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Exports continued to prosper in first 5 months as orders increased 

 Friday, June 14,2024

AsemconnectVietnam - Vietnam’s export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth.

Vegetables and fruits continued to have a "good harvest" for export
According to the assessment of the Ministry of Industry and Trade, with the recovery of the world market and increased export orders, the import and export activities in the first 5 months of the year continued to prosper and achieved positive results. In May, the total import-export turnover of goods was estimated at 66.62 billion USD, up by 9.1% over the previous month and up by 22.6% over the same period last year. In the first 5 months of 2024, the total import-export turnover of goods reached 305.53 billion USD, an increase of 16.6% over the same period last year, of which goods exports were estimated at 156.77 billion USD, an increase 15.2% over the same period of 2023.
Among export commodity groups, fruits and vegetables continued to increase strongly. Mr. Nguyen Thanh Binh, Chairman of the Vietnam Fruit and Vegetable Association, said that by May 20, Vietnam's fruit and vegetable export turnover reached 2.49 billion USD, an increase of 25.7% over the same period of 2023. The exports to key markets continued to increase, such as to China, South Korea, United States, Japan and Thailand.
According to the Import-Export Department (Ministry of Industry and Trade), with the current growth momentum, fruit and vegetable exports are forecast to continue to grow positively. In particular, increased demand from the Chinese market will be the factor promoting export growth of this product.
Wood and wood products are a product group that has had a positive recovery recently. In the first 5 months of 2024, wood and wood product exports were estimated to reach 6.1 billion USD, up by 23.5% over the same period of 2023. Of the figure, the export value of wood products was estimated at 4.16 billion USD, an increase of 22.8% over the same period of 2023. According to the Import-Export Department, the wood market is recovering, the exports of wood and wood products all grew positively. The export growth rate of wooden furniture products is at a high level, thanks to the consumption of goods in many large markets such as the United States and Europe, which are receiving gradually better signs. Along with that, in recent times, many wood industry enterprises have updated their research on market trends and converted from export processing to designing new, beautiful and good quality models that are bought and highly appreciated by many international customers . This shows that Vietnam's wood processing and furniture industry is on the right track, not only to increase export value but also gradually enhance the position and brand of Vietnamese wooden furniture in the international market.
According to Deputy Minister of Industry and Trade Phan Thi Thang, with the advantages of geographical location, natural conditions, favorable soil and incentives from 16 bilateral and regional FTAs that have been signed and are being implemented with many stakeholders, the cooperation around the world, especially CPTPP and EVFTA, in recent years, the export turnover of agricultural products and food has maintained a growth rate of over double digits. FTAs have created huge competitive advantages for strategic agricultural, forestry and fishery products and are strong thanks to their commitment to reduce tariffs, especially for processed products; and increased the attraction of high-quality foreign investment in the agricultural sector, deeply and sustainably participating in the global supply chain.
Exports flourished in all three product groups
Assessing the export situation of goods in the past 5 months, according to the Ministry of Industry and Trade, the exports grew strongly and evenly in all 3 product groups. Notably, the agricultural product group has continued its growth momentum from 2023 until now, the total export turnover of this product group was estimated to reach 15.18 billion USD, up by 22% over the same period of 2023, accounting for 9.68% of the total export turnover of the country. Due to increased export prices, most products in this group achieved high double-digit export turnover growth rates compared to the same period last year, such as coffee increased by 43.9%; rice increased by 38.2%; tea of all kinds increased by 20.1%; vegetables and fruits increased by 28.2%; cashew kernels increased by 19.3%; pepper increased by 19.7%; cassava and cassava products increased by 19.2%.
For the manufacturing and processing industry group, the export turnover was estimated to reach 132.42 billion USD, accounting for 84.5% of total export turnover and increasing 14.9% over the same period of 2023. Many product groups achieved high growth rate of export turnover, including key export items, such as cameras, camcorders and components increased by 61.2%; computers, electronic products and components increased by 33.4%; plastic products increased by 29.6%; wood and wood products increased by 23.5%; iron and steel of all kinds increased by 10.9%; other machinery, equipment, tools and spare parts increased by 11.8%; textiles and garments increased by 6.3%; footwear of all kinds increased by 7.1%; phones and accessories of all kinds increased by 11.6%.
In addition, the export turnover of mineral fuel products was estimated to reach 1.96 billion USD, up by 16.2% over the same period of 2023.
Notably, the export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth. In particular, the United States continued to be our country's largest export market with an estimated turnover of 43.98 billion USD, accounting for 28% of the country's total export turnover and increasing by 21% over the same period last year ( the figure of the same period last year decreased by nearly 20%). The next was the Chinese market with an estimated turnover of 22.65 billion USD, an increase of 10.2%; the exports to EU market were estimated to reach 20.69 billion USD, up by 16.1%; to South Korea 10.4 billion USD, up by 12.8%; and to Japan 9.5 billion USD, an increase of 4.7%.
Although the exports continued to improve month by month, according to the Ministry of Industry and Trade, Vietnam's import and export activities in 2024, especially exports to key markets such as Europe and America, will have advantages and challenges. Vietnam's exports are also affected by the economic situation and political conflicts in many regions. Besides, protectionist policies of countries are increasing day by day. The fact that developed countries pay more attention to the issues of sustainable development, combating climate change, and consumer safety continues to be the premise for establishing new standards and regulations related to the food supply chains, raw materials, labor, and environment are stricter for imported products. Furthermore, countries diversifying their supply sources outside of China, focusing on a number of partners near the market and partners equivalent to Vietnam such as Turkey, Mexico, India, Indonesia, Bangladesh, etc... will increase the competition in Vietnam's export markets.
According to the General Department of Customs, the country's trade balance of goods in May was estimated at a trade deficit of 1 billion USD. Overall, for the first 5 months of 2024, the trade balance of goods was estimated to have a trade surplus of 8.01 billion USD (the same period last year, the country had a trade surplus of 10.2 billion USD). Of which, the domestic economic sector's trade deficit was 11.26 billion USD; and the foreign invested sector (including crude oil) had a trade surplus of 19.27 billion USD.
CK
Source: VITIC/congthuong.vn/haiquanonline.com.vn

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