In the first 10 months of 2024, the export turnover of most of Vietnam's main products achieved high growth compared to the same period last year, in which many markets increased to numbers, such as the US and EU.
Domestic enterprises "accelerate"
According to the representative of the Ministry of Industry and Trade, the preliminary export turnover of goods in October 2024 reached 35.59 billion USD, up 4.4% over the previous month. In the first 10 months of 2024, the export turnover of goods earned about 335.59 billion USD, up 14.9% over the same period last year.
The highlight is that the domestic economic sector earned 93.97 billion USD after 10 months, up 20.7%, accounting for 28.0% of total export turnover; the foreign-invested sector (including crude oil) reached 241.62 billion USD, up 12.8%, accounting for 72.0%. Thus, the export growth of the domestic economic sector is much higher than that of the foreign-invested sector.
Statistics show that in the first 10 months of 2024, export turnover of most major commodities achieved positive growth compared to the same period last year due to increased consumer demand.
For example, preliminary export turnover of agricultural, forestry and fishery products in the first 10 months reached 32.2 billion USD, up 21.4% over the same period in 2023, accounting for 9.6% of the country's total export turnover. Export turnover of processed and manufactured industrial products increased by 14.7% over the same period last year, preliminary reaching 284.4 billion USD, accounting for 84.7% of the total export turnover.
Many key products achieved high double-digit growth rates such as: Computers, electronic products and components reached 58.7 billion USD, up 26.1%; phones of all kinds and components reached 46.5 billion USD, up 4.9%; machinery, equipment, tools and spare parts reached 43 billion USD, up 21.5%; textiles and garments reached 30.6 billion USD, up 10.5%; footwear of all kinds reached 18.6 billion USD, up 12.9%; wood and wood products reached 13.2 billion USD, up 21.2%; iron and steel increased 15.1%, reaching nearly 8 billion USD, up 14.7%...
Notably, export turnover to most markets and major trading partners of our country has recovered positively and achieved high growth, of which, exports to the United States are estimated at 98.4 billion USD, up 24.2% over the same period last year (same period in 2023 decreased by 15.8%); followed by the Chinese market estimated at 50.8 billion USD, up slightly by 2.1% over the same period last year; the EU market is estimated at 42.3 billion USD, up 16.4% over the same period last year (same period in 2023 decreased by 8.9%); Korea is estimated at 21 billion USD, up 6.9% (same period in 2023 decreased by 3.6%); Japan is estimated at 20.1 billion USD, up 4.6% (same period in 2023 decreased by 3%).
Focus on the journey to the finish line
On the other hand, the preliminary import turnover of goods in October 2024 reached 33.6 billion USD, up 5.8% over the previous month. In the first 10 months of 2024, the import turnover of goods is estimated at 312.28 billion USD, up 16.8% over the same period last year.
According to the assessment of the Ministry of Industry and Trade, along with the recovery of production and export in the first 10 months of 2024, the structure of imported goods also changed when accounting for 89% of the total import turnover of goods is the group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials for domestic production), with a preliminary turnover of 312.28 billion USD, an increase of 16.8% over the same period in 2023.
Also in the past 10 months, Vietnam spent about 117.7 billion USD importing goods from China, accounting for nearly 38% of the country's total import turnover and increasing by 31.6% over the same period last year (the same period in 2023 decreased by 10.2%). In addition, imports from South Korea are estimated at 46.3 billion USD, up 7.6% (the same period decreased by 18.6%); the ASEAN market reached 37.9 billion USD, up 12.4% (the same period decreased by 14.9%) and imports from the United States reached 12.3 billion USD, up 8.2% (the same period decreased by 6.9%).
Thus, in October 2024, Vietnam continued to have a trade surplus of about 1.99 billion USD, bringing the total trade surplus in the first 10 months of 2024 to about 23.31 billion USD (in the same period last year, the trade surplus was 24.8 billion USD).
At the same time, implementing solutions to help businesses increase exploitation of neighboring markets with potential, strongly shifting to official exports associated with brand building, promoting sustainable exports...
“Import and export continue to be a bright spot of the economy with total import and export turnover estimated at nearly 650 billion USD, of which, the encouraging sign is that the export turnover of domestic enterprises increased twice as much as that of the FDI sector; while import turnover also continued to increase by 16.8%, mainly raw materials for production. This also forecasts that our country's production in the last months of this year and early next year will increase sharply,” said Minister Nguyen Hong Dien./.
