Preliminary assessment of Vietnam international merchandise trade performance in the first 9 months of 2024

2. In the first 9 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 578.49 billion in value terms, 16.3% upwards as compared to last year. In which, total merchandise exports value went up 15.4 %, to US dollars 299.65 billion and the total merchandise imports value increased 17.3% to US dollars 278.84 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 20.81 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 45.33 billion in total for September of 2024, down by 6.3% on month-on-month basis. FDI’s export value of USD 24.51 billion and FDI’s import value of USD 20.82 billion led to a trade surplus of USD 3.69 billion.

For Jan-Sep period, trade-in-goods by FDI traders totaled US dollars 392.72 billion, up by 14.8% on year-on-year basis. Total value of FDI exportation was USD 214.72 billion, increased by 13.5%. On import side, the total value of those companies was USD 177.99 billion, up by 16.5%. As a result, FDI’s trade balance was in surplus of USD 36.73 billion.

Main Exports and Imports

4. The August of 2024 to September of 2024 reduction in total merchandise exports was due to the downturns in textiles and garment (down by USD 1.08 billion); foot-wears (down by USD 511 million); computers, electrical products, spare-parts and components thereof (down by USD 390 million); wood and wooden products (down by USD 258 million); other means of transportation, parts and accessories thereof (down by USD 238 million).

5. On a year-on-year basis, exports was up by USD 39.93 billion, to USD 299.65 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 11.33 billion); machine, equipments, tools and instruments (up by USD 6.85 billion); telephones, mobile phones and parts thereof (up by USD 2.81 billion); textiles and garment (up by USD 2.24 billion); wood and wooden products (up by USD 2.07 billion); foot-wears (up by USD 1.84 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 9 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 52.76 billion in export value; went up 27.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 46.5% on year-on-year basis, to USD 17.32 billion); China (down by 8.9% on year-on-year basis, to USD 9.10 billion); EU (27) (up by 55.9% on year-on-year basis, to USD 6.86 billion); Hong Kong (China) (up by 68.7%, to USD 6.13 billion) and Republic of Korea (up by 13.0% on year-on-year basis, to USD 4.03 billion).

Machine, equipments, tools and instruments reached USD 37.79 billion in export value; went up by 22.1% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 23.8% on year-on-year basis, to USD 15.48 billion); EU (27) (up by 22.3% on year-on-year basis, to USD 5.37 billion); Republic of Korea (up by 19.1% on year-on-year basis, to USD 2.47 billion); China (up by 9.1% on year-on-year basis, to USD 2.46 billion).

Telephones, mobile phones and parts thereof reached USD 41.89 billion in export value and was up by 7.2% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were China (down by 1.4% on year-on-year basis, to USD 10.86 billion); the United States (up by 28.8% on year-on-year basis, to USD 8.02 billion); EU (27) (down by 6.7% on year-on-year basis, to USD 5.17 billion); Republic of Korea (down by 0.6% on year-on-year basis, to USD 2.69 billion); United Arab Emirates (up by 56.9% on year-on-year basis, to USD 2.54 billion).

Textiles and garments reached USD 27.34 billion in export value; went up by 8.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 9.1% on year-on-year basis, to USD 12.01 billion); EU (27) (up by 8.1% on year-on-year basis, to USD 3.14 billion); Japan (up by 6.4%, to USD 3.13 billion); Republic of Korea (down by 1.8% on year-on-year basis, to USD 2.39 billion).

7. The August of 2024 to September of 2024 decrease in total merchandise imports was due to the downwards of the commodities as follows: machine, equipments, tools and instruments (down by USD 499 million); coal (down by USD 244 million); animal fodders and animal fodder materials (down by USD 163 million); plastics (down by USD 133 million); computers, electrical products, spare-parts and components thereof (down by USD 104 million).

8. On a year-on-year basis, imports went up USD 41.18 billion, to USD 278.84 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 16.23 billion); machine, equipments, tools and instruments (up by USD 5.05 billion); crude oil (up by USD 1.57 billion); iron and steel (up by USD 1.43 billion); other base metals (up by USD 1.40 billion).

9. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first 9 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 79.12 billion in import value; went up by 25.8% 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 25.79 billion); Republic of Korea (up by 16.0% on year-on-year basis, to USD 23.49 billion); Japan (up by 2.9%, to USD 5.30 billion).

Machine, equipments, tools and instruments reached USD 35.42 billion in import value; went up 16.6% 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 20.87 billion); Republic of Korea (down by 3.1% on year-on-year basis, to USD 4.05 billion); Japan (down by 4.3% on year-on-year basis, to USD 2.85 billion).

Textile, leather and foot-wears materials and auxiliaries group reached USD 20.39 billion in import value; was up by 14.8% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 22.5% on year-on-year basis, to USD 11.44 billion); Taiwan (China) (up by 8.9% on year-on-year basis, to USD 1.58 billion); Republic of Korea (down by 2.0% on year-on-year basis, to USD 1.57 billion).

Iron and steel reached USD 8.97 billion in import value; was up by 18.9% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 37.8% on year-on-year basis, to USD 5.36 billion); Japan (down by 3.2% on year-on-year basis, to USD 1.08 billion); Republic of Korea (up by 2.4%, to USD 836 million).

Trading Partners

10. In the first 9 months of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 373.56 billion in value terms, which moved up 15.4% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 122 billion and increased by 21.3%. The values of other continents were Europe: USD 63.46 billion, up by 16.4%; Oceania: USD 12.19 billion, up by 4.3% and Africa: USD 7.29 billion, up by 8.2% in comparison with the same period of last year.

11. For Jan-Sep period, 4 exporting markets of Vietnam with turnover of over USD 17 billion were: The United States of America (reached USD 88.14 billion); China (reached USD 44.21 billion); Republic of Korea (reached USD 18.84 billion) and Japan (reached USD 17.99 billion).

12. On import side, 4 partners exporting goods to Vietnam with turnover of over 15 billion were as follows: China (reached USD 104.81 billion); Republic of Korea (reached USD 41.45 billion); Taiwan (reached USD 16.62 billion); Japan (reached USD 15.99 billion).