Vietnam exports highest in nearly two years

In the first month of 2024, Vietnam recorded an export turnover of nearly 33.6 billion USD, an increase of 42% over the same period last year, and the highest level since April 2022.

According to data from the Ministry of Industry and Trade , import and export of goods in the first month of 2024 increased sharply, reaching more than 64 billion USD, up nearly 38% over the same period last year. Exports alone increased by 42%, about 33.6 billion USD. This is also the highest increase since April 2022 (33.26 billion USD).

Exports increased sharply thanks to the momentum from two main sectors: agriculture, forestry, fishery and processing industry, up nearly 97% and 38% respectively. Exports of all kinds of phones and components in the first month of this year are estimated to reach nearly 6 billion USD. This level increased by more than 56% compared to the previous month due to Samsung's new product line Samsung Galaxy S24 launched in mid-January.

Agricultural products continue to be a bright spot in the country's export picture thanks to their price advantage. Data from the Ministry of Industry and Trade shows that the average coffee price reached 2,955 USD per ton, up more than 35%; rice was 693 USD per ton, 33.5% more expensive than the same period last year...

The US remains Vietnam’s largest import market, with 9.6 billion USD, up nearly 56% over the same period. Traditional export markets such as China, the EU, and ASEAN increased by 58%, 18%, and 38%, respectively.

Unloading goods at Tan Vu port, Hai Phong , July 2023. Photo: Giang Huy

Vietnam imported more than 30.6 billion USD, of which nearly 95% were production materials for the 2024 Lunar New Year. China is still the largest export market to Vietnam, nearly 11 billion USD, up 50% over the same period last year.

Thus, the trade balance continued to have a trade surplus like last year, 2.9 billion USD. The domestic economic sector had a trade deficit of more than 2 billion USD, while the group with foreign investment capital (including crude oil) had a trade surplus of over 5 billion USD.

Vietnam mainly had a trade surplus with the US and China, with 8.2 billion USD and 4.8 billion USD, respectively. In contrast, the trade deficit with South Korea and ASEAN decreased by 25% and 11% compared to the same period.

The Ministry of Industry and Trade forecasts that exports this year will still face many challenges due to increasingly fierce strategic competition among major countries and escalating tensions in the Red Sea, causing freight rates to increase dramatically. In addition to stimulating domestic consumption, the ministry said it will work with agencies to promote production from the beginning of the year, especially removing difficulties for businesses to recover and creating new production capacity.

The Ministry also continues to monitor market developments, supply, and demand for goods, especially essential goods such as electricity and gasoline, to proactively develop plans to ensure that there are no shortages or disruptions in the supply of goods, causing market instability.

An Minh - Vnexpress.net

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