Preliminary assessment of Vietnam international merchandise trade performance in the first 8 months of 2024

2. In the first 8 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 512.31 billion in value terms, 17.0% upwards as compared to last year. In which, total merchandise exports value went up 15.9 %, to US dollars 265.44 billion and the total merchandise imports value increased 18.1% to US dollars 246.87 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 18.57 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 48.37 billion in total for August of 2024, up by 0.2% on month-on-month basis. FDI’s export value of USD 26.78 billion and FDI’s import value of USD 21.59 billion led to a trade surplus of USD 5.19 billion.

For Jan-Aug period, trade-in-goods by FDI traders totaled US dollars 347.05 billion, up by 15.3% on year-on-year basis. Total value of FDI exportation was USD 190.08 billion, increased by 14.1%. On import side, the total value of those companies was USD 156.97 billion, up by 16.9%. As a result, FDI’s trade balance was in surplus of USD 33.11 billion.

Main Exports and Imports

4. The July of 2024 to August of 2024 increase in total merchandise exports was due to the upturns in computers, electrical products, spare-parts and components thereof (up by USD 856 million); textiles and garment (up by USD 339 million); fruits and vegetables (up by USD 291 million); iron and steels (up by USD 166 million).

5. On a year-on-year basis, exports was up by USD 36.48 billion, to USD 265.44 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 10.40 billion); machine, equipments, tools and instruments (up by USD 5.89 billion); telephones, mobile phones and parts thereof (up by USD 3.23 billion); wood and wooden products (up by USD 1.92 billion); textiles and garment (up by USD 1.82 billion); still image, video cameras and parts thereof (up by USD 1.61 billion); foot-wears (up by USD 1.59 billion);.

6. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 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 46.35 billion in export value; went up 28.9% 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 15.50 billion); China (down by 10.1% on year-on-year basis, to USD 7.84 billion); EU (27) (up by 56.9% on year-on-year basis, to USD 6.01 billion); Hong Kong (China) (up by 69.8%, to USD 5.27 billion) and Republic of Korea (up by 14.9% on year-on-year basis, to USD 3.50 billion).

Machine, equipments, tools and instruments reached USD 32.76 billion in export value; went up by 22.0% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 22.9% on year-on-year basis, to USD 13.15 billion); EU (27) (up by 24.2% on year-on-year basis, to USD 4.69 billion); Republic of Korea (up by 19.4% on year-on-year basis, to USD 2.22 billion); China (up by 7.4% on year-on-year basis, to USD 2.19 billion).

Telephones, mobile phones and parts thereof reached USD 37.28 billion in export value and was up by 9.5% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (down by 0.3% on year-on-year basis, to USD 8.98 billion); the United States (up by 29.6% on year-on-year basis, to USD 7.32 billion); EU (27) (down by 2.7% on year-on-year basis, to USD 4.74 billion); Republic of Korea (up by 1.6% on year-on-year basis, to USD 2.47 billion); United Arab Emirates (up by 63.4% on year-on-year basis, to USD 2.30 billion).

Textiles and garments reached USD 24.35 billion in export value; went up by 8.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 7.9% on year-on-year basis, to USD 10.78 billion); EU (27) (up by 5.7% on year-on-year basis, to USD 2.81 billion); Japan (up by 6.7%, to USD 2.75 billion); Republic of Korea (down by 1.2% on year-on-year basis, to USD 2.05 billion).

7. The July of 2024 to August 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 272 million); coal (down by USD 153 million); crude oil (down by USD 98 million); petroleum products (down by USD 84 million).

8. On a year-on-year basis, imports went up USD 37.80 billion, to USD 246.87 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 14.93 billion); machine, equipments, tools and instruments (up by USD 4.58 billion); iron and steel (up by USD 1.36 billion); other base metals (up by USD 1.30 billion).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 8 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 69.24 billion in import value; went up by 27.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 59.8% on year-on-year basis, to USD 22.65 billion); Republic of Korea (up by 17.5% on year-on-year basis, to USD 20.58 billion); Taiwan (China) (up by 29.4%, to USD 8.64 billion); Japan (up by 6.5%, to USD 4.82 billion).

Machine, equipments, tools and instruments reached USD 31.36 billion in import value; went up 17.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 29.2% on year-on-year basis, to USD 18.43 billion); Republic of Korea (up by 1.3% on year-on-year basis, to USD 3.68 billion); Japan (down by 4.1% on year-on-year basis, to USD 2.54 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 18.03 billion in import value; was up by 14.6% 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 10.16 billion); Republic of Korea (down by 2.0% on year-on-year basis, to USD 1.42 billion).

Iron and steel reached USD 7.91 billion in import value; was up by 20.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 44.4% on year-on-year basis, to USD 4.71 billion); Japan (down by 2.7% on year-on-year basis, to USD 955 million); Republic of Korea (down by 2.2%, to USD 732 million).

Trading Partners

10. In the first 8 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 330.02 billion in value terms, which moved up 16.2% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 108.35 billion and increased by 21.6%. The values of other continents were Europe: USD 56.55 billion, up by 16.9%; Oceania: USD 10.82 billion, up by 3.0% and Africa: USD 6.56 billion, up by 10.9% in comparison with the same period of last year.

11. For Jan-Aug period, 4 exporting markets of Vietnam with turnover of over USD 16 billion were: The United States of America (reached USD 78.20 billion); China (reached USD 38.10 billion); Republic of Korea (reached USD 16.83 billion) and Japan (reached USD 16 billion).

12. On import side, 4 partners exporting goods to Vietnam with turnover of over 14 billion were as follows: China (reached USD 92.50 billion); Republic of Korea (reached USD 36.78 billion); Taiwan (reached USD 14.49 billion); Japan (reached USD 14.32 billion).