In January 2024, industrial production index and import-export turnover increased sharply.

Specifically, according to the report of the Ministry of Industry and Trade , the index of industrial production (IIP) in January 2024 increased by 18.3% over the same period last year and increased widely in 60/63 localities. In particular, the processing and manufacturing industry increased by 19.3%, gradually regaining its leading role in industrial development.

The industrial production index in January 2024 increased sharply compared to last year. (Illustration photo: Ministry of Industry and Trade).

This positive result continues the momentum of production recovery from the fourth quarter of 2023 thanks to the Government's support measures, the Prime Minister's drastic directions in disbursing public investment capital, implementing key industrial projects, and attracting and disbursing FDI capital in 2023, helping to increase domestic production capacity and the recovery of the world market.

The production index in January 2024 of most key secondary industries increased compared to the same period last year. Of which, some processing and manufacturing industries increased by double digits such as: food processing increased by 17.2%; tobacco production increased by 34.7%; textile increased by 46.2%; garment production increased by 20.9%; electrical equipment production increased by 43.3%; bed, cabinet, table and chair production increased by 66.7%; motor vehicle production increased by 24%...

Some key industrial products increased compared to the same period last year, in which some products increased by double digits such as: LPG increased by 16.8%; gasoline and oil of all kinds increased by 25.8%; rolled steel increased by 59.6%; automobiles increased by 14.6%; motorbikes increased by 18.6%; natural fiber fabrics increased by 57%; casual clothes increased by 25.8%; leather shoes increased by 13.6%; NPK fertilizer increased by 40.7%...

In the field of import and export, the total import and export turnover of goods in January 2024 is estimated at 64.22 billion USD, up 37.7% over the same period last year, of which exports increased by 42%; imports increased by 33.3%.

The trade balance of goods in January 2024 is estimated to have a trade surplus of 2.92 billion USD.

Specifically, the export turnover of goods in January 2024 is estimated at 33.57 billion USD, up 6.7% over the previous month. Compared to the same period last year, the export turnover of goods in January 2024 increased by 42%. This is also the month with the highest export turnover since September 2022.

There are 7 items with export turnover of over 1 billion USD. Of which, agricultural and aquatic products continue to be a bright spot in the country's export picture with an estimated turnover of 3.33 billion USD, up 9.1% compared to the previous month and accounting for 9.9% of the country's total export turnover.

In general, exports to major export markets recovered well in the first month of 2024. The US continued to be Vietnam's largest export market with an estimated turnover of 9.6 billion USD, up 5.5% compared to December 2023 and up 55.8% compared to the same period in 2023.

In addition, export turnover to other major markets is estimated to have also increased sharply compared to the same period last year, such as: China increased by 57.8%, estimated at 6.1 billion USD; EU increased by 17.9%, estimated at 3.9 billion USD; ASEAN increased by 38.5%, estimated at 3.04 billion USD; Japan increased by 39.6%; Korea increased by 22.4%; EU increased by 18%...

Import turnover of goods in November 2024 is estimated at 30.65 billion USD, up 4.2% over the previous month and up 33.3% over the same period last year.

China is the largest market supplying goods to Vietnam in January 2024 with an estimated turnover of 10.9 billion USD, an increase of 49.4% over the same period in 2023.

PHAM DUY

Source