Goods exports continue to maintain a bright picture

USA is Vietnam's largest export market

According to the General Statistics Office, in the first four months of 2024, the total import-export turnover of goods reached 238.88 billion USD, an increase of 15.2% over the same period last year, of which exports increased by 15%; imports increased by 15.4%.

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Merchandise exports forecast to continue growth momentum

Regarding the export turnover of goods in April 2024, it is estimated to reach 30.94 billion USD, down 8.1% compared to the previous month and up 10.6% compared to the same period last year. In the first 4 months of 2024, the export turnover of goods is estimated to reach 123.64 billion USD, up 15% over the same period last year.

The country recorded 21 items with export turnover of over 1 billion USD, accounting for 86.4% of total export turnover, of which 5 items had export turnover of over 5 billion USD, accounting for 57.8%. Regarding the structure of export groups, in the first 4 months of 2024, the processed industrial goods group is estimated to reach 108.27 billion USD, accounting for 87.5%.

Exports to major markets such as the US, EU, and China all grew by double digits. Of which, the US is Vietnam's largest export market with an estimated turnover of 34.1 billion USD, up 19.1% over the same period in 2023. Exports to China reached 18 billion USD, up 14.4%; exports to the EU market reached 16.4 billion USD, up 15%; exports to the Korean market reached 8.4 billion USD, up 10.2%.

On the other hand, the import turnover of goods in April 2024 is estimated at 30.26 billion USD, down 2% compared to the previous month and up 19.9% compared to the same period last year. In the first 4 months of 2024, the import turnover of goods is estimated at 115.24 billion USD, up 15.4% compared to the same period last year.

In the past 4 months, there were 20 imported goods worth over 1 billion USD, accounting for 78.9% of total import turnover, of which 2 imported goods were worth over 5 billion USD, accounting for 39.4%. Regarding the structure of imported goods in the first 4 months of 2024, the group of production materials is estimated at 108.33 billion USD, accounting for 94%. China is Vietnam's largest import market with an estimated turnover of 41.6 billion USD.

In the first 4 months of 2024, the trade balance of goods is estimated to have a trade surplus of 8.4 billion USD (in the same period last year, the trade surplus was 7.66 billion USD).

In the agricultural sector, according to estimates by the Ministry of Agriculture and Rural Development , by the end of April, fruit and vegetable exports alone were estimated at 520 million USD, bringing the total export value of fruit and vegetable exports in the first 4 months of Vietnam to 1.8 billion USD, an increase of more than 32% over the same period last year. Fruit and vegetable exports maintained high growth and had many positive changes in the market, while improving processing capacity. The fruit and vegetable industry is expected to set a new export record this year.

Diversify markets to maintain growth momentum

Previously, the main export markets for fruits and vegetables of Ameii Vietnam Joint Stock Company were the EU, the United States, China, and Northeast Asian countries. However, in recent years, the company has shifted its focus to seeking orders from the Middle East and South Asia, aiming to increase revenue by 50% by 2024.

Mr. Nguyen Khac Tien - Chairman of the Board of Directors of Ameii Vietnam Joint Stock Company - said that in the past, the Kuwait market was not given much attention by the company. However, in the past 2 years, the company has begun to explore agricultural products, including lychee, and has received many positive feedbacks from customers.

For the textile and garment industry, in the first 3 months of 2024, the total export turnover of Vietnamese textile and garment products is estimated to reach 9.5 billion USD, an increase of 9.62% over the same period last year. Many businesses in the industry said that orders from newly exploited markets have all grown well.

Mr. Than Duc Viet - General Director of May 10 Company - shared that in the first quarter of 2024, we had better orders than in the first quarter of 2023. Notably, orders in the second quarter and the first half of the third quarter of 2024 also showed more positive signs. Major markets in the United States, EU, Japan, and markets that the company has just exploited such as Canada, ASEAN, and China all have relatively good order volumes.

To maintain the bright colors in the export picture, many experts recommend that businesses need to make the most of the potential of the markets that Vietnam has signed Free Trade Agreements (FTAs), especially neighboring markets of Vietnam, where there are FTAs with great incentives such as the RCEP region, the ASEAN Free Trade Area or the CPTPP market bloc. Along with that, exploiting new markets with much potential for export such as Africa, the Middle East, and South America.

Economist Dinh Trong Thinh commented that, in fact, up to now, many businesses have orders until the end of the third quarter. Therefore, we also expect that exports of goods in the third and fourth quarters will be higher, thereby creating better opportunities for exports.

In particular, key export markets such as the United States are experiencing high consumer demand. In the first 4 months of 2024, Vietnam's exports to this market grew very well. The United States is also creating all conditions to promote trade activities between the two countries. On the other hand, Vietnamese enterprises also grasp the requirements and regulations of the export market. Therefore, Vietnam's export activities in the second quarter of 2024 in particular and the whole year of 2024 will make a breakthrough.

Currently, Vietnam has participated in 19 bilateral and multilateral FTAs with most economies in the world . Of these, 16/19 FTAs have come into effect with more than 60 partners, covering all continents, with a total GDP accounting for nearly 90% of global GDP... Therefore, in addition to taking advantage of opportunities from FTAs, exploiting new markets, as well as using niche products to create competitive advantages will help businesses release inventory, opening up opportunities for sustainable exports.

To achieve the export growth target in 2024, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) - said that the Ministry is continuing to make efforts to implement many proposed solutions. In particular, it will expand negotiations on FTAs, popularize to realize incentives from FTAs that Vietnam has signed and put into effect. Innovate trade promotion activities, carry out digital transformation. Help businesses to facilitate the export of goods, simplify import-export procedures.

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