Import and export continue to grow impressively

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Estimated export turnover reached US$ 299.63 billion

In the first 9 months of 2024, the total export and import turnover of goods reached US$,578.47 billion up 16.3% over the same period last year, of which export increased by 15.4%; import increased by 17.3%.

Accordingly, the export turnover of goods in September 2024 reached US$ 34.05 billion, down 9.9% over the previous month.

Of which, the domestic economic sector reached US$ 9.39 billion, down 14.4%; the foreign-invested sector (including crude oil) reached US$ 24.66 billion, down 8.1%.

Compared to the same period last year, the export turnover of goods in September increased by 10.7%, of which the domestic economic sector increased by 16.0%; the foreign-invested sector (including crude oil) increased by 8.8%.

In the third quarter of 2024, the export turnover reached US$ 108.6 billion, up 15.8% over the same period last year and up 10.6% over the second quarter of 2024.

In the first 9 months of 2024, the export turnover of goods reached US$ 299.63 billion, up 15.4% over the same period last year.

Of which, the domestic economic sector reached US$ 83.47 billion, up 20.7%, accounting for 27.9% of total export turnover; the foreign-invested sector (including crude oil) reached US$ 216.16 billion, up 13.4%, accounting for 72.1%.

Notably, in the first 9 months of 2024, there were 30 items with export turnover of over US$ 1 billion, accounting for 92.3% of total export turnover (there were 7 items with export turnover of over US$ 10 billion, accounting for 66.4%).

Regarding the structure of export groups in the first 9 months of 2024, the group of fuel and minerals reached US$ 3.29 billion, accounting for 1.1%; the group of processed industrial products reached US$ 263.47 billion, accounting for 87.9%; the group of agricultural and forestry products reached US$ 25.64 billion, accounting for 8.6%; The seafood group reached US$ 7.23 billion, accounting for 2.4%.

On the other hand, the import turnover of goods in September 2024 reached US$ 31.76 billion, down 5.9% compared to the previous month.

Of which, the domestic economic sector reached US$ 10.94 billion, down 10%; the foreign-invested sector reached US$ 20.82 billion, down 3.6%.

Compared to the same period last year, the import turnover of goods in September increased by 11.1%, of which the domestic economic sector increased by 8.4%; the foreign-invested sector increased by 12.5%.

In the third quarter of 2024, the import turnover reached US$ 99.74 billion, up 17.2% over the same period last year and up 6.1% over the second quarter of 2024.

In the first 9 months of 2024, the import turnover of goods reached US$ 278.84 billion, up 17.3% over the same period last year, of which the domestic economic sector reached US$ 100.85 billion, up 18.8%; Foreign invested sector reached US$ 177.99 billion, up 16.5%.

Also in the first 9 months of 2024, there were 40 imported items with a value of over US$ 1 billion, accounting for 91.5% of total import turnover (there were 3 imported items with a value of over US$ 10 billion, accounting for 45%).

To further increase the export turnover of Vietnamese goods, in the coming time, it is necessary to continue improving the quality of exported goods. Illustration photo: TL

The United States continues to be Vietnam's largest export market

In terms of import structure, the group of production materials reached US$ 261.5 billion, accounting for 93.8%, of which the group of machinery, equipment, tools and spare parts accounted for 47.3%; the group of raw materials, fuels and materials accounted for 46.5%...

In terms of import and export markets, the United States is Vietnam's largest export market with an estimated turnover of US$ 89.4 billion.

China is Vietnam's largest import market with an estimated turnover of US$ 105 billion.

In the first 9 months of 2024, the trade surplus with the US is estimated at US$ 78.5 billion, up 31%; the trade surplus with the EU is estimated at US$ 25.9 billion, up 20.8%; the trade surplus with Japan is US$ 1.9 billion, up 28.8%; the trade deficit with China is US$ 61.4 billion, up 70.1%; the trade deficit with South Korea is US$ 22.6 billion, up 9.2%; the trade deficit with ASEAN is US$ 6.2 billion, up 9.3%, compared to the same period last year.

Regarding the trade balance, in the first 9 months of 2024, the trade balance of goods has a trade surplus of US$ 20.79 billion (the same period last year had a trade surplus of US$ 22.1 billion), which is a fairly positive trade surplus in the period (2020-2024).

Of which, the domestic economic sector had a trade deficit of US$ 17.38 billion; the foreign-invested sector (including crude oil) had a trade surplus of US$ 38.17 billion.

Assessing the import-export situation in the first 9 months of 2024, Ms. Dinh Thi Thuy Phuong, Director of the Department of Trade and Services Statistics (General Statistics Office) commented that some markets accounting for a large proportion of Vietnam's export value, such as the United States and Europe (EU) were controlling inflation, growth quite well, purchasing power was increasing, accordingly, retail sales of goods maintained a positive trend.

Domestically, enterprises tend to recover production (most enterprises' production plans are positive growth in the months of 2024).

This is reflected in the increase in import turnover in the first 9 months of 2024, reflecting a positive signal of domestic production activities recovering compared to the same period last year (9 months of 2023 decreased by 13.9%).

To further increase the export turnover of Vietnamese goods, according to Ms. Dinh Thi Thuy Phuong, in the coming time, it is necessary to continue to improve the quality of exported goods.

Pay special attention to tracing the origin of products, reducing the cost of exported goods, improving the competitiveness of prices and product quality in the world market, especially for Vietnam's key export products.

At the same time, continue to diversify forms of widespread propaganda about incentives in FTAs, boost export, improve efficiency and ensure the sustainability of exporting Vietnamese goods to markets that have signed FTAs.

Innovate trade promotion activities, focusing on promoting the digital transformation program in trade promotion activities at the highest level, connecting domestic and foreign supply and demand.