Import and export in 2024 could reach a record 790 billion USD?

The latest statistics from the General Department of Customs show that the total import-export turnover in the second period of July (July 16-31, 2024) reached 37.17 billion USD, an increase of 13.7% (equivalent to an increase of 4.48 billion USD) compared to the results in the first period of July 2024.

Regarding exports, total turnover in the second period of July reached 19.89 billion USD, up 22.3% (equivalent to an increase of 3.62 billion USD) compared to the previous period.

Import-export in 2024 could reach a record 790 billion USD? (Photo: Can Dung)

Regarding imports, the total import turnover in the second period of July reached 17.28 billion USD, up 5.2% (equivalent to an increase of 852 million USD) compared to the previous period.

The results achieved in the second half of July brought the country's total import-export turnover in the past 7 months to more than 440 billion USD, an increase of 17.2% (equivalent to an increase of 64.66 billion USD) over the same period in 2023.

Of which, exports reached 227.49 billion USD, up 16% (equivalent to an increase of 31.34 billion USD); imports reached 212.97 billion USD, up 18.5% (equivalent to an increase of 33.32 billion USD).

In the second period of July, the trade balance of goods had a surplus of 2.6 billion USD, thereby raising the surplus in 7 months to 14.52 billion USD (down 1.98 billion USD compared to the surplus in the same period last year).

Previously, the total value of Vietnam's import and export of goods in the first period of July 2024 (from July 1 to July 15, 2024) reached 32.69 billion USD.

Thus, the country's import and export in July reached approximately 70 billion USD.

Evaluating the results of import and export of goods in recent times, in an interview with reporters of the Industry and Trade Newspaper, Dr. Le Quoc Phuong - Former Deputy Director of the Center for Industry and Trade Information - Ministry of Industry and Trade highly appreciated the efforts of the Ministry of Industry and Trade in promoting the export of goods. The trade promotion solutions that have been strongly implemented in recent times have helped expand the market for Vietnamese goods.

In addition, the Ministry of Industry and Trade has also made efforts to implement trade defense measures, bringing about many positive results for a number of products, helping Vietnamese goods avoid some unnecessary risks.

Cyclically, demand increases in both domestic and international markets during the end of the year; Vietnam is benefiting from the wave of shifting orders from the US and has many advantages to boost exports to China. The advantages from the Free Trade Agreements that Vietnam has signed will also bring positive results.

There are 5 months left until the end of the year. If the figure of 70 billion USD is maintained for a month, the country's import-export turnover could reach 790 billion USD, a record number so far. This is not a far-fetched forecast, because at the end of the year, the demand for goods in most markets increases, pushing up import-export turnover.

Previously, the record import-export turnover was recorded in 2022 at 730.21 billion USD.

Source: https://congthuong.vn/xuat-nhap-khau-nam-2024-co-the-dat-muc-ky-luc-790-ty-usd-339564.html