Preliminary assessment of Vietnam international merchandise trade performance in the first 10 months of 2024

2. In the first 10 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 647.91 billion in value terms, 15.8% upwards as compared to last year. In which, total merchandise exports value went up 14.9 %, to US dollars 335.63 billion and the total merchandise imports value increased 16.8% to US dollars 312.28 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 23.35 billion.

3. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 46.19 billion in total for October of 2024, down by 1.9% on month-on-month basis. FDI’s export value of USD 25.26 billion and FDI’s import value of USD 20.92 billion led to a trade surplus of USD 4.34 billion.

For Jan-Oct period, trade-in-goods by FDI traders totaled US dollars 438.83 billion, up by 14.2% on year-on-year basis. Total value of FDI exportation was USD 240.13 billion, increased by 12.9%. On import side, the total value of those companies was USD 198.70 billion, up by 15.8%. As a result, FDI’s trade balance was in surplus of USD 41.43 billion.

Main Exports and Imports

4. The September of 2024 to October of 2024 growth in total merchandise exports was due to the upturns in foot-wears (up by USD 464 million); wood and wooden products (up by USD 286 million); other means of transportation, parts and accessories thereof (up by USD 238 million); machine, equipment, tools and instruments (up by USD 234 million); textiles and garment (up by USD 233 million).

5. On a year-on-year basis, exports was up by USD 43.59 billion, to USD 335.63 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 12.13 billion); machine, equipments, tools and instruments (up by USD 7.63 billion); textiles and garment (up by USD 2.90 billion); wood and wooden products (up by USD 2.31 billion); telephones, mobile phones and parts thereof (up by USD 2.18 billion); foot-wears (up by USD 2.12 billion); fruits and vegetables (up by USD 1.34 billion).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 2024 were: computers, electrical products, spare-parts and components thereof; telephones, mobile phones and parts thereof; machine, equipments, tools and instruments; textiles and garments.

Computers, electrical products, spare-parts and components thereof reached USD 58.67 billion in export value; went up 26.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 41.6% on year-on-year basis, to USD 19.13 billion); China (down by 10.0% on year-on-year basis, to USD 9.91 billion); EU (27) (up by 59.5% on year-on-year basis, to USD 7.84 billion); Hong Kong (China) (up by 61.6%, to USD 6.74 billion) and Republic of Korea (up by 13.4% on year-on-year basis, to USD 4.53 billion).

Machine, equipments, tools and instruments reached USD 43.05 billion in export value; went up by 21.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.3% on year-on-year basis, to USD 17.97 billion); EU (27) (up by 24.2% on year-on-year basis, to USD 6.12 billion); Republic of Korea (up by 20.0% on year-on-year basis, to USD 2.77 billion); China (up by 9.5% on year-on-year basis, to USD 2.76 billion).

Telephones, mobile phones and parts thereof reached USD 46.47 billion in export value and was up by 4.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (down by 5.6% on year-on-year basis, to USD 12.54 billion); the United States (up by 26.5% on year-on-year basis, to USD 8.71 billion); EU (27) (down by 9.5% on year-on-year basis, to USD 5.68 billion); Republic of Korea (up by 1.2% on year-on-year basis, to USD 3.0 billion); United Arab Emirates (up by 54.9% on year-on-year basis, to USD 2.75 billion).

Textiles and garments reached USD 30.57 billion in export value; went up by 10.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 10.7% on year-on-year basis, to USD 13.30 billion); EU (27) (up by 10.2% on year-on-year basis, to USD 3.54 billion); Japan (up by 7.0%, to USD 3.55 billion); Republic of Korea (up by 2.6% on year-on-year basis, to USD 2.73 billion).

7. The September of 2024 to October of 2024 increase in total merchandise imports was due to the upwards of the commodities as follows: iron and steels (up by USD 444 million); machine, equipments, tools and instruments (up by USD 257 million); petroleum products (up by USD 222 million); other means of transportation, parts and accessories thereof (up by USD 129 million); animal fodders and animal fodder materials (up by USD 113 million).

8. On a year-on-year basis, imports went up USD 45.03 billion, to USD 312.28 billion. The growth in imports was mainly contributed by the upturns of the following products: computers, electrical products, spare-parts and components thereof (up by USD 16.90 billion); machine, equipments, tools and instruments (up by USD 5.76 billion); iron and steel (up by USD 1.97 billion); other base metals (up by USD 1.56 billion); plastics (up by USD 1.44 billion);.

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 10 months of 2024 were: computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textile, leather and foot-wears materials and auxiliaries group; iron and steel.

Computers, electrical products, spare-parts and components thereof reached USD 88.25 billion in import value; went up by 23.7% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 51.3% on year-on-year basis, to USD 28.52 billion); Republic of Korea (up by 14.2% on year-on-year basis, to USD 26.39 billion); Japan (down by 2.1%, to USD 5.80 billion).

Machine, equipments, tools and instruments reached USD 39.70 billion in import value; went up 17.0% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 29.1% on year-on-year basis, to USD 23.37 billion); Republic of Korea (down by 3.2% on year-on-year basis, to USD 4.45 billion); Japan (down by 1.9% on year-on-year basis, to USD 3.25 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 22.82 billion in import value; was up by 15.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 22.9% on year-on-year basis, to USD 12.83 billion); Taiwan (China) (up by 7.6% on year-on-year basis, to USD 1.75 billion); Republic of Korea (down by 1.8% on year-on-year basis, to USD 1.74 billion).

Iron and steel reached USD 10.48 billion in import value; was up by 23.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 43.2% on year-on-year basis, to USD 6.38 billion); Japan (down by 3.0% on year-on-year basis, to USD 1.20 billion); Republic of Korea (up by 8.7%, to USD 1.02 billion).

Trading Partners

10. In the first 10 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 418.10 billion in value terms, which moved up 14.6% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 136.70 billion and increased by 20.8%. The values of other continents were Europe: USD 71.51 billion, up by 17.7%; Oceania: USD 13.41 billion, up by 3.3% and Africa: USD 8.20 billion, up by 8.2% in comparison with the same period of last year.

11. For Jan-Oct period, 4 exporting markets of Vietnam with turnover of over USD 20 billion were: The United States of America (reached USD 98.69 billion); China (reached USD 49.62 billion); Republic of Korea (reached USD 21.17 billion) and Japan (reached USD 20.22 billion).

12. On import side, 4 partners exporting goods to Vietnam with turnover of over 17 billion were as follows: China (reached USD 117.52 billion); Republic of Korea (reached USD 46.31 billion); Taiwan (China) (reached USD 18.67 billion); Japan (reached USD 17.86 billion).