Preliminary assessment of Vietnam international merchandise trade performance in the first 2 months of 2024

2. In the first 2 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 113.43 billion in value terms, 18.1% upwards as compared with last year. In which, total merchandise exports value went up 19.0 %, to US dollars 59.21 billion and the total merchandise imports value increased 17.1% to US dollars 54.21 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 5.0 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 33.57 billion in total for February of 2024, down by 24.6% on month-on-month basis. FDI’s export value of USD 18.18 billion and FDI’s import value of USD 15.39 billion led to a trade surplus of USD 2.79 billion.

For Jan-Feb period, trade-in-goods by FDI traders totaled US dollars 78.08 billion, up by 14.5% on year-on-year basis. Total value of FDI exportation was USD 43.04 billion, increased by 15.3%. On import side, the total value of those companies was USD 35.03 billion, up by 13.5%. As a result, FDI’s trade balance was in surplus of USD 8.01 billion.

Main Exports and Imports

4. The January of 2024 to February of 2024 decrease in total merchandise exports was due to the downwards in telephones, mobile phones and parts thereof (down by USD 1.64 billion); textiles and garments (down by USD 1.11 billion); machine, equipments, tools and instruments (down by USD 1.08 million); foot-wears (down by USD 793 million);...

5. On a year-on-year basis, exports was up by USD 9.45 billion, to USD 59.21 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 2.87 billion); machine, equipments, tools and instruments (up by USD 688 million); textiles and garments (up by USD 608 million); still image, video cameras and parts thereof (up by USD 574 million).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 2 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 9.99 billion in export value; went up 40.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 47.4% on year-on-year basis, to USD 3.24 million); China (up by 53.9% on year-on-year basis, to USD 1.64 billion); Hong Kong (China) (up by 82.8%, to USD 1.10 billion); EU (27) (up by 32.7% on year-on-year basis, to USD 1.08 billion) and Republic of Korea (up by 19.6% on year-on-year basis, to USD 1.08 billion).

Telephones, mobile phones and parts thereof reached USD 9.51 billion in export value and was up by 3.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 41.9% on year-on-year basis, to USD 2.31 billion); China (down by 43.2% on year-on-year basis, to USD 1.46 billion); EU (27) (down by 4.1% on year-on-year basis, to USD 1.44 billion) and United Arab Emirates (up by 69.4% on year-on-year basis, to USD 590 million).

Machine, equipments, tools and instruments reached USD 6.98 billion in export value; went up by 10.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 6.8% on year-on-year basis, to USD 2.70 billion); EU (27) (up by 2.4% on year-on-year basis, to USD 1.0 billion); Republic of Korea (up by 13.1% on year-on-year basis, to USD 476 million).

Textiles and garments reached USD 5.16 billion in export value; went up by 13.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 12.0% on year-on-year basis, to USD 2.19 billion); Japan (up by 17.6%, to USD 630 million); EU (27) (up by 8.2% on year-on-year basis, to USD 552 million); Republic of Korea (up by 2.0% on year-on-year basis, to USD 515 million).

7. The January of 2024 to February of 2024 reduction in total merchandise imports was due to the downwards of the commodities as follows: computers, electrical products, spare-parts and components thereof (down by USD 1.48 billion); machine, equipments, tools and instruments (down by USD 1.40 billion); telephones, mobile phones and parts thereof (down by USD 313 million); plastics (down by USD 285 million).

8. On a year-on-year basis, imports went up USD 7.92 billion, to USD 54.21 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 3.13 billion); machine, equipments, tools and instruments (up by USD 964 million); iron and steel (up by USD 684 million); coal (up by USD 483 million).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 2 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 15.64 billion in import value; went up by 25.0% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 55.4% on year-on-year basis, to USD 4.74 billion); Republic of Korea (up by 11.0% on year-on-year basis, to USD 4.44 billion); Taiwan (China) (up by 14.9%, to USD 1.91 billion).

Machine, equipments, tools and instruments reached USD 6.54 billion in import value; went up 17.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 43.2% on year-on-year basis, to USD 3.77 billion); Republic of Korea (down by 8.9% on year-on-year basis, to USD 810 million); Japan (down by 10.0% on year-on-year basis, to USD 585 million).

Textile, leather and foot-wears materials and auxiliaries group reached USD 3.74 billion in import value; was up by 18.2% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 28.9% on year-on-year basis, to USD 2.0 billion); Republic of Korea (down by 2.2% on year-on-year basis, to USD 318 million).

Iron and steel reached USD 1.88 billion in import value; was up by 57.0% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 132.9% on year-on-year basis, to USD 1.13 billion); Japan (up by 3.1% on year-on-year basis, to USD 203 million); Republic of Korea (up by 31.1%, to USD 168 million).

Trading Partners

10. In the first 2 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 72.89 billion in value terms, which moved up 15.6% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 23.87 billion and increased by 26.5%. The values of other continents were Europe: USD 12.99 billion, up by 20.0%; Oceania: USD 2.43 billion, up by 8.8% and Africa: USD 1.24 billion, up by 15.5% in comparison with the same period of last year.

11. For Jan-Feb period, 4 exporting markets of Vietnam with turnover of over USD 3 billion were: The United States of America (reached USD 16.81 billion); China (reached USD 7.96 billion); Republic of Korea (reached USD 4.17 billion) and Japan (reached USD 3.62 billion).

12. On import side, 3 partners exporting goods to Vietnam with turnover of over 3 billion were as follows: China (reached USD 19.33 billion); Republic of Korea (reached USD 7.97 billion); Japan (reached USD 3.58 billion).

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