With the recovery of the world market and increased export orders, our country's import and export activities in the first 9 months of 2024 have improved and achieved positive results. The report on Industrial Production and Trade Activities in September 2024 shows that the trade balance in September 2024 continued to have a surplus of about 2.29 billion USD, bringing our country's total trade surplus in the first 9 months of 2024 to about 20.79 billion USD (in the same period last year, the trade surplus was 22.1 billion USD). Of which, the domestic economic sector had a trade deficit of 17.38 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 38.17 billion USD. By market sector, the trade surplus to the United States is estimated at 78.5 billion USD, up 31% over the same period last year; the trade surplus to the EU is estimated at 25.9 billion USD, up 20.8%; Trade surplus with Japan is estimated at 1.9 billion USD, up 28.8%.
In September 2024, the total preliminary import and export turnover of goods reached 65.81 billion USD, although down 8% compared to the previous month, it still increased by 10.9% compared to the same period last year. Of which, preliminary export reached 34.05 billion USD, down 9.9% compared to the previous month and up 10.7% compared to the same period last year. Of which, the domestic economic sector reached 9.39 billion USD, down 14.4%; the foreign-invested sector (including crude oil) reached 24.66 billion USD, down 8.1%. In the first 9 months, the total preliminary import and export turnover of goods reached 578.47 billion USD, up 16.3% over the same period last year (down 11% over the same period), of which export increased by 15.4% (down 8.2% over the same period); Imports increased by 17.3% (same period decreased by 13.9%). Trade balance of goods surplus 20.79 billion USD.
Export turnover increased by 15.8%
Preliminary export turnover of goods in September 2024 reached 34.05 billion USD, down 9.9% compared to the previous month. Of which, the domestic economic sector reached 9.39 billion USD, down 14.4%; the foreign-invested sector (including crude oil) reached 24.66 billion USD, down 8.1%. Compared to the same period last year, preliminary export turnover of goods in September increased by 10.7%, of which the domestic economic sector increased by 16.0%; the foreign-invested sector (including crude oil) increased by 8.8%.
In the third quarter of 2024, preliminary export turnover reached 108.6 billion USD, up 15.8% over the same period last year and up 10.6% over the second quarter of 2024.
In the first 9 months, the preliminary export turnover of goods reached 299.63 billion USD, up 15.4% over the same period last year. Of which, the domestic economic sector reached 83.47 billion USD, up 20.7%, accounting for 27.9% of total export turnover; the foreign-invested sector (including crude oil) reached 216.16 billion USD, up 13.4%, accounting for 72.1%. This shows a positive signal in the export activities of the 100% domestic-owned enterprise sector, when the export turnover growth rate of this sector is nearly twice as high as that of the foreign-invested enterprise sector.
Notably, in the first 9 months, there were 30 items with export turnover of over 1 billion USD, accounting for 92.3% of total export turnover (there were 7 items with export turnover of over 10 billion USD, accounting for 66.4%).
Regarding export of commodity groups: export grew strongly and evenly in all 3 commodity groups, specifically:
+ The preliminary export turnover of the agricultural, forestry and fishery group reached 28.8 billion USD, an increase of 21.9% over the same period in 2023, accounting for 9.6% of the total export turnover of the country. In this group, some items had high export turnover compared to the same period last year such as: pepper increased by 45%; coffee increased by 37.8%; rice increased by 23%; tea of all kinds increased by 31.9%; vegetables and fruits increased by 33.9%; cashew nuts increased by 21.7%.
+ The preliminary export turnover of the processed and manufactured industrial products group reached 253.9 billion USD, accounting for 84.7% of the total export turnover and increasing by 15.2% over the same period in 2023 (the same period in 2023 decreased by 9.6%). The export turnover of many processed industrial product groups achieved high double-digit growth, including key export items such as: plastic products increased by 30.8%; wood and wood products increased by 21.5%; textiles and garments increased by 8.9%; footwear of all kinds increased by 12.5%; iron and steel of all kinds increased by 14.7%; computers, electronic products and components increased by 27.4%; cameras, camcorders and components increased by 30%; machinery, equipment, tools, and other spare parts increased by 22%; phones of all kinds and components increased by 7.2%...
+ Export turnover of mineral fuel products in 9 months is estimated at 3.1 billion USD, up 3% over the same period in 2023.
Regarding the export market for goods in the first 9 months of 2024: Export turnover to most markets and major trading partners of our country has recovered positively and achieved high growth. In particular, the United States is Vietnam's largest export market with an estimated turnover of 89.4 billion USD, accounting for 29.8% of the country's total export turnover and increasing by 27.4% over the same period last year (the same period in 2023 decreased by 17.6%); followed by the Chinese market estimated at 43.56 billion USD, a slight increase of 0.1% over the same period last year (the same period in 2023 increased by 2%); the EU market is estimated at 38.1 billion USD, an increase of 17% over the same period last year (the same period in 2023 decreased by 8.2%); Korea is estimated at 18.9 billion USD, an increase of 7% (the same period in 2023 decreased by 5.1%); Japan is estimated to reach 18 billion USD, up 4.7% (same period in 2023 decreased by 3%).
