Preliminary assessment of Vietnam international merchandise trade performance in the second half of February, 2024

The Vietnam Customs Statistics announced that in the second half of February, 2024 the total Vietnam’s exports of US dollars 14.73 billion and imports of nearly US dollars 13.68 billion resulted in a trade surplus of US dollars 1.05 billion. Accordingly, the total value of export and import turnover of Vietnam in the second half of February was over US dollars 28.41 billion, up by 46.7% as compared to the first half of February-2024. Furthermore, in the first 2 months of 2024, Vietnam was in trade surplus of USD 5 billion.

Vietnam‘s trade-in-goods in the first 2 months of 2024 totaled US dollars 113.43 billion in value terms, climbed up by 18.1% as compared to the performance of the same period of last year.

In the view of Foreign Direct Invested (FDI) traders, the total value of exportation and importation in the first 2 months of 2024 reached USD 78.08 billion, up by 14.5% in comparison to the same period of 2023.

Export:

As compared to the first half of February-2024, second half of the month increased in the total export value (48.2% - USD 4.79 billion equally) is reflected by upturn in computer, electrical products, spare-parts and components thereof (up by 50.2% - USD 934 million equally); telephones, mobile phones and parts thereof (up by 48.4% - USD 768 million equally); machine, tools and equipments (up by 49.8% - USD 588 million equally); textiles and garments (up by 10.9% - USD 104 million), foot-wear (up by 35.5% - USD 178 millions); means of transports (up by 61.4% - USD 219 million equally)…

Totally, in the first 2 months of 2024 total export value from Vietnam was USD 59.21 billion, climbed up 19% as compared to the same period of 2023 (equivalent to USD 9.45 billion in absolute value terms).

Chart 1: Top 10 main exported commodities of the second half over the first half of February 2024

Preliminary assessment of Vietnam international merchandise trade performance in the second half of February, 2024

Source: Vietnam Customs

Import:

The first half to second half of February widen in the total of import value (45.2%) reflected upturn in computer, electrical products, spare-parts and components thereof (up by 49.3% - USD 1.37 billion equally); machine, tools and equipments (up by 51% - USD 522 million equally); irons and steels (up by 65.4% - USD 203 million equally); fabrics (up by 60.5% - USD 183 million equally); plastics (up by 116.7% - USD 231 million equally).

From January to second half of February-2024, total import value into Vietnam was USD 54.21 billion, went up by 17.1% as compared to the same period of 2023 (equivalent to USD 2.84 billion in absolute value terms).

Chart 2: Top 10 main imported commodities of the second half over the first half of February 2024

Preliminary assessment of Vietnam international merchandise trade performance in the second half of February, 2024

Source: Vietnam Customs

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