Imports of raw materials for production increased, exports are expected to continue to improve

These are the items that businesses increase imports to serve production and export at the end of the year.

For example, according to the General Department of Customs, imports of raw materials, textiles, and footwear reached 14.71 billion USD by the end of June, an increase of 8.7% (equivalent to an increase of 1.17 billion USD) over the same period last year.

Imports of textile and garment materials increased sharply (Illustration photo)

China is the largest market supplying textile, footwear and leather materials to Vietnam in the past 6 months with a turnover of up to 7.76 billion USD, accounting for 53% of the total import turnover of this group of goods nationwide. Next are the markets: Taiwan (China) with 1.4 billion USD; South Korea with 1.3 billion USD; the United States with 961 million USD...

In the fuel group (coal, crude oil, gasoline), in June, the country imported 8.4 million tons of fuel, with a total turnover of 2.11 billion USD. In the first 6 months of the year, Vietnam imported 47.25 million tons, with a total turnover of 13.88 billion USD, up 29.9% in volume and 14.1% in turnover over the same period last year. Of which, coal of all kinds reached 33.43 million tons, up 38.6%; crude oil reached 6.81 million tons, up 16.1%; gasoline of all kinds reached 5.44 million tons, up 4.3%. The amount of fuel imported mainly from the following markets: Indonesia reached 14.34 million tons, up 60%; Australia reached 8.2 million tons, down 23%; Kuwait reached 6.1 million tons, up 23.2%...

In the first half of July (July 1-15), the country's total export turnover reached 16.26 billion USD. The results achieved in the first half of July brought the total export turnover from the beginning of the year to July 15 to 207.25 billion USD, an increase of 15.19% over the same period last year (equivalent to an additional turnover of 27.33 billion USD).

If the results achieved in the first 6 months of the year are maintained, in 2024, the country's export turnover could set a new record of 380 billion USD, even exceeding this figure.

This expectation is reasonable because exports in the last 6 months of the year are often higher or at least equal to the turnover of the first half of the year.

For example, in the first 6 months of 2023, export turnover only reached 164.68 billion USD, 25.32 billion USD lower than the last 6 months of the year.

In 2024, the Ministry of Industry and Trade aims for Vietnam's goods export turnover to reach 377 billion USD, an increase of about 6% compared to 2023, with an expected trade surplus of about 15 billion USD.

Source: https://congthuong.vn/nhap-khau-nguyen-lieu-san-xuat-tang-cao-xuat-khau-du-bao-tiep-tuc-khoi-sac-335175.html