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

Highlights 1. According to trade statistics of Vietnam Customs, in the first month of 2024, a 7.5% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of December 2023. Exports went up 9.7 %, to USD 34.53 billion and imports increased 5.1%, to USD 30.90 billion in terms of month-on-month basis. As a result, there was a USD 3.63 billion surplus in Vietnam’s trade balance in this month.

In comparison with performance of January, 2023, there were increases in total value of both merchandise exports and merchandise imports with the respective percentages: 46.0% and 34.4%.

2. Trade data disseminated recently by Vietnam Customs announced that the total value of exportation and importation by foreign direct invested (FDI) traders reached USD 44.52 billion in total for January of 2024, up by 9.4 % on month-on-month basis and up by 32.9% on year-on-year basis. FDI’s export value of USD 24.87 billion and FDI’s import value of USD 19.65 billion led to a trade surplus of USD 5.22 billion.

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

Main Exports and Imports

3. The December of 2023 to January of 2024 increase in total merchandise exports was due to the upwards in telephones, mobile phones and parts thereof (up by USD 1.87 billion); textiles and garments (up by USD 232 million); machine, equipments, tools and instruments (up by USD 190 million); other means of transportation, parts and accessories thereof (up by USD 155 million);...

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

4. On a year-on-year basis, exports was up USD 10.89 billion, to USD 34.53 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 2.17 billion); machine, equipments, tools and instruments (up by USD 1.12 billion); textiles and garments (up by USD 877 million); wood and wooden products (up by USD 667 million).

5. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first month of 2024 were: telephones, mobile phones and parts thereof; computers, electrical products, spare-parts and components thereof; machine, equipments, tools and instruments; textiles and garments.

Telephones, mobile phones and parts thereof reached USD 5.58 billion in export value and was up by 11.4% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 112.1% on year-on-year basis, to USD 1.39 billion); China (down by 56.5% on year-on-year basis, to USD 735 million); and Republic of Korea (up by 14.9% on year-on-year basis, to USD 330 million).

Computers, electrical products, spare-parts and components thereof reached USD 5.35 billion in export value; went up 68.3% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 73.3% on year-on-year basis, to USD 1.79 million); China (up by 71.3% on year-on-year basis, to USD 853 million); EU (27) (up by 78.4% on year-on-year basis, to USD 590 million); Hong Kong (China) (up by 79.1%, to USD 568 million).

Machine, equipments, tools and instruments reached USD 4.02 billion in export value; went up by 38.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 25.7% on year-on-year basis, to USD 1.57 billion); EU (27) (up by 26.7% on year-on-year basis, to USD 568 million); Republic of Korea (up by 40.8% on year-on-year basis, to USD 278 million).

Textiles and garments reached USD 3.13 billion in export value ; went up by 38.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 33.5% on year-on-year basis, to USD 1.32 billion); Japan (up by 55.2%, to USD 387 million); EU (27) (up by 15.8% on year-on-year basis, to USD 342 million); Republic of Korea (up by 17% on year-on-year basis, to USD 285 million).

6. The December of 2023 to January of 2024 increase in total merchandise imports was due to the upwards of the commodities as follows: computers, electrical products, spare-parts and components thereof (up by USD 446 million); iron and steel (up by USD 193 million); telephones, mobile phones and parts thereof (up by USD 175 million); plastics (up by USD 114 million); machine, equipments, tools and instruments (up by USD 104 million).

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

7. On a year-on-year basis, imports went up USD 7.90 billion, to USD 30.90 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 2.0 billion); machine, equipments, tools and instruments (up by USD 1.24 billion); iron and steel (up by USD 534 million); coal (up by USD 402 million).

8. Trade statistics of Vietnam Customs shows that 4 biggest commodity groups in the first month 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 8.56 billion in import value; went up by 30.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 74.6% on year-on-year basis, to USD 2.62 billion); Republic of Korea (up by 5.8% on year-on-year basis, to USD 2.23 billion); Taiwan (China) (up by 36.4%, to USD 1.16 billion).

Machine, equipments, tools and instruments reached USD 3.98 billion in import value; went up 45.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 77.8% on year-on-year basis, to USD 2.5 billion); Republic of Korea (up by 9.3% on year-on-year basis, to USD 432 million); Japan (up by 17.9% on year-on-year basis, to USD 312 million).

Textile, leather and foot-wears materials and auxiliaries group reached USD 2.25 billion in import value; was up by 38.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 40.9% on year-on-year basis, to USD 1.27 billion); Republic of Korea (up by 14.1% on year-on-year basis, to USD 187 million).

Iron and steel reached USD 1.06 billion in import value; was up by 101.6% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 247.2% on year-on-year basis, to USD 635 million); Indonesia (down by 7.5% on year-on-year basis, to USD 103 million); Japan (up by 23.3%, to USD 94 million).

Trading Partners

9. In the first month of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 41.78 billion in value terms, which moved up 35.8% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 13.95 billion and increased by 53.7%. The values of other continents were Europe: USD 7.53 billion, up by 41.9%; Oceania: USD 1.40 billion, up by 38.3% and Africa: USD 764 million, up by 65% in comparison with the same period of last year.

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

10. In January of 2024, 4 exporting markets of Vietnam with turnover of over USD 2 billion were: The United States of America (reached USD 10.05 billion); China (reached USD 4.56 billion); Republic of Korea (reached USD 2.34 billion) and Japan (reached USD 2.23 billion).

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

11. On import side, 3 partners exporting goods to Vietnam with turnover of over 1 billion were as follows: China (reached USD 11.8 billion); Republic of Korea (reached USD 4.14 billion); Japan (reached USD 1.95 billion).

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

Source: Vietnam Customs

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