Highlights of imports and exports in 2024

	Hai Phong Customs implements solutions to facilitate trade
	Researching and proposing amendments to 2014 Customs Law to meet the requirements of innovation

Import and export in 2024 set a new record when it hit US$800 billion. Photo: T.Binh.

A trade surplus of about US$ 25 billion

According to preliminary statistics from the General Department of Vietnam Customs, in December 2024, the total import and export turnover nationwide increased by 6.2% month-on-month to US$70.53 billion.

Of which, the export turnover rose 5.3% to US$35.53 billion, and the import turnover increased by 7.2% to US$ 35 billion.

The results achieved in December brought the total trade in 2024 to US$786.29 billion, up 15.4% year-on-year.

Of which, exports reached US$405.53 billion, up 14.3% or US$50.81 billion and imports reached US$380.76 billion, up 16.7% or US$54.41 billion.

Vietnam's trade balance in 2024 had a surplus of US$24.77 billion. However, the figure was lower than the trade surplus of US$28.36 billion of the previous year.

In 2024, the import-export turnover of FDI enterprises saw a year-on-year increase of 13.6% to US$ 529.86 billion.

Of which, exports reached US$289.21 billion, up 12.5% or US$32.03 billion and imports recorded US$ 240.65 billion, up 15.1% or US$31.59 billion compared to 2023.

Meanwhile, imports and exports of domestic enterprises grew 19.4% to US$ 256.44 billion. Exports of domestic enterprises reached US$116.33 billion, up 19.3% and imports recorded US$140.11 billion, up 19.5%.

Exports to the US market reaches a hundred billion dollar

Notably, many Vietnam’s major markets saw positive growth in 2024.

The exports to the world's largest economy - the US in 2024 reached 119.46 billion USD, an increase of 23.2% (or US$22.48 billion) compared to the previous year and accounted for 29.5% of the country's total export turnover.

16 groups of goods exported to the US reached the turnover of US$1 billion or more. In which, the export turnover of computers, electronic products and components recorded US$23.2 billion, up 36.3% (or US$6.18 billion).

The export turnover of other commodity groups includes: machinery, equipment, tools and spare parts at US$ 22.05 billion, up 21.2%; textiles at US$ 16.15 billion, up 11.6%; phones of all kinds and components at US$ 9.82 billion, up 24.3%; wood and wooden products at US$9.06 billion, up 24%.

China is Vietnam's second largest export market with a turnover of US$60.89 billion. However, the result only increased slightly by 0.3% compared to the previous year.

In fact, the exports to China in recent years has tended to slow down. Specifically, it increased by 17.9% in 2020; by 14.3% in 2021; by 3.2% in 2022; by 5.3% in 2023 and by only 0.3% in 2024.

The major export groups to China in 2024 include: phones of all kinds and components at US$15.44 billion, down 8.5%; computers, electronic products and components at US$12.64 billion, down 3.1%; fruits and vegetables at US$4.63 billion, up 27.3%.

The EU is the third most important export market of Vietnam with a total turnover of US$51.66 billion, up 18.5% (or US$8.08 billion) compared to the previous year.

The largest export commodity groups to the EU include computers, electronic products and components at US$10.76 billion, up 66.9%.

Other major commodity groups such as: machinery, equipment, tools, and other spare parts grew US$8.72 billion, up 24.9%; phones of all kinds and components at US$7.38 billion, down 13.4%.

The exports to other important export markets include: ASEAN at US$ 36.54 billion, up 13.6% compared to the previous year; South Korea at US$ 25.55 billion, up 9%; Japan at US$24.59 billion, up 5.6%; Hong Kong at US$12.42 billion, up 29%.