In the first 10 months of 2024, import-export turnover reached nearly 648 billion USD, up 15.8%. Trade in goods continues to be a bright spot in the economic growth picture.
10 months of 2024, trade surplus of 23.3 billion USD
According to statistics of the General Department of Customs, the total turnover import and export of goods In October, it reached 69.19 billion USD, an increase of 5.1% (equivalent to an increase of 3.35 billion USD) compared to September. In terms of export, it still maintained an increase of 4.4%, with 35.59 billion USD and import reached 33.6 billion USD, an increase of 5.8%.
In the first 10 months of 2024, the total import-export turnover of goods nationwide reached nearly 648 billion USD, an increase of 15.8%, equivalent to an increase of 88.57 billion USD over the same period in 2023.
Of which, export turnover reached 335.59 billion USD, up 14.9% (equivalent to an increase of 43.54 billion USD) and total import turnover reached 312.28 billion USD, up 16.8% (equivalent to an increase of 45.03 billion USD), with a trade surplus of 23.3 billion USD. Trade recovered positively, export orders to major markets all increased by double digits, thereby improving budget revenue from import and export.
In the agricultural sector, according to the report of the Ministry of Agriculture and Rural Development, the turnover agricultural, forestry and fishery exports October 2024 is estimated at 5.91 billion USD. Thus, the total export turnover of agriculture, forestry and fishery products in 10 months reached 51.74 billion USD, an increase of 20.2% over the same period in 2023. The trade surplus value of agriculture, forestry and fishery products in 10 months reached 15.21 billion USD, an increase of 62.2% over the same period last year.
Many items emerged as bright spots in the agricultural export picture. Specifically, the rice export volume in October 2024 is estimated at 800,000 tons with 505 million USD, bringing the total rice export volume and value in 10 months to nearly 7.8 million tons with 4.86 billion USD, up 10.2% in volume and 23.4% in value over the same period in 2023.
The average export price of rice in the first 10 months of 2024 is estimated at 626.2 USD/ton, up 12% over the same period in 2023. With the export speed of the past 10 months and domestic production capacity, rice exports in 2024 will reach over 8 million tons, exceeding 5 billion USD.
Regarding fruits and vegetables, export turnover also set a historical record when earning 6.34 billion USD in just 10 months, a sharp increase of 31.5% over the same period in 2023. According to calculations by the agricultural sector, fruit and vegetable exports this year could exceed 7 billion USD, an increase of nearly 20% over last year.
Mr. Phung Duc Tien - Deputy Minister of Agriculture and Rural Development - emphasized that Vietnam currently ranks 2nd in Southeast Asia and 15th in the world in agricultural exports. Vietnam's agricultural exports are reaching their highest peak ever. This year, we will reach the highest level in agricultural export turnover. In October, the total export turnover of the agricultural sector reached 5.91 billion USD. In the last two months of the year, exports only need to reach 5.5 billion USD/month, the agricultural sector will reach the target of 62 billion USD.
In the field Textiles and garments, the EU is currently the second largest export market for this industry, after the United States. According to EU data, last year, the EU imported 115 billion Euros from third countries, down 17% compared to 2022, of which the top 10 suppliers accounted for 82% (95 billion Euros). China, Bangladesh and Turkey are the top 3 exporters to the EU, accounting for 69.1% of the market share, followed by Bangladesh at 15.3% and Türkiye at 12.8%. Vietnam ranked 6th, reaching more than 4.1 billion Euros, accounting for 4.3% of the market share.
The EU economy has begun to recover, and improved purchasing power has boosted exports of goods, including textiles and garments, from Vietnam. In the first 9 months of 2024, Vietnam exported goods worth 38.1 billion USD to the EU27, up 17% over the same period last year, and is expected to reach approximately 50 billion USD this year.
In the last months of the year, along with other consumer goods industries, textiles and garments continue to have better growth opportunities thanks to increased demand during the holidays. In addition, textiles and garments exported to the EU have advantages over many other exporting countries thanks to the Vietnam-EU Free Trade Agreement (EVFTA) which has entered its 5th year of implementation.
According to the commitment in EVFTA, 100% of Vietnamese textile and garment products will enjoy 0% import tax after a maximum of 7 years from the date the Agreement comes into effect, creating a great driving force for expanding market share in the EU market.
Import and export expected to reach 800 billion USD
Forecasting exports for the remainder of 2024, Mr. Bui Huy Son - Director of the Department of Planning and Finance (Ministry of Industry and Trade) - said that although there are still many risks, geopolitical conflicts directly affect the supply chain, and sea freight rates are still high, there is still room for growth in exports at the end of the year.
Because, year-end consumption demand in major markets such as the US and EU will be an important driving force for exports, especially in the fields of electronics, consumer goods, and textiles (global retailers increase stockpiling for major holidays). Export markets under Free Trade Agreements (FTAs) continue to have a positive impact, maintaining Vietnam's advantages in trade and investment activities...
To boost production and trade in the fourth quarter of 2024, a decisive quarter in achieving the 2024 target, the Ministry of Industry and Trade said it will increase support for businesses and industries to restore production and take advantage of FTAs to boost import and export activities.
According to Mr. Tran Thanh Hai - Deputy Director Import and Export Department (Ministry of Industry and Trade), forecasts that in the last months of the year, both agricultural products and processing 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 helps us boost exports in the last months of the year. In addition, the agricultural product group, although promising, needs to be noted for its seasonality and price fluctuations. This requires flexibility in the business and export strategies of enterprises.
With the results achieved in 10 months and recent growth rate, many experts and managers expect that import-export turnover in 2024 will reach a new record of 800 billion USD.
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