According to the General Statistics Office's report updated on the morning of December 6, the import-export turnover of goods in 11 months reached 715.55 billion USD, an increase of 15.4% over the same period last year.
High growth in import and export
The General Statistics Office's report shows that in November, the total preliminary import-export turnover of goods reached 66.4 billion USD, down 4.1% compared to the previous month and up 9.0% compared to the same period last year. In the first 11 months of 2024, the total preliminary import-export turnover of goods reached 715.55 billion USD, up 15.4% over the same period last year, of which exports increased by 14.4%; imports increased by 16.4%. The trade balance of goods had a surplus of 24.31 billion USD.
Regarding goods exports, the preliminary export turnover of goods in November 2024 reached 33.73 billion USD, down 5.3% compared to the previous month.
In the first eleven months of 2024, the preliminary export turnover of goods reached 369.93 billion USD, up 14.4% over the same period last year. Of which, the domestic economic sector reached 103.88 billion USD, up 20.0%, accounting for 28.1% of total export turnover; the foreign-invested sector (including crude oil) reached 266.05 billion USD, up 12.4%, accounting for 71.9%.
In the eleven months of 2024, there were 36 items with export turnover of over 1 billion USD, accounting for 94.1% of total export turnover (there were 7 items with export turnover of over 10 billion USD, accounting for 66.5%).
On the other hand, the preliminary import turnover of goods in November 2024 reached 32.67 billion USD, down 2.8% compared to the previous month. In the eleven months of 2024, the preliminary import turnover of goods reached 345.62 billion USD, up 16.4% over the same period last year, of which the domestic economic sector reached 126.05 billion USD, up 18.5%; the foreign-invested sector reached 219.57 billion USD, up 15.2%.
In the eleven months of 2024, there were 44 imported items with a value of over 1 billion USD, accounting for 92.6% of total import turnover.
This result is the contribution of the export performance of many products. For example, according to the latest statistics of the General Department of Customs, in the first half of November (November 1-15), fruit and vegetable exports earned 222.63 million USD.
In total, from the beginning of the year to November 15, the total export turnover of this group of goods reached 6.38 billion USD, an increase of 27.46% over the same period last year.
Notably, according to detailed data from the General Department of Customs, durian continues to be the export commodity group bringing in the largest turnover of the fruit and vegetable group.
Specifically, updated to the end of October 2024, durian exports (HS code 0810.60.00) reached 2.85 billion USD, an increase of 46%, equivalent to an increase of 900 million USD over the same period last year and accounting for 46% of the total export turnover of fruits and vegetables of the whole country in the same period.
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| Fruit and vegetable exports may hit a record this year (Photo: VNA) |
According to the Vietnam Fruit and Vegetable Association, with current export results, the Vietnamese fruit and vegetable industry will set a record of 7 billion USD, and may even exceed all forecasts with the figure of 7.2 billion USD in 2024.
Speaking to reporters of the Industry and Trade Newspaper, Mr. Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association said that Vietnamese fruits and vegetables are increasingly asserting their position in the international market. The reason is that the quality of fruits and vegetables has been improved thanks to the application of scientific and technological advances in production, achieving many international standards such as VietGAP, Global GAP. Vietnamese fruits and vegetables are increasingly asserting their quality and freshness, meeting the requirements of the market, including demanding markets.
“ In particular, Vietnam also has the advantage of being close to the Chinese market - the world's largest fruit and vegetable market with an annual demand of up to 20 billion USD. The close geographical location helps keep logistics costs for Vietnamese fruits and vegetables low, promoting fruit and vegetable exports to this market, ” said Mr. Dang Phuc Nguyen. At the same time, he affirmed that in 2024, the expected fruit and vegetable export turnover in the next 5 years could reach more than 10 billion USD.
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| Textile and garment exports in 2024 are estimated to reach 44 billion USD (Photo: Moit) |
Regarding textile products, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas), said that in 2024, the Vietnamese textile and garment industry will have many advantages, when 17/19 new-generation Free Trade Agreements (FTAs) have come into effect. This is a global market that brings great advantages to Vietnamese textile and garment. Not to mention, the Vietnamese textile and garment business community has quickly adopted the strategy of diversifying markets; diversifying customer partners and products with high added value. Thanks to that, the textile and garment export turnover in 2024 is estimated to reach 44 billion USD, equal to the expected level, an increase of 11.26% compared to 2023.
Assessing the import-export results in 2024 with reporters of the Industry and Trade Newspaper, Dr. Le Quoc Phuong - Former Deputy Director of the Center for Industry and Trade Information - Ministry of Industry and Trade said that import-export has maintained a relatively steady growth in turnover since the beginning of the year. This shows the great efforts of the business community in seizing opportunities from free trade agreements as well as recovery opportunities from the market. In addition, businesses have also invested very well in technology to produce products and goods. Thanks to that, Vietnamese goods are favored by many markets. Up to this point, many businesses have had orders until the first quarter of 2025.
What opportunities are there for import and export activities in 2025?
The year 2024 has gradually passed with particularly impressive results in import-export activities. Regarding the import-export prospects in 2025, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - Ministry of Industry and Trade said that the world market has shown signs of stability, inflation has decreased in major markets, demand and purchasing power have recovered; domestic production is stable, goods are abundant and diverse; FDI attraction has achieved good results.
Free trade agreements are effective, helping to increase turnover in markets with FTAs, new FTAs are coming into effect... Therefore, it is forecasted that import and export will maintain good growth momentum from now until the first quarter of 2025, with even growth in all product groups and markets.
Agreeing, Dr. Le Quoc Phuong said that the world situation in 2025 will continue to develop in a more favorable direction for export enterprises when markets are increasing demand for goods again. The world economy continues to show signs of recovery, creating an opportunity for enterprises to expand their markets.
However, challenges also come when tariff barriers are removed, barriers such as standards, regulations on quality, safety, environment, labor or the risk of applying trade defense measures are also erected. Therefore, businesses need to clearly grasp the opportunities and challenges, and at the same time promote solutions to make the most of market opportunities.
Authorities also need to continue implementing solutions to boost trade promotion, helping businesses seek opportunities from new markets and markets with FTAs. In addition, accompany businesses in early warning of trade defense measures from abroad. In addition, better apply trade defense tools to protect domestic goods from barriers from foreign markets.
Source: https://congthuong.vn/xuat-nhap-khau-hang-hoa-11-thang-nam-2024-dat-71555-ty-usd-362771.html
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