones and components have regained their position as the leading export industry with 5.8 billion USD
However, the growth of 15.8% over the same period does not say too much, because in January of 2023, there were many long Lunar New Year holidays, so the country's exports reached less than 24 billion USD (phones and components alone contribute 5 billion USD).
To continue to maintain its position as the leading export industry, in the following months, phone and component manufacturing businesses will also depend heavily on demand in major markets, especially the United States and South Korea. Last year, the exports this product group grew negatively by 30.5% in South Korea and negatively by 33.5% in the United States.
Discussing the export dynamics in the coming time, in the macroeconomic report in early February of 2024 from the Analysis Department of Mirae Asset Securities Company mentioned 3 factors.
Firstly, phones and components recovered thanks to the launch of Samsung's new S24 smartphone line in January of 2024.
Second, imported raw materials grew positively in January, positively signaling increased demand for production activities.
Third are signs of improving demand in some export markets in recent months, with manufacturing PMIs for the US, China, ASEAN and South Korea above 50 and Eurozone and Japan manufacturing PMIs increased compared to previous months despite being below 50 in January.
According to forecasts, the world and regional situation will continue to have complicated and unpredictable developments, with uneven economic growth, trade and investment prospects and increased risks.
Therefore, in order for export growth to achieve the planned target in 2024, there is an important role of trade promotion activities and active support from authorities for the business community.
Experts note that balancing and diversifying markets, customers and product types is very important; especially maintaining customers and traditional markets, while also avoiding "putting all your eggs in one basket" when the market faces difficulties. Businesses need to be ready to welcome opportunities to return, as well as flexibly respond to challenges and have the most suitable strategy for themselves.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that in 2024, to successfully implement the goals and tasks of the socio-economic development plan, Resolution 11/NQ-CP of the Prime Minister has been consistent. The 2024 action motto is "Responsible discipline, timely initiative, accelerated creativity and sustainable efficiency". The Ministry of Industry and Trade requests localities, associations, and businesses to be proactive and creative in developing markets for local products and industries, closely coordinating with units under the Ministry of Industry and Trade and Trade agencies of Vietnam abroad in building and implementing practical and effective trade promotion activities, supporting businesses to exploit a variety of export and import markets to serve production development.
CK
Source: VITIC/congthuong.vn

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