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

The Vietnam Customs Statistics announced that in the second half of March, 2024 the total Vietnam’s exports of US dollars 17.54 billion and imports of nearly US dollars 15.16 billion resulted in a trade surplus of US dollars 2.39 billion. Accordingly, the total value of export and import turnover of Vietnam in the second half of March was over US dollars 32.7 billion, up by 3.5% as compared to the first half of March-2024. Furthermore, in the first 3 months of 2024, Vietnam was in trade surplus of USD 7.8 billion.

Vietnam‘s trade-in-goods in the first 3 months of 2024 totaled US dollars 177.96 billion in value terms, climbed up by 15.4% 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 3 months of 2024 reached USD 121.49 billion, up by 12.8% in comparison to the same period of 2023.

Export:

As compared to the first half of March-2024, second half of the month increase in the total export value (9.2% - USD 1.47 billion equally) is reflected by upturn in computer, electrical products, spare-parts and components thereof (up by 23.2% - USD 657 million equally); telephones, mobile phones and parts thereof (up by 12.2% - USD 270 million equally); irons and steels (up by 49.2% - USD 165 million equally); machine tools equipments (up by 4.2% - USD 82 million); textiles and garments (up by 5.5% - USD 71 million), rice (up by 19.2% - USD 62 million equally).

Totally, in the first 3 months of 2024 total export value from Vietnam was USD 92.88 billion, climbed up 16.8% as compared to the same period of 2023 (equivalent to USD 13.33 billion in absolute value terms).

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

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

Source: Vietnam Customs

Import:

The first half to second half of March shrunk in the total of import value (2.3%) reflected downturn in computer, electrical products , spare-parts and components thereof (down by 4.3% - USD 184 million equally); irons and steels (down by 17.1% - USD 97.5 million equally); plastics (down by 15.3% - USD 77.7 million equally); ores and other mineral products (down by 40.3% - USD 72.2 million equally).

From January to second half of March-2024, total import value into Vietnam was USD 85.08 billion, went up by 14% as compared to the same period of 2023 (equivalent to USD 10.46 billion in absolute value terms).

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

Preliminary assessment of Vietnam international merchandise trade performance in the second half of March, 2024
Source: Vietnam Customs

Source: Vietnam Customs

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