Import and export of goods in the first 10 months of 2024: Exports increase sharply

According to the latest report of the General Statistics Office, import-export turnover in the first 10 months of the year nearly reached 650 billion USD. Notably, goods exports increased by 14.9%.

High export growth, strong trade surplus

According to the General Statistics Office, in October, the total preliminary import-export turnover of goods reached 69.19 billion USD, up 5.1% over the previous month and up 11.8% over the same period last year. In the first 10 months of 2024, the total preliminary import-export turnover of goods reached 647.87 billion USD, up 15.8% over the same period last year, of which exports increased by 14.9%; imports increased by 16.8%.

Regarding goods exports, the preliminary export turnover of goods in October 2024 reached 35.59 billion USD, up 4.4% over the previous month and up 10.1% over the same period last year. In the first 10 months of 2024, the preliminary export turnover of goods reached 335.59 billion USD, up 14.9% over the same period last year.

Of which, the domestic economic sector reached 93.97 billion USD, up 20.7%, accounting for 28.0% of total export turnover; the foreign-invested sector (including crude oil) reached 241.62 billion USD, up 12.8%, accounting for 72.0%.

Regarding the structure of export goods in the first 10 months of 2024, the group of preliminarily processed industrial goods reached 295.23 billion USD, accounting for 88.0%.

On the other hand, the preliminary import turnover of goods in October 2024 reached 33.6 billion USD, up 5.8% over the previous month and up 13.6% over the same period last year. In the first 10 months of 2024, the preliminary import turnover of goods reached 312.28 billion USD, up 16.8% over the same period last year, of which the domestic economic sector reached 113.58 billion USD, up 18.8%; the foreign-invested sector reached 198.7 billion USD, up 15.8%.

Regarding the structure of imported goods in the first 10 months of 2024, the group of primary production materials reached 292.57 billion USD, accounting for 93.7%.

The United States is Vietnam's largest export market with a turnover of 98.4 billion USD. China is Vietnam's largest import market with a turnover of 117.7 billion USD.

The preliminary trade balance of goods in October had a trade surplus of 1.99 billion USD. In the first 10 months of 2024, the preliminary trade balance of goods had a trade surplus of 23.31 billion USD (the same period last year had a trade surplus of 24.8 billion USD). Of which, the domestic economic sector had a trade deficit of 19.61 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 42.92 billion USD.

Regarding goods, phones and components, electronic computers and components are currently the main export items. Ms. Trinh Thi Thu Hien - Deputy Director of the Import and Export Department - Ministry of Industry and Trade emphasized that the electronics industry is a manufacturing industry that plays a key role in the economy, is a measure of the level of economic and technical development of the country and has a strong impact on other industries. Electronic goods increasingly account for a large proportion of total import and export turnover and have a clear impact on the overall growth of the country's exports.

In the first 9 months of 2024, the export value of electronics, computers and components reached 52.8 billion USD, accounting for 17.6% of total export turnover, a sharp increase of 27.4% over the same period last year, the highest increase among the group of leading export value items. The major export markets of this group are still mainly the EU, the United States, and China.

On the other hand, the import value of electronics, computers and components initially reached 79.1 billion USD, accounting for 28.4% of total import turnover, a sharp increase of 25.8% over the same period last year, also the highest increase among the group of leading import value items. The increase in imports of this group of items, focusing on raw materials and accessories, is a sign that the export turnover of this item will continue to increase in the coming time.

Textiles are one of our country's main export items.

Another major export item is textiles. According to the latest statistics from the General Department of Customs, in the first half of October (October 1-15), textile exports earned 1.5 billion USD. This result brought the textile export turnover from the beginning of the year to October 15 to 28.85 billion USD. Thus, on average, textile exports brought in more than 100 million USD per day. Compared to the same period in 2023, the export turnover of this industry increased by 2.62 billion USD (equivalent to a growth rate of 10%).

Currently, textiles and garments are the fourth largest export industry in Vietnam. Vietnam's main export markets are warming up and have grown again, such as the US, South Korea, Japan, Canada, etc. However, the EU market's growth rate is still low. Mr. Pham Xuan Hong - Chairman of the Ho Chi Minh City Textile, Embroidery and Knitting Association said that orders from textile and garment enterprises are currently recovering relatively well. In the second half of 2024, the industry's growth is expected to increase by 15% compared to the first half of the year.

Aiming for $800 billion

Dr. Can Van Luc - Chief Economist of BIDV, Member of the National Financial and Monetary Policy Advisory Council, stated that currently, export enterprises in general are facing many external risks, especially risks from geopolitical factors, trade protectionism, climate change, etc. In addition, the world economy (especially some major partners such as China, EU, US, etc.) is growing slowly, affecting the recovery of exports and investment; private investment and consumption growth is still low.

For textile and garment enterprises, the current difficulty is meeting the green certifications required by the European, American, Japanese, and Korean markets. Even China has made a series of demands on textile and garment products. In the past 5 years, Vietnamese enterprises have not been able to increase the price of orders due to many factors, including the green factor in production activities that has prevented the increase in the cost of garment products.

According to Mr. Vu Duc Giang - Chairman of the Vietnam Textile and Apparel Association, the textile and garment industry has been ahead in green certification in the past 5 years, otherwise there would be no orders like today. To achieve green targets, businesses must invest at the root, digital management, and robotization are inevitable. In Ho Chi Minh City, the textile and garment industry currently has robotized factories. For example, Phong Phu International Company, a factory in District 9, is robotized, meeting green standards.

Or for the agricultural sector, Mr. Nguyen Minh Tien - Director of the Agricultural Trade Promotion Center, Vietnam's agricultural products currently still have many shortcomings and limitations. In which, the biggest limitation is uneven quality.

For example, durian is currently the most popular export product, but when exporting to China - the largest market, most distributors say that the quality is unstable. In many shipments, the rate of unripe fruit is up to 30% and if there is no improvement, Vietnamese durian will easily lose market share.

Second, improving design and packaging is also a limitation. When exporting, distributors require packaging and designs that are both eye-catching and convenient for users.

Therefore, in addition to improving quality, businesses also need to pay attention to product packaging. At the same time, coordinate with functional agencies to implement product promotion solutions both on direct and online platforms.

Although there are still some difficulties, experts predict that with the current growth rate, this year, import-export turnover could reach 800 billion USD - the highest ever.

Source: https://congthuong.vn/xuat-nhap-khau-hang-hoa-10-thang-nam-2024-xuat-khau-tang-manh-357042.html