About importing goods
Preliminary import turnover of goods in September 2024 reached 31.76 billion USD, down 5.9% compared to the previous month but up 11.1% compared to the same period last year. Of which, the domestic economic sector reached 10.94 billion USD, down 10%; the foreign-invested sector reached 20.82 billion USD, down 3.6%.
In the first 9 months of 2024, the preliminary import turnover of goods reached 278.84 billion USD, up 17.3% over the same period last year, of which the domestic economic sector reached 100.85 billion USD, up 18.8%; the foreign-invested sector reached 177.99 billion USD, up 16.5%.
In the first 9 months of 2024, there were 40 imported items with a value of over 1 billion USD, accounting for 91.5% of total import turnover (there were 3 imported items with a value of over 10 billion USD, accounting for 45%).
Regarding the structure of imported goods: Along with the recovery of production and export in the first 9 months of 2024, the structure of imported goods also changed when accounting for 89% of the total import turnover is the group of goods that need to be imported (including machinery, equipment, tools, spare parts and raw materials for domestic production), with a preliminary turnover of 248 billion USD, an increase of 18.1% over the same period in 2023. Of which, the preliminary import turnover of computers, electronic products and components reached 79.1 billion USD, an increase of 25.8% over the same period last year (the same period last year decreased by 1.5%); followed by the import turnover of machinery, equipment, tools and spare parts reaching 35.4 billion USD, an increase of 16.6% (the same period last year decreased by 11.1%). Similarly, import turnover of most other items also recorded quite high increases such as: steel of all kinds increased by 18.9%; plastic raw materials increased by 18.1%; textile and footwear raw materials increased by 18.3%; fabrics of all kinds increased by 14.3%.
The import turnover of goods subject to import restrictions in the first 9 months initially reached nearly 15 billion USD, up 10.4% over the same period last year. Of which, the highest increase was in the import turnover of household electrical appliances and components, up 19.6%; aromatics, cosmetics and cleaning products up 17.1% and vegetables and fruits up 14%.
Regarding the goods import market: China is still Vietnam's largest import market with a preliminary turnover of 105 billion USD, accounting for nearly 38% of the country's total import turnover and increasing by 32.5% over the same period last year (the same period in 2023 decreased by 13.6%); followed by South Korea with an estimated 41.46 billion USD, up 8.2% (the same period in 2023 decreased by 20.1%); ASEAN reached 33.8 billion USD, up 12.3% (the same period in 2023 decreased by 14.5%); Japan reached 16 billion USD, up 2.4%; EU reached 12.2 billion USD, up 9.8%; The United States reached 10.9 billion USD, up 6.2%.
Continue to focus on effectively exploiting FTAs
It is forecasted that in the last months of 2024, our country's production and trade activities, especially exports to key markets such as Europe and America, will continue to have both advantages and challenges. 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). In addition, our country's textile and garment exports will benefit in the short term when export orders are shifted from Bangladesh. The FTA market continues to have a positive impact, maintaining Vietnam's advantages in trade and investment activities... However, the world's geopolitical developments continue to be complex, unpredictable, with many difficulties, challenges, risk factors, and uncertainties, especially geopolitical tensions and armed conflicts in Europe and the Middle East. Developed countries pay more attention to sustainable development issues and consumer safety, creating new standards and regulations related to supply chains, raw materials, labor, and stricter environment for imported products...
Accordingly, one of the key tasks set from now until the end of the year is to focus on effectively exploiting the Free Trade Agreements (FTAs) that have come into effect and been signed, implementing new Agreements to expand and diversify markets, import and export products, and supply chains. Strengthening the exploitation of neighboring markets with potential, shifting strongly to official exports associated with brand building, promoting sustainable exports. Continuing to innovate and improve the effectiveness of trade promotion activities, accelerating the completion of the legal system to strengthen the institution on trade defense towards protecting the economy, enterprises, and domestic markets in accordance with international commitments. Continuing to improve the effective use of trade defense tools to protect domestic production and effectively support Vietnam's export industries to effectively respond to foreign trade defense cases.
Source: https://moit.gov.vn/tin-tuc/tai-co-cau-nganh-cong-thuong/tiep-tuc-tap-trung-khai-thac-hieu-qua-cac-fta-da-dang-hoa-thi-truong-mat-hang-xuat-nhap-khau.html
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