Import and export of goods in 8 months reached 511.11 billion USD, up 16.7%

Import and export continue to increase strongly

The latest figures from the General Statistics Office show that in August, preliminary import-export turnover of goods reached 70.65 billion USD, up 0.8% over the previous month and up 13.5% over the same period last year.

In the first 8 months of 2024, the total preliminary import-export turnover of goods reached 511.11 billion USD, up 16.7% over the same period last year, of which exports increased by 15.8%; imports increased by 17.7%. The trade balance of goods had a surplus of 19.07 billion USD.

Of which, the domestic economic sector reached 73.88 billion USD, up 21%, accounting for 27.9% of total export turnover; the foreign-invested sector (including crude oil) reached 191.21 billion USD, up 13.9%, accounting for 72.1%.

In terms of exports, in the first 8 months of 2024, the preliminary export turnover of goods reached 265.09 billion USD, an increase of 15.8% over the same period last year.

In the first 8 months of 2024, there were 30 items with export turnover of over 1 billion USD, accounting for 92.3% of total export turnover (there were 6 items with export turnover of over 10 billion USD, accounting for 62.6%).

Regarding the structure of export goods in the first eight months of 2024, the fuel and mineral group reached 2.92 billion USD, accounting for 1.1%; the processed industrial goods group reached 233.33 billion USD, accounting for 88%; the agricultural and forestry products group reached 22.53 billion USD, accounting for 8.5%; the aquatic products group reached 6.31 billion USD, accounting for 2.4%.

On the other hand, in the first 8 months of 2024, the preliminary import turnover of goods reached 246.02 billion USD, up 17.7% over the same period last year, of which the domestic economic sector reached 89.58 billion USD, up 19.7%; the foreign-invested sector reached 156.44 billion USD, up 16.5%.

In the first 8 months of 2024, there were 38 imported items with a value of over 1 billion USD, accounting for 90.8% of total import turnover (there were 2 imported items with a value of over 10 billion USD, accounting for 40.7%).

The import-export results of the past 8 months have helped August to have a preliminary trade surplus of 4.53 billion USD. In the first 8 months of 2024, the preliminary trade balance of goods had a trade surplus of 19.07 billion USD (the same period last year had a trade surplus of 19.9 billion USD). Of which, the domestic economic sector had a trade deficit of 15.7 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 34.77 billion USD.

Import and export of goods continues to be a bright spot of the economy (Photo: Can Dung)

Import and export continued to maintain remarkable turnover when many key export groups maintained double-digit growth.

Textiles and garments are our country's main export group with textile and garment export turnover recovering well. In the first 7 months of 2024 alone, the country's garment exports increased by 4.87% over the same period in 2023.

Notably, Vietnam's garment exports to the US market have recovered slightly for the first time in many months compared to the period before the Covid-19 pandemic. This is a positive signal for exports to the US market in particular and Vietnam's textile and garment exports in general.

According to Mr. Cao Huu Hieu, General Director of Vietnam National Textile and Garment Group, most garment enterprises have enough production orders until the end of the fourth quarter of 2024 - the peak season for orders during Christmas and Tet. It is forecasted that the export turnover of Vietnam's textile and garment industry in 2024 will increase by 8-10% compared to 2023.

According to a recent survey by the United States Fashion Association (USFIA) on the competitive advantage of textile and garment exporting countries to the United States, Vietnam has a higher total score than China and Bangladesh as businesses are shifting suppliers away from China. Therefore, in the long term, the market share of the Vietnamese textile and garment industry is expected to continue to expand in this market.

According to the Ministry of Industry and Trade, Vietnamese textile and garment enterprises have advantages thanks to their geographical location, large port system, and ability to produce a variety of high-value products such as vests, winter coats, swimwear, etc. with rich designs and fast delivery. However, in the long term, if other countries catch up with production capacity, the Vietnamese textile and garment industry will face many challenges.

To avoid this possibility, businesses need to focus on boosting technology investment, optimizing production and supply processes, and deeply participating in the OBM (original brand manufacturing) or ODM (original design manufacturing) value chain to create sustainable competitive advantages compared to other countries.

Regarding the agricultural, forestry and fishery products group, in the first 8 months of 2024, agricultural, forestry and fishery exports reached 40.08 billion USD, while imports reached 28.28 billion USD. With this result, the agricultural, forestry and fishery sector had a trade surplus of 11.8 billion USD, an increase of 68.4% over the same period last year...

Notably, fruit and vegetable products continued to grow impressively, with export turnover in August 2024 reaching 750 million USD, up 29% over the previous month and up 52.8% over the same period in 2023. This is one of the months with the highest export value of fruits and vegetables of the year due to falling in the peak durian harvest period in the Central Highlands.

In the first 8 months of 2024, fruit and vegetable exports are estimated to reach 4.63 billion USD, up 30.6% over the same period last year. China continues to be the largest import market for Vietnam's fruit industry, with a turnover of 2.93 billion USD, accounting for 64% of Vietnam's total fruit and vegetable export market share.

In the first 8 months of 2024, the average export price of many agricultural and forestry products increased compared to the same period last year, such as: Rice 625 USD/ton, up 14.8%; coffee 3,805 USD/ton, up 54.5%; rubber 1,567 USD/ton, up 16.6%; pepper 4,810 USD/ton, up 47%; tea 1,756 USD/ton, up 2.2%...".

What is the forecast for import and export in 2024?

The increasing demand for goods in the world market means that domestic enterprises are receiving more export orders. Import and export of goods since the beginning of the year continues to be a bright spot in the overall economic picture of Vietnam.

The latest report from the World Bank (WB) stated that Vietnam's economic growth rate is expected to be higher in 2024, thanks to the recovery of exports of manufactured goods, tourism, consumption and consumption. Specifically, Vietnam's economy is forecast to grow by 6.1% in 2024, 6.5% in 2025 and 2026, higher than the 5% in 2023, showing the resilience of the Vietnamese economy in the context of increasing challenges globally. In the context of high market demand, this will be an opportunity for year-end goods exports.

Sharing about the bright spots in import and export activities in recent times, Associate Professor Dr. Dinh Trong Thinh - Economic expert said that the positive point is that the structure of exported goods continues to improve in a positive direction, reducing the content of raw exports, increasing the export of processed products and industrial products, creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain. The positive figures on the total import and export value of domestic enterprises in recent times show that domestic enterprises are trying very hard to promote export activities. Thereby increasing the ability to consume goods and products, as well as orienting our country's goods in the world market.

With the efforts of enterprises and the support of the State, the solutions to promote import and export of the Ministry of Industry and Trade, Associate Professor, Dr. Dinh Trong Thinh said that it is possible to achieve and even exceed the export growth target of 6% in 2024.

In the coming time, experts believe that the Ministry of Industry and Trade needs to continue implementing solutions to provide early information about the market, while at the same time, protecting export goods by strengthening early warnings of trade defense solutions.

2022 is considered a record year for import and export, exceeding 732 billion USD, of which exports exceeded 371 billion USD for the first time. In 2023, affected by the global economic and trade downturn, import and export reached 681.1 billion USD, of which exports reached 354.7 billion USD and imports reached 326.4 billion USD.

With the current order situation and looking at the acceleration of input material imports, import and export are likely to finish far beyond the record of 2022.

Source: https://congthuong.vn/xuat-nhap-khau-hang-hoa-8-thang-dat-51111-ty-usd-tang-167-343709.html