Goods exports and imports in the first 11 months of 2024 reached US$715.55 billion.

According to the General Statistics Office's report updated on the morning of December 6th, the total value of goods exports and imports in the first 11 months reached US$715.55 billion, an increase of 15.4% compared to the same period last year.

Imports and exports experienced high growth.

According to the General Statistics Office's report, in November, the preliminary total value of goods exports and imports reached US$66.4 billion, a decrease of 4.1% compared to the previous month and an increase of 9.0% compared to the same period last year. For the first 11 months of 2024, the preliminary total value of goods exports and imports reached US$715.55 billion, an increase of 15.4% compared to the same period last year, with exports increasing by 14.4% and imports increasing by 16.4%. The trade balance showed a surplus of US$24.31 billion.

Regarding goods exports, preliminary figures for November 2024 show that export turnover reached US$33.73 billion, a decrease of 5.3% compared to the previous month.

Overall, in the first eleven months of 2024, preliminary merchandise exports reached US$369.93 billion, an increase of 14.4% compared to the same period last year. Of this, the domestic economic sector accounted for US$103.88 billion, an increase of 20.0%, representing 28.1% of total exports; the foreign-invested sector (including crude oil) accounted for US$266.05 billion, an increase of 12.4%, representing 71.9%.

In the first eleven months of 2024, 36 product categories achieved export turnover exceeding 1 billion USD, accounting for 94.1% of total export turnover (including 7 product categories with export turnover exceeding 10 billion USD, accounting for 66.5%).

Conversely, preliminary merchandise imports in November 2024 reached US$32.67 billion, a decrease of 2.8% compared to the previous month. For the first eleven months of 2024, preliminary merchandise imports reached US$345.62 billion, an increase of 16.4% compared to the same period last year, of which the domestic economic sector accounted for US$126.05 billion, an increase of 18.5%; and the foreign-invested sector accounted for US$219.57 billion, an increase of 15.2%.

In the first eleven months of 2024, 44 imported items reached a value of over $1 billion, accounting for 92.6% of the total import turnover.

This result is due to the strong export performance of many items. For example, according to the latest statistics from the General Department of Customs, in the first half of November (November 1-15), fruit and vegetable exports earned $222.63 million.

Overall, from the beginning of the year to November 15th, the total export value of this product group reached 6.38 billion USD, an increase of 27.46% compared to the same period last year.

Notably, according to detailed data from the General Department of Customs, durian continues to be the largest export item in the fruit and vegetable sector in terms of export value.

Specifically, as of the end of October 2024, durian exports (HS code 0810.60.00) reached US$2.85 billion, an increase of 46%, equivalent to an increase of US$900 million compared to the same period last year, and accounted for 46% of the total export value of fruits and vegetables nationwide during the same period.

Fruit and vegetable exports could reach a record high this year (Photo: VNA)

According to the Vietnam Fruit and Vegetable Association, with current export results, Vietnam's fruit and vegetable industry will reach a record high of $7 billion, and may even surpass all forecasts with a figure of $7.2 billion in 2024.

Speaking with a reporter from the Industry and Trade Newspaper, Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that Vietnamese fruits and vegetables are increasingly asserting their position in the international market. This is due to improved quality thanks to the application of scientific and technological advancements in production, achieving many international standards such as VietGAP and Global GAP. Vietnamese fruits and vegetables are increasingly demonstrating their quality and freshness, meeting the requirements of the market, including demanding markets.

“ In particular, Vietnam also has the advantage of being close to the Chinese market – the world's largest fruit and vegetable market with an annual demand of up to 20 billion USD. This close geographical location helps keep logistics costs for Vietnamese fruits and vegetables low, boosting exports to this market, ” said Mr. Dang Phuc Nguyen. He also affirmed that in 2024, the export value of fruits and vegetables is expected to reach over 10 billion USD in the next five years.

Textile and garment exports are estimated to reach $44 billion in 2024 (Photo: Moit)

Regarding textiles and garments, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Garment Association (Vitas), believes that in 2024, the Vietnamese textile and garment industry will have many advantages, as 17 out of 19 new-generation Free Trade Agreements (FTAs) have come into effect. This is a global market that brings significant advantages to the Vietnamese textile and garment industry. Furthermore, the Vietnamese textile and garment business community has quickly adopted strategies to diversify markets, customer partners, and products with high added value. As a result, textile and garment export turnover in 2024 is estimated to reach US$44 billion, matching the projected level and increasing by 11.26% compared to 2023.

Assessing the import and export results for 2024 with a reporter from the Industry and Trade Newspaper, Dr. Le Quoc Phuong – former Deputy Director of the Center for Industrial and Trade Information – Ministry of Industry and Trade, stated that import and export turnover has maintained relatively steady growth since the beginning of the year. This shows the great efforts of the business community in seizing opportunities from free trade agreements as well as the recovery opportunities from the market. In addition, businesses have also invested heavily in production technology for products and goods. As a result, Vietnamese goods are favored by many markets. At this point, many businesses have orders extending to the first quarter of 2025.

What opportunities will there be for import and export activities in 2025?

The year 2024 has gradually come to an end with particularly impressive results in import and export activities. Regarding the outlook for import and export in 2025, Mr. Tran Thanh Hai - Deputy Director of the Import and Export Department - Ministry of Industry and Trade, said that the global market is showing signs of stabilization, inflation is decreasing in major markets, demand and purchasing power are recovering; domestic production is stable, the supply of goods is abundant and diverse; and FDI attraction has achieved good results.

Free trade agreements are having an effect, helping to increase trade turnover in markets with FTAs, and new FTAs ​​are coming into effect... Therefore, it is predicted that import and export will maintain good growth momentum from now until the first quarter of 2025, with consistent growth across all product groups and markets.

Concurring with this view, Dr. Le Quoc Phuong believes that the global situation in 2025 will continue to develop in a more favorable direction for export businesses as markets are seeing a resurgence in demand for goods. The global economy continues to recover, creating opportunities for businesses to expand their markets.

However, challenges also arise as tariff barriers are removed, along with the emergence of new barriers such as standards and regulations regarding quality, safety, environment, labor, and the risk of trade defense measures. Therefore, businesses need to clearly understand both opportunities and challenges, and simultaneously promote solutions to maximize market opportunities.

Authorities also need to continue implementing solutions to boost trade promotion, helping businesses find opportunities in new markets and markets with FTAs. In addition, they should support businesses in providing early warnings of foreign trade defense measures. Furthermore, they should better apply trade defense tools to protect domestic goods from barriers in foreign markets.

Source: https://congthuong.vn/xuat-nhap-khau-hang-hoa-11-thang-nam-2024-dat-71555-ty-usd-362771.html