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

Highlights 1. According to trade statistics of Vietnam Customs, in March of 2024, a 34.5% upwards in total external merchandise turnover of Vietnam was recorded as compared to the result of February 2024. Exports went up 36.4 %, to USD 33.66 billion and imports increased 32.5%, to USD 30.88 billion in terms of month-on-month basis. As a result, there was a USD 2.78 billion surplus in Vietnam’s trade balance in this month.

2. In the first 3 months of 2024, Vietnam‘s trade-in-goods totaled US dollars 177.96 billion in value terms, 15.4% upwards as compared with last year. In which, total merchandise exports value went up 16.8 %, to US dollars 92.88 billion and the total merchandise imports value increased 14.0% to US dollars 85.08 billion. Accordingly, Vietnam’s trade balance of this period was in the surplus of US dollars 7.8 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 43.39 billion in total for March of 2024, up by 29.3% on month-on-month basis. FDI’s export value of USD 24.08 billion and FDI’s import value of USD 19.31 billion led to a trade surplus of USD 4.77 billion.

For Jan-Mar period, trade-in-goods by FDI traders totaled US dollars 121.49 billion, up by 12.8% on year-on-year basis. Total value of FDI exportation was USD 67.17 billion, increased by 13.7%. On import side, the total value of those companies was USD 54.33 billion, up by 11.6%. As a result, FDI’s trade balance was in surplus of USD 12.84 billion.

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

Main Exports and Imports

4. The February of 2024 to March of 2024 increase in total merchandise exports was due to the upwards in computers, electrical products, spare-parts and components thereof (up by USD 1.68 billion); machine, equipments, tools and instruments (up by USD 1.00 billion); telephones, mobile phones and parts thereof (up by USD 759 million); textiles and garments (up by USD 641 million); wood and wooden products (up by USD 532 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

5. On a year-on-year basis, exports was up by USD 13.33 billion, to USD 92.88 billion. The main products, which contributed to the growth, were computers, electrical products, spare-parts and components thereof (up by USD 4.29 billion); machine, equipments, tools and instruments (up by USD 1.07 billion); still image, video cameras and parts thereof (up by USD 928 million); telephones, mobile phones and parts thereof (up by USD 798 million); wood and wooden products (up by USD 716 million).

6. 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; telephones, mobile phones and parts thereof; machine, equipments, tools and instruments; textiles and garments.

Computers, electrical products, spare-parts and components thereof reached USD 16.33 billion in export value; went up 35.7% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 41.8% on year-on-year basis, to USD 5.04 billion); China (up by 29.3% on year-on-year basis, to USD 3.11 billion); Hong Kong (China) (up by 104.7%, to USD 2.02 billion); EU (27) (up by 32.6% on year-on-year basis, to USD 1.75 billion) and Republic of Korea (up by 18.5% on year-on-year basis, to USD 1.53 billion).

Telephones, mobile phones and parts thereof reached USD 14.22 billion in export value and was up by 5.9% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 30.4% on year-on-year basis, to USD 3.06 billion); China (down by 28.4% on year-on-year basis, to USD 2.52 billion); EU (27) (up by 4.0% on year-on-year basis, to USD 2.12 billion) and United Arab Emirates (up by 55.3% on year-on-year basis, to USD 898 million).

Machine, equipments, tools and instruments reached USD 10.94 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 5.6% on year-on-year basis, to USD 4.21 billion); EU (27) (up by 14.1% on year-on-year basis, to USD 1.67 billion); Republic of Korea (up by 15.3% on year-on-year basis, to USD 750 million).

Textiles and garments reached USD 7.82 billion in export value; went up by 8.8% on year-on-year basis. The biggest trading partners of Vietnam importing this commodity were the United States (up by 8.1% on year-on-year basis, to USD 3.29 billion); Japan (up by 11.4%, to USD 958 million); EU (27) (up by 3.0% on year-on-year basis, to USD 821 million); Republic of Korea (up by 0.6% on year-on-year basis, to USD 802 million).

7. The February of 2024 to March of 2024 growth 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 1.32 billion); machine, equipments, tools and instruments (up by USD 1.17 billion); cashew nuts (up by USD 379 million).

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

8. On a year-on-year basis, imports went up USD 10.46 billion, to USD 85.08 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 4.67 billion); machine, equipments, tools and instruments (up by USD 1.15 billion); iron and steel (up by USD 661 million); coal (up by USD 510 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 24.04 billion in import value; went up by 24.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 50.3% on year-on-year basis, to USD 7.49 billion); Republic of Korea (up by 9.6% on year-on-year basis, to USD 6.95 billion); Taiwan (China) (up by 13.9%, to USD 2.82 billion).

Machine, equipments, tools and instruments reached USD 10.34 billion in import value; went up 12.5% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were the China (up by 30.0% on year-on-year basis, to USD 5.87 billion); Republic of Korea (down by 9.5% on year-on-year basis, to USD 1.27 billion); Japan (down by 8.4% on year-on-year basis, to USD 937 million).

Textile, leather and foot-wears materials and auxiliaries group reached USD 6.01 billion in import value; was up by 10.4% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 13.3% on year-on-year basis, to USD 3.2 billion); Republic of Korea (down by 3.8% on year-on-year basis, to USD 498 million).

Iron and steel reached USD 2.93 billion in import value; was up by 29.1% on year-on-year basis. The biggest trading partners of Vietnam, from which this commodity was originated, were China (up by 64.6% on year-on-year basis, to USD 1.78 billion); Japan (down by 6.7% on year-on-year basis, to USD 308 million); Republic of Korea (up by 7.4%, to USD 263 million).

Trading Partners

10. In the first quarter of 2024, Vietnamese merchandise trade with trading partners in Asia was totaled USD 115.47 billion in value terms, which moved up 13.9% as compared to the same period of 2023. Trade-in-goods of Vietnam with America was followed, which reached USD 36.68 billion and increased by 21.7%. The values of other continents were Europe: USD 20.13 billion, up by 18.1%; Oceania: USD 3.62 billion, down by -4.4% and Africa: USD 1.97 billion, up by 10.6% in comparison with the same period of last year.

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

11. For Jan-Mar period, 4 exporting markets of Vietnam with turnover of over USD 5 billion were: The United States of America (reached USD 25.77 billion); China (reached USD 13.11 billion); Republic of Korea (reached USD 6.36 billion) and Japan (reached USD 5.69 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

12. On import side, 3 partners exporting goods to Vietnam with turnover of over 5 billion were as follows: China (reached USD 30.52 billion); Republic of Korea (reached USD 12.55 billion); Japan (reached USD 5.50 billion).

Preliminary assessment of Vietnam international merchandise trade performance in the first quarter of 2024
Source: Vietnam Customs

Source: Vietnam Customs

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