By mid-May, total import-export turnover reached more than 270 billion USD.

According to the General Department of Customs, from the beginning of May to May 15, the country's goods exports reached 14.64 billion USD. In total, from the beginning of the year to May 15, the total export turnover reached 138.59 billion USD, an increase of 16% over the same period in 2023 (equivalent to an additional turnover of 19.17 billion USD).

As of mid-May, total import-export turnover reached more than 270 billion USD.

On the other hand, from the beginning of May to May 15, imports of goods reached 17.26 billion USD. Accumulated from the beginning of the year to May 15, the total import turnover of the whole country reached 132.23 billion USD, up 17.5% over the same period last year (equivalent to an increase of 19.7 billion USD).

Thus, as of mid-May, the country's total import-export turnover reached 270.82 billion USD, with a trade surplus of 6.36 billion USD. Notably, according to the General Department of Customs, all 10 largest export markets had positive growth, including: the United States, the EU, China, ASEAN, South Korea, Japan, Hong Kong (China), India, Canada, and Australia. Of which, the 5 largest markets with the most impressive growth were: the United States, China, the EU, ASEAN, and Hong Kong (China).

In addition to the achieved results, 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 both advantages and face challenges.

Accordingly, the existing Free Trade Agreements (FTAs) with partners/markets continue to have a positive impact, maintaining Vietnam's advantages in trade and investment activities. The demand of the world market in general and the European and American markets in particular will gradually recover as inflation has begun to decrease since the end of 2023 and is likely to approach the target level set by Central Banks for 2024 (ECB and FED - 2%).

The continued promotion of supply source diversification, supply chain diversification, and investment diversification by developed industrial countries will help Vietnam become an important production and export center in the global value chain. Countries in Europe and America are promoting green economic development, digital transformation, and circular economy, opening up many new cooperation opportunities as well as providing more credit and technology support for Vietnam...

In addition to the advantages, the Ministry of Industry and Trade said that the global economy is entering a new period with many risks and challenges and is unpredictable; the slow recovery of major trading partners. Global inflationary pressure is assessed to slow down but remain high; the trend of continuing monetary tightening in many countries to control inflation. Risk of disruption in the global value chain. The diversification of supply sources outside of China by countries, focusing on a number of partners near the market and partners equivalent to Vietnam such as Türkiye, Mexico, India, Indonesia, Bangladesh... will increase competition in Vietnam's export markets...

To support import-export activities in general and export activities in particular, the Ministry of Industry and Trade said it will continue to closely monitor market developments and policy changes of partners to propose appropriate solutions, diversifying traditional and new export markets.

At the same time, continue to promptly inform industry associations about developments in export markets so that businesses can promptly adjust their production plans accordingly and orient their search for orders from markets; regularly maintain trade promotion conferences with the Vietnamese Trade Office system abroad.

Direct the Vietnam Trade Office system in market areas to regularly update information on foreign market situations; regulations, standards, and conditions of foreign markets that may affect Vietnam's import and export activities and make recommendations to localities, associations, and import and export enterprises.

Support businesses in effectively exploiting FTAs, while accelerating negotiations and signing of FTAs, new economic linkages to diversify markets, supply chains and boost exports. Develop logistics services; support businesses to strongly shift to official exports associated with brand building. Continue to improve and promote early warning of foreign trade defense cases against Vietnamese export goods;….

Source: https://congthuong.vn/den-giua-thang-5-tong-kim-ngach-xuat-nhap-khau-dat-hon-270-ty-usd-321583.html