6% export growth by 2024 is entirely possible

Ministry of Industry and Trade: 6% export growth in 2024 is entirely possible

Based on the export results in the first half of 2024, which grew by 14.5% over the same period, and through analysis of favorable and difficult factors, the Ministry of Industry and Trade said that achieving the export growth target of 6% for the whole year of 2024 is completely possible.

Computers, electronics and components are the items that bring in the largest export turnover, nearly 40 billion USD in 7 months.

This content is stated in Report No. 5795/BCT-KHTC sent to the Ministry of Planning and Investment, assessing the implementation of the 2024 plan and the expected 2025 plan of the Industry and Trade sector.

In the first 6 months of 2024, exports are estimated to reach more than 190 billion USD, up 14.5% over the same period last year, the domestic economic sector reached 53.4 billion USD, up 20.6%, accounting for 28.1% of total export turnover; the foreign-invested sector (including crude oil) reached 136.7 billion USD, up 12.3%, accounting for 71.9%.

The whole country has 29 items with export turnover of over 1 billion USD, accounting for 91.4% of total export turnover (there are 7 items with export turnover of over 5 billion USD, accounting for 65.6%).

Trade promotion and export market expansion continued to achieve positive results, combining exploitation of traditional markets with expansion of new markets (Africa, Eastern Europe, Northern Europe, West Asia).

Therefore, exports to most markets and major trading partners of our country in the first 6 months of 2024 have had a good recovery, with some markets growing at double-digit rates.

In the past 6 months, the US continued to be the largest export market, with an estimated turnover of 54.3 billion USD, accounting for 28.6% of the country's total export turnover and increasing by 22.1% over the same period last year (the same period last year decreased by 22.6%); followed by the Chinese market with 27.8 billion USD, up 5.3%, the EU with 24.4 billion USD, up 14.1%, and South Korea with 12.2 billion USD, up 10.4%.

Meanwhile, import turnover of goods is estimated at 178.45 billion USD, up 17% over the same period last year, of which the domestic economic sector reached 65.74 billion USD, up 22.3%; the foreign-invested sector reached 112.71 billion USD, up 14.1%.

The positive signal is that the structure of imported goods accounts for 88.8% of total import turnover, which is the group of goods: machinery, equipment, tools, spare parts and raw materials for domestic production.

The trade balance continued to maintain a high trade surplus, reaching 11.63 billion USD. Of which, the domestic economic sector had a trade deficit of 12.35 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 23.98 billion USD.

Exports have grown but the limitation is that they still depend on a few key markets, are strongly affected by supply chain instability, and consumer demand in major markets has recovered but is not yet stable.

In a more detailed analysis, the Ministry said: "Import-export increased by 14.5% in the first 6 months of the year mainly due to the low growth of the same period last year (exports decreased by 11.3% in the first 6 months of 2023), and this growth rate is currently lower than the growth rate in the same period of years before Covid-19 (6 months of 2017 and 2018 increased by 18.9% and 16% respectively".

In 2024, the industry and trade sector aims to increase goods exports by about 6%; the trade balance continues to maintain a surplus.

Although the global economy still faces unpredictable risks, inflation is still a problem for many countries, excess capacity in China is increasing competitive pressure on Vietnamese suppliers, but through analyzing the favorable and difficult factors of the market in the second half of the year, based on the results of the first half of the year with double-digit growth, the Ministry of Industry and Trade believes that achieving the export growth target of 6% for the whole year of 2024 is completely possible.

Source: https://baodautu.vn/bo-cong-thuong-tang-truong-xuat-khau-6-nam-2024-la-hoan-toan-co-the-d222369.html