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Vietnam's imports, exports and trade surplus in first quarter of 2024 

 Tuesday, April 2,2024

AsemconnectVietnam - According to the General Statistics Office (GSO), Vietnam's total import-export turnover reached 178.04 billion USD in the first quarter of 2024, an increase of 15.5% over the same period last year.

The trade surplus in the first quarter of 2024 reached 8.08 billion USD.
The country’s export turnover in the first quarter of 2024 was estimated to reach a value of 93.06 billion USD, increased by 17% over the same period last year. Processed industrial goods dominated exports, accounting for a significant proportion of 88.1% with a value of 82.02 billion USD.
The country’s imports of goods in the first quarter of 2024 reached 84.98 billion USD, an increase of 13.9%. Production materials comprised the majority of imports with the import value of 79.9 billion USD, equivalent to about 94% of total import value.
The US was still Vietnam's leading export market during this period, with an estimated turnover of 26.2 billion USD. Meanwhile, China maintained its position as Vietnam's largest importer with a turnover of goods into the country reaching 29.4 billion USD.
Although the overall trade picture was positive in the first quarter of the year, there was a gap between the domestic sector and the foreign-invested sector.
In particular, the domestic economic sector had a trade deficit while the foreign invested sector recorded a surplus.
Trade surplus of the FDI sector in the first quarter of 2024
In the first 3 months of 2024, the foreign direct investment enterprise sector had a trade surplus of 12.3 billion USD, including crude oil.
According to the data from the Foreign Investment Department (under the Ministry of Planning and Investment) in the report on foreign investment attraction in the first 3 months of 2024, the exports of the foreign investment sector in the first 3 months of the year, including crude oil was estimated to reach 67.85 billion USD, up by 13.9% over the same period in 2023, accounting for 73.4% of the country's export turnover.
The exports of the foreign direct investment sector excluding crude oil were estimated to reach 67.2 billion USD, up by 13.7% over the same period of 2023, accounting for 72.8% of the country's export turnover.
The imports of the foreign direct investment sector were estimated at 55.5 billion USD, up by 14.1% over the same period last year and accounting for 64.8% of the country's import turnover.
Overall, in the first 3 months of 2024, the foreign direct investment enterprise sector had a trade surplus of over 12.3 billion USD including crude oil and a trade surplus of over 11.7 billion USD excluding crude oil. Meanwhile, the domestic business sector had a trade deficit of more than 5.6 billion USD.
Trade surplus of Vietnam's agricultural, forestry and fishery industry in the first quarter of 2024
In the first quarter of 2024, Vietnam’s total export turnover of agricultural, forestry and fishery products was estimated to reach 13.53 billion USD, up by 21.8% over the same period last year. The trade surplus of the industry was 3.36 billion USD, an increase of 96.5%.
The Ministry of Agriculture and Rural Development said that the growth rate of agricultural, forestry and fishery production value in the first quarter of 2024 was estimated to reach 2.9 - 3% compared to the same period of 2023.
In March of 2024, the exports of the entire industry reached 4.85 billion USD, up by 6% over the same period last year. Of which, the exports of main agricultural products reached 2.75 billion USD (up by 31.1% compared to March of 2023), the exports of the main forestry products reached 1.22 billion USD (down by 0.3%), the exports of the aquatic products reached 653 million USD (down by 14.6%), the exports of livestock reached 43.6 million USD (up by 8.3%), and the exports of production inputs reached 173 million USD (up by 0.2%).
In the first three months of 2024, the country’s total agricultural, forestry and fishery export turnover was estimated to reach 13.53 billion USD, up by 21.8% over the same period last year; the trade surplus reached 3.36 billion USD, an increase of 96.5%. The products that mainly contributed to this result were: agricultural products 7.46 billion USD, increased by 31.1%; forest products 3.61 billion USD, up by 18.8%; seafood 1.86 billion USD, up by 1.9%; livestock 113 million USD, up by 4.8%; production input 481 million USD, an increase of 8.3%.
There were 4 items with an export value of over 1 billion USD, including: wood 2.32 billion USD (up by 26.8%); fruits and vegetables 1.23 billion USD (up by 25.8%); rice 1.37 billion USD (up by 40% with 2.07 million tonnes, up by 12%); coffee 1.9 billion USD (up by 54.2% with 799,000 tonnes, up by 44.4%).
Many products saw increase in average export prices in the first quarter of 2024. Specifically, the average export price of rice reached 661 USD/tonne, an increase of 5%; the average export coffee price was 2,373 USD/tonne, up by 6.8%; the average export rubber price reached 1,462 USD/tonne, an increase of 5.1%; the average export price of pepper reached 4,153 USD/tonne, an increase of 35.6%.
The average export price of cashew nuts alone reached 5,329 USD/tonne, down by 8.6%; the average export price of tea was 1,616 USD/tonne, down by 2.2%; the average export price of fertilizer reached 412 USD/tonne, down by 9.1%.
Regarding markets, China, the United States and Japan continued to be the three largest export markets. Of which, the export value to China accounted for 20.2%, an increase of 18.3%; to the United States accounted for 19.9%, an increase of 28.3% and to Japan accounted for 7%, an increase of 4.6%.
According to the Ministry of Agriculture and Rural Development, in March of 2024, the prices of agricultural products did not have major fluctuations. Rice prices continued to decrease in Mekong Delta provinces; the fruit price decreased compared to last month due to reduced demand; live pig prices show good signs as prices tend to increase in all 3 regions (the average increase was 1,000 - 2,000 VND/kg); the price of white leg shrimp (55 pieces/kg) was 160,556 VND/kg (down by 5.6% compared to last month); and pangasius price was 28,000 VND/kg, (up by 4.5% compared to last month).
The rate of monitored agricultural, forestry and fishery food samples met the requirements of 99.6%, an increase of 2.1% over the same period last year; the rate of production and business establishments certified to be eligible to ensure food safety reached 99.4%, down by 0.2%; while the rate of agricultural, forestry and fishery production and business establishments signing a commitment to comply with food safety regulations reached 92%, an increase of 3%.
CK
Source: VITIC/congthuong.vn/vietnamplus.vn

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