Preliminary assessment of Vietnam international merchandise trade performance in the first 4 months of 2024

2. In the first 4 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 238.95 billion in value terms, 15.1% upwards as compared with last year. In which, total merchandise exports value went up 15.1 %, to US dollars 123.98 billion and the total merchandise imports value increased 15.1% to US dollars 114.96 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 9.02 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 40.21 billion in total for April of 2024, down by 7.3% on month-on-month basis. FDI’s export value of USD 21.74 billion and FDI’s import value of USD 18.47 billion led to a trade surplus of USD 3.28 billion.

For Jan-April period, trade-in-goods by FDI traders totaled US dollars 161.64 billion, up by 12.2% on year-on-year basis. Total value of FDI exportation was USD 88.83 billion, increased by 12.2%. On import side, the total value of those companies was USD 72.81 billion, down by 12.2%. As a result, FDI’s trade balance was in surplus of USD 16.02 billion.

Main Exports and Imports

4. The March of 2024 to April of 2024 reduction in total merchandise exports was due to the downwards in computers, electrical products, spare-parts and components thereof (down by USD 1.20 billion); telephones, mobile phones and parts thereof (down by USD 730 million); other means of transportation, parts and accessories thereof (down by USD 251 million); machine, equipments, tools and instruments (down by USD 201 million); crude oil (down by USD 116 million).

5. On a year-on-year basis, exports was up by USD 16.26 billion, to USD 123.98 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 5.44 billion); machine, equipments, tools and instruments (up by USD 1.42 billion); still image, video cameras and parts thereof (up by USD 1.14 billion); wood and wooden products (up by USD 980 million); telephones, mobile phones and parts thereof (up by USD 870 million); coffee (up by USD 870 million); iron and steel (up by USD 710 million); textiles and garments (up by USD 660 million); fruits and vegetables (up by USD 520 million); rice (up by USD 510 million).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 4 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 21.48 billion in export value; went up 33.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 43.8% on year-on-year basis, to USD 6.8 billion); China (up by 23.5% on year-on-year basis, to USD 3.99 billion); Hong Kong (China) (up by 84.7%, to USD 2.56 billion) and Republic of Korea (up by 14.5% on year-on-year basis, to USD 1.86 billion).

Telephones, mobile phones and parts thereof reached USD 18.14 billion in export value and was up by 5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 21.8% on year-on-year basis, to USD 3.81 billion); China (down by 13.9% on year-on-year basis, to USD 3.47 billion); EU (27) (down by 1.6% on year-on-year basis, to USD 2.55 billion) and Republic of Korea (up by 7.5% on year-on-year basis, to USD 1.16 billion).

Machine, equipments, tools and instruments reached USD 14.64 billion in export value; went up by 10.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 5.7% on year-on-year basis, to USD 5.64 billion); EU (27) (up by 16.8% on year-on-year basis, to USD 2.23 billion); Republic of Korea (up by 16% on year-on-year basis, to USD 1.02 billion).

Textiles and garments reached USD 10.42 billion in export value; went up by 6.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 5.7% on year-on-year basis, to USD 4.44 billion); Japan (up by 11.3%, to USD 1.26 billion); EU (27) (up by 0.1% on year-on-year basis, to USD 1.14 billion); Republic of Korea (up by 2.4% on year-on-year basis, to USD 1.01 billion).

7. The March of 2024 to April of 2024 decrease 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 796 million); cashew nuts (down by USD 173 million); iron and steel (down by USD 86 million).

8. On a year-on-year basis, imports went up USD 15.09 billion, to USD 114.96 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 6.2 billion); machine, equipments, tools and instruments (up by USD 1.67 billion); iron and steel (up by USD 726 million); coal (up by USD 688 million).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first quarter 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 31.65 billion in import value; went up by 24.3% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 52% on year-on-year basis, to USD 10.1 billion); Republic of Korea (up by 10.7% on year-on-year basis, to USD 9.22 billion); Taiwan (China) (up by 18.2%, to USD 3.81 billion); Japan (up by 19.8%, to USD 2.63 billion).

Machine, equipments, tools and instruments reached USD 14.13 billion in import value; went up 13.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 27.9% on year-on-year basis, to USD 8.10 billion); Republic of Korea (down by 4.8% on year-on-year basis, to USD 1.72 billion); Japan (down by 4.1% on year-on-year basis, to USD 1.28 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 8.48 billion in import value; was up by 12.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 16.7% on year-on-year basis, to USD 4.66 billion); Republic of Korea (down by 5.1% on year-on-year basis, to USD 660 million).

Iron and steel reached USD 3.88 billion in import value; was up by 23% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 53.1% on year-on-year basis, to USD 2.36 billion); Japan (down by 13.8% on year-on-year basis, to USD 405 million); Republic of Korea (up by 3.9%, to USD 362 million).

Trading Partners

10. In the first 4 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 155.26 billion in value terms, which moved up 14.7% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 49.17 billion and increased by 18.1%. The values of other continents were Europe: USD 26.9 billion, up by 15.8%; Oceania: USD 5.04 billion, up by 0.5% and Africa: USD 2.59 billion, up by 10.2% in comparison with the same period of last year.

11. For Jan-April period, 4 exporting markets of Vietnam with turnover of over USD 7 billion were: The United States of America (reached USD 34.72 billion); China (reached USD 17.57 billion); Republic of Korea (reached USD 8.24 billion) and Japan (reached USD 7.56 billion).

12. On import side, 3 partners exporting goods to Vietnam with turnover of over 7 billion were as follows: China (reached USD 42.0 billion); Republic of Korea (reached USD 16.87 billion); Japan (reached USD 7.24 billion).

Attached files

• image002.jpg
• image004.jpg
• image006.jpg
• image008.jpg
• image010.jpg
• image012.jpg