Import and export in 2024 reached an unprecedented record in 40 years of innovation. The "sweet fruit" is obtained from the efforts of enterprises and the companionship of the Ministry of Industry and Trade.
Import and export in 2024 reached an unprecedented record in 40 years of innovation. This "sweet fruit" is the crystallization of the efforts of enterprises and the joint efforts and contributions of the Government, ministries, branches, especially the Ministry of Industry and Trade.
Excellent import and export to the finish line
In 2024, the total import-export turnover of goods will reach a new record with an estimated figure of 800 billion USD, an increase of 15% over the previous year and nearly 3 times higher than the assigned plan; the trade balance will record the 9th consecutive year of high trade surplus (nearly 25 billion USD), helping to increase foreign exchange reserves, stabilize exchange rates and macroeconomic indicators.
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| Fruit and vegetable exports grow spectacularly. Photo: Ngoc Thach |
Exports to most market regions grew well, especially markets that have signed free trade agreements (FTAs) with Vietnam. The United States continues to be Vietnam's largest export market, accounting for nearly 30% of total turnover, increasing sharply thanks to recovering demand. Other major markets such as China and the EU also maintained positive growth.
These are impressive results in Vietnam's international trade activities over the past year, when the global economic context continues to face challenges from weak growth and high inflation risks that continue to impact macroeconomic stability and growth prospects of our country's highly open economy.
Notably, exports in all three sectors of industry, agriculture and services have recovered and developed well. Export growth in all three sectors increased month after month and quarter after quarter and was higher than the previous quarter and higher than the same period last year.
Imports and exports remained at a high level and ensured a surplus of goods. The trade balance was maintained at a fairly positive level, which strongly supported the balance of payments to also remain positive, while supporting a stable exchange rate.
It is also from the spectacular growth of import-export activities that has supported the economy. The Ministry of Industry and Trade said that the preliminary report shows that in 2024, industrial production will recover strongly, growing spectacularly by over 8.0% compared to the previous year, exceeding the assigned plan and much higher than the growth rate of 2.3% of the previous year, in which the processing and manufacturing industry increased by nearly 10%, more than 3 times higher than the growth rate of the previous year, affirming the important pillar role, leading the growth of the economy. The number of jobs in the industrial and processing and manufacturing industry increased, the import-export activities of enterprises increased and thereby supported domestic processing and manufacturing activities.
Notably, although we face many difficulties due to Typhoon Yagi, 2024 is a breakthrough year for Vietnam's agricultural sector in both production and export. Production value increased by over 3.2%, agricultural, forestry and fishery export turnover is estimated at over 62 billion USD, an increase of over 18% compared to 2023, with 11 items continuing to maintain an export turnover value of over 1 billion USD, of which 7 items reached over 3 billion USD (wood and wood products estimated at 16.1 billion USD, vegetables and fruits estimated at 7.1 billion USD, rice estimated at 5.7 billion USD, coffee estimated at 5.4 billion USD, cashew nuts 4.3 billion USD, shrimp 3.8 billion USD, rubber estimated at 3.2 billion USD). Of which, exports of vegetables, rice, coffee, cashew nuts and pepper all had double-digit growth (coffee increased by 56.9%, pepper increased by 53.3%, rubber increased by 24.6%, rice increased by 10.6%).
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| 2024 will also be the 9th year Vietnam records a trade surplus. Photo: Can Dung |
2024 is also the 9th year that Vietnam has recorded a trade surplus, which is one of the important components to determine the growth rate of the economy. With the efforts of the entire economy, especially businesses, farmers, etc., it has contributed to increasing the total demand of the economy through this trade surplus.
Such a trade surplus, together with FDI capital and remittances flowing into Vietnam, will contribute to increasing the supply of foreign currency in the domestic market.
According to experts, this is an advantage for Vietnam to have more room to stabilize the exchange rate and stabilize the Vietnamese currency.
The result of total harmony
Dr. Le Duy Binh - CEO of Economica Vietnam - assessed that the biggest bright spot in 2024 is the adaptation of the economy, businesses and people when the economy recovers. Along with the role of the Government, the support of ministries, branches and localities, especially the Ministry of Industry and Trade, has brought about outstanding import-export turnover results in the past year.
According to Associate Professor Dr. Nguyen Thuong Lang - Senior Lecturer at the Institute of International Trade and Economics, National Economics University, import and export in 2024 will reach an unprecedented record level in 40 years of innovation. This is certain. The "sweet fruit" is the crystallization of the efforts of enterprises and the joint efforts and contributions of the Government, ministries, branches, especially the Ministry of Industry and Trade.
In particular, the increase in Vietnam's goods exports comes from many factors. Firstly , Vietnam strongly attracts foreign direct investment (FDI) combined with the signing of FTAs. It can be affirmed that with 17 FTAs, Vietnam's export market is very large, therefore, we have created the first advantage of attracting FDI to boost exports. This figure accounts for about 70% of total export turnover.
Second , Vietnam's agricultural market has changed quite strongly in recent times, especially in terms of agricultural product prices and export scale, meaning that we have gained both in price and quantity. Third , some items such as textiles, wood, and seafood have all had high growth in turnover. Fourth , Vietnam's policies in recent times have been quite "smooth" and overall very successful in import-export policies.
Fifth , businesses are making efforts to understand the market more deeply, know how to do business in chains, and respond very quickly to fluctuations and especially the demands of demanding markets, especially the EU and the US; and know how to avoid trade defense cases. These factors create a "very beautiful" picture of import and export activities in 2024 and next year will certainly be even more beautiful than this year.
Source: https://congthuong.vn/nam-2024-xuat-nhap-khau-can-moc-ky-luc-chua-tung-co-trong-40-nam-365695-365695.html
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