In the first half of 2024, goods exports are estimated to reach 190.08 billion USD, up 14.5% over the same period last year, of which agricultural products recorded the highest growth rate.
Merchandise exports increased by 14.5%
According to the report of Ministry of Industry and Trade, with the recovery of the world market, increased export orders, import and export activities in the first half of 2024 continued to flourish and achieved positive results. Total import and export turnover of goods is estimated at 368.53 billion USD, up 15.7% over the same period last year, of which exports increased by 14.5%; imports increased by 17%. The trade balance of goods had a surplus of 11.63 billion USD.
In terms of exports, the export turnover of goods in June 2024 is estimated at 33.09 billion USD, up 2.6% over the previous month. In the second quarter of 2024, the export turnover is estimated at 97.2 billion USD, up 12.5% over the same period last year and up 4.6% over the first quarter of 2024.
In the first 6 months of 2024, the total export turnover of goods is estimated at 190.08 billion USD, an increase of 14.5% over the same period last year. In the first 6 months of 2024, there were 29 items with export turnover of over 1 billion USD, accounting for 91.4% of total export turnover (there were 7 items with export turnover of over 5 billion USD, accounting for 65.6%).
Notably, in the first 6 months of 2024, exports grew strongly and evenly in all 3 commodity groups.
Specifically , product group agricultural products The growth momentum has been sustained from 2023 to present, with the total export turnover of this group estimated at 18.37 billion USD, an increase of 19.9% over the same period in 2023, accounting for 9.67% of the country's total export turnover. Due to the increase in export prices, most of the items in this group achieved high export turnover growth rates at double digits compared to the same period last year, such as: coffee increased by 34.5% in export value although the volume of coffee exports decreased by 10.6%; rice increased by only 10.4% in volume but increased by 32% in export value; tea of all kinds increased by 32.1%; vegetables and fruits increased by 28.2%; cashew nuts increased by 17.4%; pepper, although decreased by 6.8% in volume, increased by 30.9% in export value; Cassava and cassava products increased by 5.9% in export value although export volume decreased by 7.7%.
Export turnover of commodity groups processing and manufacturing industry estimated at 160.3 billion USD, accounting for 84.3% of total export turnover and increasing by 14.1% over the same period in 2023. Many product groups achieved high export turnover growth rates, including key export items such as: Cameras, camcorders and components increased by 52.9%; computers, electronic products and components increased by 28.6%; plastic products increased by 29.7%; wood and wood products increased by 22.2%; iron and steel of all kinds increased by 9.8%; machinery, equipment, tools, and other spare parts increased by 16.2%; footwear of all kinds increased by 10%; phones of all kinds and components increased by 11.3%...
Export turnover of fuel group Minerals estimated at 2.18 billion USD, up 7.8% over the same period in 2023.
Regarding the export market for goods in the first 6 months of 2024, the United States continues to be our country's 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 an estimated turnover of 27.8 billion USD, up 5.3%; the EU market is estimated at 24.46 billion USD, up 14.1%; South Korea is estimated at 12.2 billion USD, up 10.4%.
Synchronize solutions, support exports
According to Mr. Tran Thanh Hai - Deputy Director Import and Export Department (Ministry of Industry and Trade), some factors that have been promoting the recovery of import and export activities include the results of Vietnam's policy of international economic integration and diversification of export and import markets through negotiations and signing of new-generation free trade agreements.
The Government has taken strong action with many comprehensive support solutions for the economy. As the leading agency in managing and operating import-export activities, the Ministry of Industry and Trade has promptly identified difficulties and risks from export markets to advise and propose solutions to develop export markets.
Vietnam has also recently upgraded its relationship to a Comprehensive Strategic Partnership with the United States, promising sustainable development for trade relations between the two countries.
The problem of high inventories in markets is gradually being overcome, especially in key export markets that have faced difficulties in 2023 such as the EU and the United States. For In the United States, recovering consumer sentiment has become an important support for economic growth.
However, there are still certain difficulties, accordingly, the global economy in 2024 still faces many risks and is difficult to predict. Contrary to previous forecasts, the US Federal Reserve (FED) has sent out a message that there will be only one interest rate cut in 2024 and the FED continues to maintain a cautious stance on this issue. The Russia-Ukraine conflict and recently Israel-Hamas continue to escalate, showing signs of spreading to neighboring countries. The fight against inflation still has many uncertain factors, especially the monetary policies of major countries.
The problem of excess capacity at China This will also increase competitive pressure in the market. As consumer demand declines, China's surplus of cheap goods can be exported to other countries.
In addition, foreign trade activities in the first 6 months of the year also had a notable point, which was the very high increase in sea freight rates, although May and June were not considered the peak season, especially for routes from Asia to the United States and the EU due to conflicts in the Red Sea, causing transport businesses to change shipping routes; some seaports in Asia were congested, ships had to wait a long time to operate, such as Shanghai port, especially Singapore port, the volume of exports in China increased sharply in May and June, leading to a shortage of bookings and container imbalances among Asian seaports.
“ Based on the assessment of favorable and difficult factors as well as the positive growth results of import and export turnover in the first months of 2024, the Ministry of Industry and Trade assesses that 2024 will have more opportunities for Vietnam's goods export activities to recover , ” Mr. Tran Thanh Hai assessed.
As the leading agency in managing and operating import and export activities, to promote these activities from now until the end of the year, Ministry of Industry and Trade said it will continue to closely monitor market developments and policy changes of partners to propose appropriate solutions, diversifying traditional and new export markets.
At the same time, continue to promptly inform industry associations about developments in the export market so that businesses can promptly adjust their production plans accordingly and orient their search for orders from the markets;...
Besides, effectively exploiting the Free Trade Agreement (FTA), speed up negotiations, sign FTAs, new economic links to diversify markets, supply chains and boost exports. Develop logistics services; support businesses to strongly shift to official exports associated with brand building; strengthen information work, disseminate knowledge on trade defense for manufacturing industries and businesses.
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