Export of goods in 9 months of 2024, the US is the market with the strongest growth

In the first 9 months of 2024, there were 8 markets and export market areas with an increase of over 1 billion USD compared to the same period last year, of which the United States was the market with the strongest increase.

The United States is the market with the strongest export growth.

The General Department of Customs ( Ministry of Finance ) has just sent a report to the Prime Minister on the import and export situation of goods in September and the first 9 months of 2024. Accordingly, the United States is the market with the strongest export growth of 17.96 billion USD; followed by the EU (27 countries) with an increase of 5.51 billion USD; ASEAN increased by 3.27 billion USD; Hong Kong (China) increased by 2.58 billion USD; China increased by 1.75 billion USD; the United Arab Emirates increased by 1.31 billion USD; South Korea increased by 1.21 billion USD; Australia increased by 1.13 billion USD compared to the same period last year.

In total, the export value in the first 9 months of 2024 of these 8 markets increased by 34.47 billion USD over the same period last year and was equal to 86% of the increase in the country's export value.

Export of goods in 9 months of 2024, the US is the market with the strongest growth

Remarkable, export goods Vietnam's exports to the US market in the third quarter of 2024 reached an all-time high of approximately 11 billion USD/month. Specifically, the export value to the US in the third quarter of 2024 reached 32.98 billion USD, an increase of 12.1% compared to the figure of 29.41 billion USD in the second quarter of 2024 and an increase of 28.1% compared to the figure of 25.74 billion USD in the first quarter of 2024.

In general, in the first 9 months of 2024, the export value to the US market reached 88.16 billion USD, an increase of 25.6% (equivalent to 17.96 billion USD) over the same period last year and accounting for 29.4% of the total export value of the country.

In the first 9 months of 2024, the main commodity groups exported to US market including: Computers, electronic products and components reached 17.32 billion USD, up 46.5% (equivalent to an increase of 5.5 billion USD); machinery, equipment, tools and spare parts reached 15.48 billion USD, up 22.8 billion USD (equivalent to 2.97 billion USD); textiles reached 12 billion USD, up 9.1% (equivalent to 1 billion USD); phones of all kinds and components reached 8.02 billion USD, up 28.8% (equivalent to 1.78 billion USD); wood and wood products reached 6.49 billion USD, up 25.9% (equivalent to 1.34 billion USD); footwear of all kinds reached 6.17 billion USD, up 17.7% (equivalent to an increase of 929 million USD) over the same period last year. In total, the export value of these 6 groups of goods reached 65.49 billion USD, accounting for 74% of the total export value of Vietnamese goods to the US market.

The EU is the market block with the second largest contribution to the increase in export value of our country, surpassing both China and ASEAN. In the first 9 months of 2024, exports to the EU reached 38.02 billion USD, up 17%, equivalent to an increase of 5.51 billion USD over the same period last year.

In the first 9 months of 2024, exports to the Chinese market reached 44.39 billion USD, up 4.1%, equivalent to an increase of 1.75 billion USD over the same period last year. Exports to the ASEAN market in the first 9 months of 2024 were 27.33 billion USD, up 13.6%, equivalent to an increase of 3.27 billion USD over the same period last year. Exports to the Korean market in the first 9 months of 2024 were 18.88 billion USD, up 6.9%, equivalent to an increase of 1.21 billion USD over the same period last year.

In addition, exports to some other key markets increased by over 30% such as: Hong Kong market (China) in the first 9 months of 2024 reached 9.28 billion USD, up 38.5%, equivalent to an increase of 2.58 billion USD over the same period last year; exports to Australia reached 5.03 billion USD, up 29%, equivalent to an increase of 1.13 billion USD; exports to the United Arab Emirates reached 4.31 billion USD, up 43.7% (equivalent to an increase of 1.31 billion USD).

Conquer the market with quality

Ministry of Industry and Trade According to the assessment, the US market is showing signs of stimulating consumption again, expanding the import and export needs of businesses. Thanks to that, the demand for wooden products, seafood, textiles, etc. is increasing strongly. Regarding imported goods, the US is also one of the largest import markets of Vietnam.

According to the Vietnam Trade Office in the United States, there are many reasons for the continuous growth of trade between the two countries in recent times, even in the context of many fluctuations in the world situation. First of all, the relationship between the two countries is increasingly developing. In 2013, the two countries established a Comprehensive Partnership, and in 2023, the two countries officially upgraded to a Comprehensive Strategic Partnership.

In addition, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends and competitive prices. On the other hand, changes in the supply chain as well as the wave of investment shifts have contributed to enhancing the production capacity of Vietnamese enterprises. This simultaneously creates opportunities and room for Vietnamese goods to increase exports to the world in general and the US market in particular.

Most recently, on October 23, 2024, Saigon Co.op Distribution Company Limited (SCD) - a unit under Saigon Co.op and STC Natural Vina Company, delivered goods to the US market. Goods exported to the US market are domestically produced goods, selected by Saigon Co.op from fast-moving consumer goods, imbued with the identity and quintessence of Vietnamese cuisine such as dipping sauce, vermicelli, pho, spices, tea, coffee, etc. All of these Vietnamese products will be sold at the H-mart supermarket system of Hee Chang Group - a famous Korean retail group with more than 30 years of experience in the US market with more than 100 points of sale across the US.

Commenting on the export situation in the last months of the year, at the regular press conference of the third quarter of 2024 of the Ministry of Industry and Trade held on the afternoon of October 23, 2024, Mr. Bui Huy Son - Director of the Department of Planning and Finance (Ministry of Industry and Trade) - said that exports to key markets such as Europe and America will continue to have both advantages and challenges.

On the upside, the world economy in 2024 is forecast to have a “safe landing”; the global inflation trend is gradually cooling down although there are still many challenges; pressure on the USD/VND exchange rate is decreasing as the FED cuts interest rates, contributing to reducing import costs.

At the same time, year-end consumption demand in major markets such as the US and EU will be an important driving force for exports, especially in the fields of electronics, consumer goods and textiles. FTA markets continue to have a positive impact, maintaining Vietnam's advantages in trade and investment activities.

However, the market still has many unpredictable risks. In particular, developed countries are more concerned with sustainable development issues and consumer safety, creating new standards and regulations related to supply chains, raw materials, labor, and the environment, which are more stringent for imported products. In addition, sea freight rates have not shown any signs of cooling down.

In the export sector, the Ministry of Industry and Trade continues to implement solutions to support export enterprises and especially promote the official export program, in addition to exploiting key markets. At the same time, it will continue to negotiate and sign FTAs to create a legal framework to support enterprises to promote exports.

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