Import and export in 2024 officially reached 786.29 billion USD

Import-export turnover in 2024 will reach 786.29 billion USD according to data released by the General Statistics Office on the morning of January 6, 2025. In 2024, our country will have a trade surplus of 24.77 billion USD.

Exports increased by 14.3%, trade surplus of 24.77 billion USD

According to the General Statistics Office, in December, the total import-export turnover of goods reached 70.53 billion USD, up 6.2% over the previous month and up 15.9% over the same period last year. In the whole year of 2024, the total import-export turnover of goods reached 786.29 billion USD, up 15.4% over the previous year, of which exports increased by 14.3%; imports increased by 16.7%. The trade balance of goods had a surplus of 24.77 billion USD.

Regarding goods exports, the export turnover of goods in December 2024 reached 35.53 billion USD, up 5.3% over the previous month.

Of which, the domestic economic sector reached 10.68 billion USD, up 8.5%; the foreign-invested sector (including crude oil) reached 24.85 billion USD, up 4.0%. Compared to the same period last year, the export turnover of goods in December increased by 12.8%, of which the domestic economic sector increased by 17.6%, the foreign-invested sector (including crude oil) increased by 10.9%.

In 2024, the total export turnover of goods reached 405.53 billion USD, up 14.3% over the previous year. Of which, the domestic economic sector reached 114.59 billion USD, up 19.8%, accounting for 28.3% of the total export turnover; the foreign-invested sector (including crude oil) reached 290.94 billion USD, up 12.3%, accounting for 71.7%.

In 2024, there will be 37 items with export turnover of over 1 billion USD, accounting for 94.3% of total export turnover (there are 8 items with export turnover of over 10 billion USD, accounting for 69.0%).

Regarding goods imports, in 2024, the total import turnover of goods reached 380.76 billion USD, an increase of 16.7% over the previous year, of which the domestic economic sector reached 140.11 billion USD, an increase of 19.5%; the foreign-invested sector reached 240.65 billion USD, an increase of 15.1%.

In 2024, there will be 46 imported items with a value of over 1 billion USD, accounting for 93.1% of total import turnover (there are 6 imported items with a value of over 10 billion USD, accounting for 54.0%).

The import-export results of 2024 also marked the United States as our country's largest market with a turnover of 119.6 billion USD.

Sharing about the potential of the US market for Vietnamese goods, Mr. Ta Hoang Linh - Director of the Department of European and American Markets - Ministry of Industry and Trade - said that the two countries' official announcement of upgrading their relationship to the level of Comprehensive Strategic Partnership in September 2023 has created a solid foundation, helping the cooperation activities between the two countries to go into depth and substance on all pillars, in which the economic - trade - investment pillar continues to play the role of the central driving force promoting the relationship between the two countries.

Electronics is Vietnam's key export industry (Photo: VNA)

Regarding key industries, the technology industry also witnessed a rebound after a difficult period in 2023. The breakthrough in Vietnam's technology exports is largely thanks to the presence of foreign corporations. Manufacturing plants of "giants" from Korea, the US and other countries have played a key role, helping Vietnam maintain technology export turnover exceeding the threshold of 100 billion USD per year after 2020.

According to data from the General Department of Customs (from January 1, 2024 to December 15, 2024), the export value of phones and components of Vietnam reached 51.6 billion USD, accounting for about 13.3% of total export turnover. This achievement has a significant contribution from phone factories of Samsung, Foxconn or DBG Technology (one of the companies that manufacture phones for Xiaomi).

Samsung has invested in building the world's largest phone factory in Yen Binh Industrial Park, Pho Yen, Thai Nguyen, with a total investment of about 7.5 billion USD.

Foxconn, an equally important name, has been present in Vietnam very early, even before Samsung. With about 6 factories in operation, this group continues to expand in 2024 by announcing an investment of 550 million USD to build two new factories in Quang Ninh.

Or for the textile industry, 2024 also marks a strong breakthrough. Mr. Cao Huu Hieu - General Director of Vietnam Textile and Garment Group (Vinatex) - said that with a turnover of 44 billion USD, an increase of 11% compared to 2023, Vietnam ranks second in the world in textile and garment exports, after China and surpassing Bangladesh.

The textile and garment industry in general and Vinatex in particular have experienced 2024 with many ups and downs. In the first half of 2024, the market, orders, and export prices remained at the low level of 2023 (small orders, strict requirements, fast delivery times, and very low unit prices), but in the second half of 2024, the situation improved again, thereby helping the industry "escape danger" and reach the target of 11% growth.

Efforts for the target of 12% export turnover growth by 2025

At the conference to review 2024 and deploy tasks for 2025 recently organized by the Import-Export Department - Ministry of Industry and Trade, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - commented that Vietnam's import-export situation in 2025 is forecasted to be more favorable thanks to the recovery of global economic growth and trade growth.

The Ministry of Industry and Trade strives to increase goods exports by 10-12% in 2025. (Photo: VNA)

In 2025, the Ministry of Industry and Trade sets a target of total export turnover increasing by 10-12% compared to 2024. The trade balance continues to have a trade surplus of over 20 billion USD. To achieve the set target, the Import-Export Department will strengthen research, forecasting and warning for export goods; closely monitor the import-export situation, the border trade situation, coordinate with industry associations to grasp the difficulties and problems of export enterprises, promptly advise, propose and recommend solutions to remove difficulties and promote exports.

Regularly grasp information on issues that may impact and affect the transportation, circulation, import and export of goods in Vietnam to strengthen forecasting, warning, and recommendations for associations and businesses and report to the Ministry's leaders on solutions to respond and minimize negative impacts on businesses' import and export activities.

Advise on the issuance of legal documents to promptly guide commitments under signed free trade agreements (FTAs), agreements that are being negotiated and will continue to be signed in the coming time; disseminate and popularize commitments, encourage businesses to take advantage of opportunities from FTAs ​​and trade agreements, and promote the diversification of export and import markets.

Regarding specific industries, in 2025, textile and garment exports are expected to have better growth opportunities when major import markets such as the US and EU recover economically, people's spending needs improve with better prospects for the textile and garment industry. However, experts in this industry also recognize that textile and garment enterprises are monitoring US policies after US President Donald Trump took office. Accordingly, the US may implement a new tax policy with China of up to 60%, some countries from 10-20%. With that possibility, Vietnam may be subject to an additional 10% tax on goods exported to this market. This is a significant barrier for textiles and garments next year.

Or with fruit and vegetable products, after the impressive results of reaching nearly 7.1 billion USD in 2024, it is forecasted that it will bring in more than 8 billion USD in 2025 from many new factors such as frozen durian, fresh coconut exported to China, passion fruit expected to be officially licensed for export to the US market in 2025... However, the Vietnam Fruit and Vegetable Association pointed out that the US-China trade conflict, global geopolitical conflicts... are still big challenges. In order for this industry to export more sustainably, it is necessary to pay attention to post-harvest technology, improve product quality, and improve businesses' compliance capacity with the great demands of the market.

At the conference to summarize 2024 and deploy tasks for 2025 held by the Import-Export Department - Ministry of Industry and Trade, Deputy Minister Nguyen Sinh Nhat Tan proposed that in 2025, it is necessary to increase the application of technological innovation and digital transformation in the import-export sector, encourage the implementation of e-commerce channels according to both business-to-business (B2B) and business-to-consumer (B2C) models...

Source: https://congthuong.vn/xuat-nhap-khau-nam-2024-chinh-thuc-dat-78629-ty-usd-368085.html