Preliminary assessment of Vietnam international merchandise trade performance in the first 7 months of 2024

2. In the first 7 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 440.45 billion in value terms, 17.2% upwards as compared to last year. In which, total merchandise exports value went up 16.0 %, to US dollars 227.49 billion and the total merchandise imports value increased 18.5% to US dollars 212.97 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 14.52 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 48.25 billion in total for July of 2024, up by 9.4% on month-on-month basis. FDI’s export value of USD 26.20 billion and FDI’s import value of USD 22.04 billion led to a trade surplus of USD 4.16 billion.

For Jan-July period, trade-in-goods by FDI traders totaled US dollars 298.60 billion, up by 15.6% on year-on-year basis. Total value of FDI exportation was USD 163.21 billion, increased by 14.2%. On import side, the total value of those companies was USD 135.38 billion, up by 17.3%. As a result, FDI’s trade balance was in surplus of USD 27.83 billion.

Main Exports and Imports

4. The June of 2024 to July of 2024 increase in total merchandise exports was due to the upturns in telephones, mobile phones and parts thereof (up by USD 703 million); textiles and garment (up by USD 557 million); machine, equipments, tools and instruments (up by USD 516 million); other means of transportation, parts and accessories thereof (up by USD 231 million); wood and wooden products (up by USD 134 million); rice (up by USD 128 million).

5. On a year-on-year basis, exports was up by USD 31.34 billion, to USD 227.49 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 8.93 billion); machine, equipments, tools and instruments (up by USD 4.76 billion); telephones, mobile phones and parts thereof (up by USD 3.68 billion); wood and wooden products (up by USD 1.69 billion); still image, video cameras and parts thereof (up by USD 1.59 billion); foot-wears (up by USD 1.22 billion); textiles and garment (up by USD 1.2 billion).

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 39.59 billion in export value; went up 29.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 50.8% on year-on-year basis, to USD 13.19 billion); China (down by 9.2% on year-on-year basis, to USD 6.85 billion); EU (27) (up by 59.4% on year-on-year basis, to USD 5.45 billion); Hong Kong (China) (up by 70.8%, to USD 4.51 billion) and Republic of Korea (up by 15.8% on year-on-year basis, to USD 2.99 billion).

Telephones, mobile phones and parts thereof reached USD 32.58 billion in export value and was up by 12.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (up by 1.1% on year-on-year basis, to USD 7.40 billion); the United States (up by 31.9% on year-on-year basis, to USD 6.49 billion); EU (27) (up by 2.2% on year-on-year basis, to USD 5.06 billion); Republic of Korea (up by 7.2% on year-on-year basis, to USD 2.18 billion); United Arab Emirates (up by 68.7% on year-on-year basis, to USD 2.01 billion).

Machine, equipments, tools and instruments reached USD 28 billion in export value; went up by 20.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 19.9% on year-on-year basis, to USD 11.15 billion); EU (27) (up by 23.2% on year-on-year basis, to USD 4.04 billion); Republic of Korea (up by 19.8% on year-on-year basis, to USD 1.93 billion); China (up by 5.9% on year-on-year basis, to USD 1.86 billion).

Textiles and garments reached USD 20.27 billion in export value; went up by 6.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 5.5% on year-on-year basis, to USD 8.93 billion); EU (27) (up by 3.5% on year-on-year basis, to USD 2.82 billion); Japan (up by 6.2%, to USD 2.3 billion); Republic of Korea (up by 0.2% on year-on-year basis, to USD 1.63 billion).

7. The May of 2024 to June of 2024 reduction in total merchandise imports was due to the downwards of the commodities as follows: ); machine, equipments, tools and instruments (down by USD 493 million); crude oil (down by USD 346 million); iron and steel (down by USD 196 million).

8. On a year-on-year basis, imports went up USD 26.34 billion, to USD 178.89 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 10.76 billion); machine, equipments, tools and instruments (up by USD 2.93 billion); iron and steel (up by USD 1.21 billion).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 7 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 59.43 billion in import value; went up by 29.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 62.7% on year-on-year basis, to USD 19.38 billion); Republic of Korea (up by 20.8% on year-on-year basis, to USD 17.79 billion); Taiwan (China) (up by 27.7%, to USD 7.34 billion); Japan (up by 16.8%, to USD 4.27 billion).

Machine, equipments, tools and instruments reached USD 26.85 billion in import value; went up 16.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 29.2% on year-on-year basis, to USD 15.74 billion); Republic of Korea (down by 0.3% on year-on-year basis, to USD 3.17 billion); Japan (down by 4.4% on year-on-year basis, to USD 2.21 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 15.67 billion in import value; was up by 14.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 23.7% on year-on-year basis, to USD 8.81 billion); Republic of Korea (down by 3.1% on year-on-year basis, to USD 1.26 billion).

Iron and steel reached USD 6.89 billion in import value; was up by 22.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 52.4% on year-on-year basis, to USD 4.15 billion); Japan (down by 7.9% on year-on-year basis, to USD 791 million); Republic of Korea (up by 1.9%, to USD 634 million).

Trading Partners

10. In the first 7 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 284.24 billion in value terms, which moved up 16.8% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 92.51 billion and increased by 21.0%. The values of other continents were Europe: USD 48.90 billion, up by 16.3%; Oceania: USD 9.24 billion, up by 3.4% and Africa: USD 5.56 billion, up by 10.2% in comparison with the same period of last year.

11. For Jan-July period, 4 exporting markets of Vietnam with turnover of over USD 13 billion were: The United States of America (reached USD 44.40 billion); China (reached USD 32.39 billion); Republic of Korea (reached USD 14.47 billion) and Japan (reached USD 13.73 billion).

12. On import side, 3 partners exporting goods to Vietnam with turnover of over 12 billion were as follows: China (reached USD 79.62 billion); Republic of Korea (reached USD 31.87 billion); Japan (reached USD 12.52 billion).