Optimistic exports in the last 5 months of 2024

More protocols were signed, the world 's import demand was high, agricultural export prices increased, and industrial production also increased, these are factors showing that commodity exports are optimistic in the last months of 2024.

With the growth of many products, export forecasts for the last months of 2024 will be very optimistic. Photo: Chanh Thu

Recently, the Ministry of Agriculture and Rural Development of Vietnam and the General Department of Customs of China officially signed 3 important Protocols, including: Protocol on inspection, testing of plants and food safety for durian frozen products exported from Vietnam to China; Protocol on phytosanitary requirements for fresh coconuts exported from Vietnam to China and Protocol on quarantine and health requirements for farmed crocodiles exported from Vietnam to China, opening up great opportunities for exporting the above items from Vietnam, contributing to increasing the export value in bulk. Vietnamese agricultural products.

According to Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruite), from the signed protocols, it is forecasted that durian exports could reach 4 billion USD, coconut exports could increase by 200-300 million USD. Currently, it is estimated that in the first 8 months of 2024, fruit and vegetable exports have reached 4.6 billion USD. Along with the sharp increase in export value of key products such as durian, coconut, banana, dragon fruit, mango, jackfruit..., the export turnover of fruits and vegetables in 2024 could set a new record with a total turnover value of 7-7.5 billion USD.

The Ministry of Agriculture and Rural Development also stated that, despite many difficulties and challenges, the export of a series of agricultural, forestry and aquatic products of Vietnam such as rubber, rice, tra fish, shrimp, wooden products, etc. also has many optimistic signs. "Vietnam can achieve an export turnover of agricultural, forestry and aquatic products of over 55 billion USD" - Deputy Minister of Agriculture and Rural Development Phung Duc Tien affirmed.

In addition to the advantages of agricultural, forestry and fishery products that bring in high trade surpluses every year, the export forecast for industrial products is also optimistic in the last months of the year. For example, for footwear products, due to the signing of export contracts for the whole year of 2024, the export of this industry is also favorable. According to data from the General Department of Customs, footwear exports in the first 7 months of 2024 reached 10.147 billion USD, up 10.4%; handbag exports reached 1.621 billion USD, up 7.4% over the same period last year. From the above results, Vietnam is aiming to bring in 26-27 billion USD in 2024 from footwear exports.

According to the Ministry of Industry and Trade , currently, Vietnam's textile and garment exports to major markets such as the US, EU, Japan, etc. are recovering well. It is forecasted that textile and garment exports in 2024 can reach the export target of 44 billion USD this year.

Recently, at the conference "Promoting trade with the system of foreign trade offices" with the theme "Promoting trade to develop the market for processed and manufactured industrial products" - Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the US - also predicted that Vietnam's textile and garment exports to the US could continue to increase in the coming time, when autumn and winter are coming, as well as "suppliers actively buying goods to stock up before the election in November 2024".

At this time, most enterprises are stepping up production to deliver signed orders on time. Mr. Cao Huu Hieu - General Director of Vietnam Textile and Garment Group - said: "Most garment enterprises have enough production orders until the end of the third quarter of 2024 and continue to negotiate and sign for the fourth quarter of 2024 - the peak production season for Christmas and New Year orders".

Therefore, according to the Vietnam Textile and Apparel Association, the third quarter is the time when Vietnam's textile and garment exports reach their highest point in the year. It is forecasted that the average textile and garment export turnover will be higher than the previous months, so textile and garment exports have many optimistic signals in September and the fourth quarter of 2024. Enterprises are also stepping up negotiations and signing contracts in the fourth quarter and early 2025.

Source