Goods exports are approaching the 400 billion USD mark, while large export orders to all continents continue to be carried out by businesses according to signed contracts.
Goods exports are approaching the 400 billion USD mark, while large export orders to all continents continue to be carried out by businesses according to signed contracts.
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Export mark
The country's merchandise exports are still seizing market opportunities at a very positive level. According to the General Statistics Office, after 11 months of 2024, the country exported goods worth 370 billion USD, up 14.4% over the same period last year. This is a record level in the context of global trade with many potential risks, geopolitical tensions in many regions, and the return of protectionist policies in many countries.
In the past 11 months, processed industrial exports brought in 325.5 billion USD, up 14% over the same period.
Leading the way was the electronics, computers and components group, with 65.27 billion USD, up 26.3%, far exceeding phones and components (15 billion USD). Machinery, equipment, tools and other spare parts brought in 47.8 billion USD, up 26.1%.
In general, industries with a scale of several tens of billions of USD and contributing large export turnover all had strong growth, thereby contributing significantly to the overall increase in exports in 11 months.
Meanwhile, the agricultural and forestry products group also set a record, reaching 31.35 billion USD, accounting for 8.4%, up 23.6%; and the aquatic products group initially reached 9.17 billion USD, up 11.5% over the same period.
Notably, in the agricultural product group, there were items that reached the finish line early, even exceeding the export target set at the beginning of the year. For example, coffee reached 4.93 billion USD, up 35.4%; rice exports reached 8.45 million tons, worth 5.3 billion USD, up 10.6% and 22.3% respectively; cashew nuts reached 3.98 billion USD, up 20.6%; vegetables and fruits reached 6.62 billion USD, up 20.6%...
At the regular Government press conference in November 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong commented that there is very little time left in 2024. To complete the set growth target, all levels and sectors must accelerate the implementation of solutions set out by the Government and the Prime Minister.
“Reviewing the growth drivers of the economy so far, economic growth has many opportunities to make a breakthrough. That is, exports have many positive signals with the return of export orders, contributing to economic growth,” said Deputy Minister Phuong.
A positive sign is that in the past 11 months, there has been an export market that has exceeded 100 billion USD. That is the US market (108.9 billion USD, up 23.9%). Meanwhile, the EU imported 47.3 billion USD from Vietnam, up 18.1%; South Korea imported 23.4 billion USD, up 8.7%, ASEAN imported 33.7 billion USD, up 13.4%...
“The FTAs that Vietnam has signed with more than 60 economies around the world are effectively supporting businesses’ exports. For example, with EVFTA alone, thanks to 5 years of implementation, businesses have doubled the amount of textile and garment exports, from 20 million USD before EVFTA to 40 million USD now,” said Mr. Nguyen Xuan Duong, Chairman of the Board of Directors of Hung Yen Garment Corporation.
The $400 billion mark is very close
Due to low global demand, last year, our country's exports missed the growth target, reaching only nearly 355 billion USD, down 4.6% (equivalent to a decrease of nearly 17 billion USD) compared to 2022 (371.5 billion USD).
Since the beginning of 2024, the recovery of consumer demand in many major markets has boosted exports, thanks to which industries have increased large orders, compensating for last year's decline.
Based on the positive results achieved in the past 11 months and Vietnam's position in the global supply chain, exports are forecast to remain at 33-34.5 billion USD in the last month of this year.
If exports are maintained at this level, the whole year's exports will reach about 403-404 billion USD. In a market situation with lower purchasing power, December exports will reach 28-29 billion USD, while exports will reach 398-399 billion USD, still marking a record for Vietnam's foreign trade.
Exports are gradually reaching the finish line with impressive figures, but the limitations that need to be overcome in 2025 and the following years are to reduce the excessive concentration on a number of markets to minimize risks from trade policy disadvantages. At the same time, reviewing exports for a number of product lines exported to the US, EU, Canada, etc., to avoid trade defense measures.
Mr. John Goyer, Executive Director of Southeast Asia (US Chamber of Commerce) noted that Vietnam-US trade is growing rapidly, but businesses need to pay attention to trade policies under President Trump, because it is likely that tariffs will be used more on imported goods. Obviously, Vietnamese exporters need to prepare for this possibility.
Source: https://baodautu.vn/doanh-nghiep-du-kien-dat-kim-ngach-xuat-khau-ky-luc-d232148.html
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