Preliminary assessment of Vietnam international merchandise trade performance in the first 11 months of 2024

2. In the first 11 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 715.56 billion in value terms, 15.4% upwards as compared to last year. In which, total merchandise exports value went up 14.4 %, to US dollars 369.93 billion and the total merchandise imports value increased 16.3% to US dollars 345.62 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 24.31 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 44.08 billion in total for November of 2024, down by 4.6% on month-on-month basis. FDI’s export value of USD 23.79 billion and FDI’s import value of USD 20.29 billion led to a trade surplus of USD 3.50 billion.

For Jan-Nov period, trade-in-goods by FDI traders totaled US dollars 484 billion, up by 13.7% on year-on-year basis. Total value of FDI exportation was USD 264.43 billion, increased by 12.6%. On import side, the total value of those companies was USD 219.57 billion, up by 15.2%. As a result, FDI’s trade balance was in surplus of USD 44.87 billion.

Main Exports and Imports

4. The October of 2024 to November of 2024 reduction in total merchandise exports was due to the downturns in telephones, mobile phones and parts thereof (down by USD 814 million); machine, equipment, tools and instruments (down by USD 560 million); textiles and garment (down by USD 161 million); iron and steels (down by USD 152 million).

5. On a year-on-year basis, exports was up by USD 46.7 billion, to USD 369.93 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 13.58 billion); machine, equipments, tools and instruments (up by USD 8.51 billion); textiles and garment (up by USD 3.23 billion); wood and wooden products (up by USD 2.57 billion); foot-wears (up by USD 2.38 billion); telephones, mobile phones and parts thereof (up by USD 1.57 billion); fruits and vegetables (up by USD 1.43 billion).

6.Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 11 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 65.23 billion in export value; went up 26.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 38.0% on year-on-year basis, to USD 20.98 billion); China (down by 6.7% on year-on-year basis, to USD 11.11 billion); EU (27) (up by 62.5% on year-on-year basis, to USD 8.92 billion); Hong Kong (China) (up by 55.1%, to USD 7.41 billion) and Republic of Korea (up by 16.4% on year-on-year basis, to USD 5.10 billion).

Telephones, mobile phones and parts thereof reached USD 50.24 billion in export value and was up by 3.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (down by 10.5% on year-on-year basis, to USD 13.66 billion); the United States (up by 27.2% on year-on-year basis, to USD 9.35 billion); EU (27) (down by 11.5% on year-on-year basis, to USD 6.09 billion); Republic of Korea (up by 1.5% on year-on-year basis, to USD 3.26 billion); United Arab Emirates (up by 54.3% on year-on-year basis, to USD 2.99 billion).

Machine, equipments, tools and instruments reached USD 47.81 billion in export value; went up by 21.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.8% on year-on-year basis, to USD 20.22 billion); EU (27) (up by 23.8% on year-on-year basis, to USD 6.76 billion); China (up by 10.1% on year-on-year basis, to USD 3.06 billion); Republic of Korea (up by 19.7% on year-on-year basis, to USD 3.03 billion).

Textiles and garments reached USD 33.65 billion in export value; went up by 10.6% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 11% on year-on-year basis, to USD 14.62 billion); EU (27) (up by 11% on year-on-year basis, to USD 3.93 billion); Japan (up by 6.1%, to USD 3.94 billion); Republic of Korea (up by 3.6% on year-on-year basis, to USD 2.92 billion).

7. The October of 2024 to November of 2024 reduction in total merchandise imports was due to the downwards of the commodities as follows: iron and steels (down by USD 481 million); computers, electrical products, spare-parts and components thereof (down by USD 151 million); crude oil (down by USD 139 million); pharmaceutical products (down by USD 126 million).

8. On a year-on-year basis, imports went up USD 48.62 billion, to USD 345.62 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 17.88 billion); machine, equipments, tools and instruments (up by USD 6.51 billion); iron and steel (up by USD 1.94 billion); other base metals (up by USD 1.72 billion); plastics (up by USD 1.65 billion).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 11 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 97.73 billion in import value; went up by 22.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 49.0% on year-on-year basis, to USD 31.54 billion); Republic of Korea (up by 12.3% on year-on-year basis, to USD 29.22 billion); Japan (down by 7.3%, to USD 6.17 billion).

Machine, equipments, tools and instruments reached USD 44.21 billion in import value; went up 17.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 28.8% on year-on-year basis, to USD 26.12 billion); Republic of Korea (down by 2.1% on year-on-year basis, to USD 4.87 billion); Japan (down by 2.4% on year-on-year basis, to USD 3.61 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 25.19 billion in import value; was up by 14.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 22.1% on year-on-year basis, to USD 14.19 billion); Republic of Korea (down by 1.8% on year-on-year basis, to USD 1.94 billion); Taiwan (China) (up by 7.0% on year-on-year basis, to USD 1.91 billion).

Iron and steel reached USD 11.51 billion in import value; was up by 20.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 34.8% on year-on-year basis, to USD 6.93 billion); Japan (down by 0.9% on year-on-year basis, to USD 1.34 billion); Indonesia (up by 12.6%, to USD 1.15 billion); Republic of Korea (up by 9.2%, to USD 1.11 billion).

Trading Partners

10. In the first 11 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 462.27 billion in value terms, which moved up 14.0% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 151.09 billion and increased by 20.9%. The values of other continents were Europe: USD 78.75 billion, up by 17.1%; Oceania: USD 14.60 billion, up by 2.3% and Africa: USD 8.84 billion, up by 7.5% in comparison with the same period of last year.

11. For Jan-Nov period, 4 exporting markets of Vietnam with turnover of over USD 22 billion were: The United States of America (reached USD 108.94 billion); China (reached USD 54.74 billion); Republic of Korea (reached USD 23.30 billion) and Japan (reached USD 22.41 billion).

12. On import side, 4 partners exporting goods to Vietnam with turnover of over 17 billion were as follows: China (reached USD 130.51 billion); Republic of Korea (reached USD 51.13 billion); Taiwan (China) (reached USD 20.73 billion); Japan (reached USD 19.58 billion).