High import turnover – good sign for production and export
The latest statistics from the Ministry of Industry and Trade show that in the first 10 months of 2024, the preliminary export turnover of goods reached 335.59 billion USD, an increase of 14.9% over the same period last year, a fairly high growth rate compared to some leading economies in the Asia region such as: China increased by 4.3%; South Korea increased by 9.6%; Thailand increased by 3.9% (in the first 9 months of 2024)...
Notably, in the first 10 months of 2024, the preliminary import turnover of goods reached 312.28 billion USD, up 16.8% over the same period last year. During this period, there were 42 imported goods valued at over 1 billion USD, accounting for 92.1% of the total import turnover.
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| Import and export of goods is growing at a good rate (Photo: Can Dung) |
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 was the group of goods that needed 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.
China is the market from which Vietnam imports the largest amount of goods, with an import turnover of 117.7 billion USD in the first 10 months, accounting for nearly 38% of the country's total import turnover and increasing by 31.6% over the same period last year. This is the main market supplying raw materials for production to Vietnam, so the increase in imports from this market shows that businesses are focusing on production to serve year-end orders, as well as to prepare for 2025.
According to the Vietnam National Textile and Garment Group (Vinatex), many textile and garment enterprises are currently stepping up the import of raw materials to serve orders as garment orders in the fourth quarter of 2024 and the first quarter of 2025 are expected to continue to be abundant. The textile and garment export market is recovering significantly due to the shift of orders from China, Bangladesh, and Myanmar to Vietnam. Inventory in key markets such as the US, Europe, and Japan tends to decrease compared to the same period last year, combined with an increasing purchasing power, which has created a recovery in demand for orders from partners.
Similarly, for the footwear industry, at this time, businesses are also stepping up the import of raw materials to serve orders. The entire industry is aiming for an export target of 26-27 billion USD in 2024, 2-3 billion USD higher than the 24 billion USD in 2023.
What opportunities for 2025?
Currently, import-export activities are showing many bright spots, creating opportunities for bigger goals for 2025.
At the workshop with the theme "Promoting import and export - what solutions for small and medium enterprises?" organized by the Center for Supporting Small and Medium Enterprises under the Vietnam Federation of Commerce and Industry (VCCI) in coordination with the Management Board of Industrial Parks of Hung Yen province and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) on November 15, Mr. Tran Thanh Hai - Deputy Director of the Import and Export Department - Ministry of Industry and Trade said that for agricultural products, the market at this time is quite stable, many types of products with price advantages such as rice and coffee have increased in price and are forecast to maintain the growth trend.
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| Opportunities for key export industries open up in 2025 (Photo: Can Dung) |
In the last months of 2024, and even early 2025, it is forecasted that both agricultural products and manufacturing industries will continue to maintain good growth. With the current growth rate and the recovery of key markets, especially the US and EU, when signs of inflation decrease, purchasing power will increase again.
This will help Vietnam boost exports in the final months of the year. In addition, although agricultural products have potential, they need to be aware of seasonality and price fluctuations. This requires flexibility in business and export strategies of enterprises.
Regarding the outlook for 2025, Mr. Tran Thanh Hai forecasts that the world market shows signs of stability, inflation in major markets decreases, demand and purchasing power recover; domestic production is stable, goods are abundant and diverse; FDI attraction has achieved good results; Free trade agreements (FTAs) are effective, helping to increase turnover in markets with FTAs, new FTAs are implemented... Therefore, it is forecasted that import and export will maintain good growth momentum from now until the first quarter of 2025, with steady growth in all product groups and markets.
However, the challenges are new "technical barriers" that need to be clearly identified, such as standards and regulations on quality, safety, environment, labor or the risk of being subject to trade defense measures...
For small and medium enterprises, to take advantage of opportunities to boost import and export and limit challenges. Therefore, enterprises need to develop long-term business orientation and plans, focusing on competition in the context of market opening; Promote trade promotion, take advantage of State support; Learn and take advantage of FTAs to expand markets for export goods; Invest in improving human resources, apply digital technology to quickly improve competitiveness, professionalism, and advance to international markets. At the same time, enterprises also need to proactively prepare contingency plans, overcome incidents, risks, and fluctuations in the market; be vigilant against fraudulent and deceptive acts in international trade...
Talking to reporters of the Industry and Trade Newspaper, Dr. Nguyen Minh Phong - Economic expert said that in 2025, the growth rate of import and export of goods can still be maintained. However, businesses need to pay special attention to trade defense barriers erected by countries.
“The Ministry of Industry and Trade needs to pay special attention to the fact that some countries may take advantage of Vietnam's FTAs to illegally transport goods into Vietnam, affecting the reputation and image of Vietnamese goods in the world,” shared Dr. Nguyen Minh Phong.
Source: https://congthuong.vn/co-hoi-nao-cho-xuat-nhap-khau-hang-hoa-nam-2025-359178.html
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