Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fruit and vegetable exports expects to hit US$ 6 billion Fruit and vegetable exports expects to hit US$ 6 billion
Customs handles a daily trade volume of over US$2 billion Customs handles a daily trade volume of over US$2 billion
Import and export are expected to reach 800 billion USD

Vietnam's commodity exports achieved high growth in key markets. Illustration photo: Vietnam+

30 billion-dollar export items

At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.

Up to this point, the total import and export turnover of the whole country reached nearly 580 billion USD, an increase of 16.2% over the same period. Following such growth momentum, it is possible that by the end of the year, the value of our country's import and export turnover could reach 800 billion USD.

Analyzing the export market of goods in the past 9 months, according to the Ministry of Industry and Trade, export turnover to most markets and major trading partners of our country has recovered positively and achieved high growth. In particular, the United States is Vietnam's largest export market with an estimated turnover of 89.4 billion USD, accounting for 29.8% of the country's total export turnover and increasing by 27.4% over the same period last year (the same period in 2023 decreased by 17.6%); followed by the Chinese market with an estimated turnover of 43.56 billion USD; the EU market is estimated at 38.1 billion USD; South Korea is estimated at 18.9 billion USD; Japan is estimated at 18 billion USD, etc.

From the perspective of the export industry, the assessment of the Ministry of Industry and Trade shows that although the turnover in September 2024 decreased by 9.9% compared to the previous month, reaching 34.05 billion USD, in the first 9 months, the total export turnover of goods reached 299.63 billion USD, up 15.4% over the same period last year.

Of which, the domestic economic sector reached 83.47 billion USD, up 20.7%, accounting for 27.9% of total export turnover; the foreign-invested sector (including crude oil) reached 216.16 billion USD, up 13.4%, accounting for 72.1%. This shows a positive signal in the export activities of the 100% domestic-owned enterprise sector, when the export turnover growth rate of this sector is nearly twice as high as that of the foreign-invested enterprise sector.

Notable data in the past 9 months, there were 30 items with export turnover of over 1 billion USD, accounting for 92.3% of total export turnover. Notably, in this group, there were 7 items with export turnover of over 10 billion USD, accounting for 66.4%.

In terms of commodity structure, all three groups of agriculture, forestry and fishery; processing and manufacturing industry; mineral fuels continued to maintain export growth momentum. Notably, the export turnover of the agriculture, forestry and fishery group reached 28.8 billion USD, up 21.9% over the same period in 2023, accounting for 9.6% of the total export turnover of the country. In this group, some items had high export turnover compared to the same period last year such as: pepper increased by 45%; coffee increased by 37.8%; rice increased by 23%; tea of ​​all kinds increased by 31.9%; vegetables and fruits increased by 33.9%; cashew nuts increased by 21.7%.

The manufacturing and processing industry continued to play a leading role when it reached 253.9 billion USD, accounting for 84.7% of total export turnover and increasing by 15.2% over the same period in 2023. In particular, the export turnover of many groups of processed industrial products achieved high double-digit growth, with key export items such as: plastic products increased by 30.8%; wood and wood products increased by 21.5%; textiles and garments increased by 8.9%; footwear of all kinds increased by 12.5%; iron and steel of all kinds increased by 14.7%; computers, electronic products and components increased by 27.4%; cameras, camcorders and components increased by 30%; machinery, equipment, tools and other spare parts increased by 22%; phones of all kinds and components increased by 7.2%, etc.

For the group of mineral fuels, exports are also estimated at 3.1 billion USD, up 3% over the same period in 2023.

From the business perspective, Mr. Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association, said that despite facing many challenges, the textile and garment group still maintained its performance when bringing in more than 32.4 billion USD, up 6-7% over the same period last year. With the current situation, the total export turnover of Vietnam's textile and garment products is expected to reach from 43 to 44 billion USD.

Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that since the Protocol allowing fresh durian to be exported to China was signed in July 2022, durian exports to China have continuously grown remarkably and durian has become the number 1 export item of the Vietnamese fruit and vegetable industry, with a value of more than 2.2 billion USD in 2023 and has exceeded 2.5 billion USD in the first 9 months of this year, expected to reach more than 3 billion USD by the end of 2024.

According to the Trade Promotion Agency (Ministry of Industry and Trade), up to now, in addition to 14 types of agricultural products exported through official channels, most of the remaining products are exported through border trading channels (informal trade). The demand for fruit consumption in the Chinese market is very large and Vietnam's ability to supply high-quality, specialty fruits is very abundant.

Along with that are the advantages of bilateral and multilateral trade agreements (FTAs) of which both countries are members. In addition, Vietnam is also a country with more than 1,450 km of border (waterway, road) with China, so logistics costs are lower and more competitive than other countries. Therefore, there is still a lot of room for fruit businesses of the two countries to exploit and develop.

What are the challenges in the last quarter of the year?

Although maintaining the export growth rate in the past 9 months, the situation in the last months of the year is forecast to face many challenges. The Ministry of Industry and Trade forecasts that exports to key markets such as Europe and America will continue to have both advantages and challenges.

Year-end consumption demand in major markets such as the US and EU will be an important driving force to promote exports, especially in the fields of electronics, consumer goods and textiles. Because global retailers increase stockpiling of goods for major holidays. The FTA market continues to have a positive impact, maintaining Vietnam's advantages in trade and investment activities, etc.

However, the world's geopolitical developments continue to be complex, unpredictable, with many difficulties, challenges, risk factors, and uncertainties, especially geopolitical tensions and armed conflicts in Europe and the Middle East.

Developed countries are more concerned with issues of sustainable development and consumer safety, creating new standards and regulations related to supply chains, raw materials, labor, and stricter environment for imported products, etc.

Accordingly, one of the key tasks set by the Ministry of Industry and Trade from now until the end of the year is to focus on effectively exploiting the FTAs ​​that have come into effect and signed, implementing new Agreements to expand and diversify markets, import and export goods, and supply chains. Strengthening the exploitation of neighboring markets with potential, strongly shifting to official exports associated with brand building, promoting sustainable exports, etc.

By Ngoc Linh/Phuong Linh

Related News

Regulating goods across Huu Nghi International Border Gate during peak times

Regulating goods across Huu Nghi International Border Gate during peak times

VCN – In order to reduce the pressure on customs clearance of import and export goods for the international border gate pair during peak times, the management agency of Lang Son (Vietnam) has just discussed with the management authority of Pingxiang (China) to strengthen coordination in regulating the means of transporting goods of enterprises on both sides.
Strictly control imports and trade of toxic chemicals

Strictly control imports and trade of toxic chemicals

VCN – HCM City Police has just advised the HCM City Steering Committee 138 to direct Customs Department, the Department of Industry and Trade, the Market Surveillance Department to review all enterprises permitted to import and trade dangerous and toxic chemicals to conduct inspections of their law compliance.

More News

Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version