The preliminary trade balance of goods in the first period of January 2024 was a trade surplus of 0.38 billion USD (the same period last year had a trade surplus of 0.73 billion USD); of which, the domestic economic sector had a trade deficit of 1.19 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 1.57 billion USD.
Specifically, as of January 15, 2024, the preliminary export turnover of goods reached 15.08 billion USD - an increase of 4.1% over the same period last year. Of which, the domestic economic sector reached 4.02 billion USD, an increase of 10.4%, accounting for 26.7% of total export turnover; the foreign-invested sector (including crude oil) reached 11.06 billion USD, an increase of 1.9%, accounting for 73.3%.
As of January 15, 2024, there were 4 items with export turnover of over 1 billion USD, accounting for 53.2% of total export turnover.
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Illustration photo: Ministry of Industry and Trade |
Regarding the structure of export goods, the preliminary fuel and mineral group reached 108 million USD, accounting for 0.7%; the processed industrial goods group reached 13.35 billion USD, accounting for 88.5%; the agricultural and forestry products group reached 1.3 billion USD, accounting for 8.7%; the aquatic products group reached 318 million USD, accounting for 2.1%.
Regarding goods imports, the preliminary import turnover of goods reached 14.7 billion USD - up 6.8% over the same period last year. Of which, the domestic economic sector reached 5.22 billion USD - up 19.1%, accounting for 35.5% of total import turnover; the foreign-invested sector reached 9.48 billion USD, up 1.1%, accounting for 64.5%.
As of January 15, 2024, there were 2 items with import turnover of over 1 billion USD, accounting for 42.1% of total import turnover.
Regarding the structure of imported goods, the group of preliminary production materials reached 13.83 billion USD, accounting for 94.1%; of which, the group of machinery, equipment, tools and spare parts accounted for 48.6%; the group of raw materials, fuels and materials accounted for 45.5%. The group of preliminary consumer goods reached 0.87 billion USD, accounting for 5.9%.
To achieve the goals set by the National Assembly for Vietnam's international trade, the General Statistics Office proposes that the Ministry of Industry and Trade continue to improve mechanisms and policies, creating a favorable macro environment for goods export; building, amending and supplementing economic and trade mechanisms and policies that need to be implemented synchronously and regularly; creating a favorable, open and transparent business environment.
In addition, the industry and trade sector develops sustainable exports along with market diversification towards a healthy and reasonable trade balance with partners. In reality, Vietnam is mainly dependent on a number of large export markets. Therefore, when these countries fall into crisis, Vietnam's export activities face major shocks and are interrupted.
On the other hand, Vietnamese manufacturers are facing many challenges when their products do not meet the requirements of clean green energy conversion, low carbon production, sustainable materials, environmentally friendly production... from the import market. In order to promote the export of sustainable goods along with market diversification towards a healthy and reasonable trade balance with partners.
Along with that, the industry and trade sector needs to minimize risks from trade defense investigations towards sustainable export growth; strengthen forecasting and early warning for businesses of goods that may be at risk of being investigated. At the same time, implement solutions to prove that Vietnamese goods are not being dumped.
In addition, the Ministry of Industry and Trade needs to balance the trade balance with partners by implementing more programs to help businesses of major partners access domestic businesses. Along with that, there needs to be more preferential import tax rates, especially tax reduction for machinery and equipment from markets where Vietnam has a trade surplus...
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