Trade surplus was more than US$8 billion in the first five months of the year

VCN - According to data announced by the General Statistics Office, in May, total import and export turnover of goods was estimated at US$66.62 billion, climbing 9.1% over the previous month and rising 22.6% compared to the same period last year.
In the first 5 months of 2024, merchandise export turnover is estimated to reach US$156.77 billion. Illustration photo: N.H
In the first 5 months of 2024, merchandise export turnover is estimated to reach US$156.77 billion. Illustration photo: N.H

Accordingly, the export turnover of goods in May is estimated at US$32.81 billion, increasing 5.7% over the previous month and growing 15.8% over the same period last year. In the first 5 months of 2024, merchandise export turnover is estimated to reach US$156.77 billion, climbing 15.2% over the same period last year. In particular, the domestic economic sector reached US$43.69 billion, an increase of 20.5%, accounting for 27.9% of total export turnover; foreign-invested sector (including crude oil) reached US$113.08 billion, an increase of 13.3%, accounting for 72.1%. Regarding the structure of export goods, the group of processed industrial goods is estimated at US$137.39 billion, accounting for 87.7%.

On the contrary, the import turnover of goods in May was estimated at US$33.81 billion, rising 12.8% over the previous month and an increase of 29.9% over the same period last year. In the first 5 months of 2024, import turnover is estimated at US$148.76 billion, up 18.2% over the same period last year. In particular, the domestic economic sector reached US$54.95 billion, a growth of 24.2%; foreign investment sector reached US$93.81 billion, an increase of 14.9%. The group of capital goods is estimated at US$139.89 billion, accounting for 94%.

Regarding the import and export market of goods, the United States continues to be Vietnam's largest export market with an estimated turnover of US$44 billion. China is Vietnam's largest import market with an estimated turnover of US$54.9 billion.

The trade balance of goods in May was estimated at a trade deficit of US$1 billion. Overall, for the first 5 months of 2024, the trade balance of goods is estimated to have a trade surplus of US$8.01 billion (in the same period last year witnessed a trade surplus of US$10.2 billion). In particular, the domestic economic sector experienced trade deficit of US$11.26 billion; foreign-invested sector (including crude oil) witnessed a trade surplus of US$19.27 billion.

By Xuân Thảo/Thanh Thuy

Related News

Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
Hanoi Customs partners with businesses to boost import-export activities

Hanoi Customs partners with businesses to boost import-export activities

VCN - After a decade of fostering customs-business partnerships, Hanoi Customs Department has developed three collaborative models: Customs-Business Partnership, Customs-Import and Export Service Provider, and Customs-Business Association.
Vietnam-China trade expected to hit record of US$ 200 billion in 2024

Vietnam-China trade expected to hit record of US$ 200 billion in 2024

VCN- The import-export turnover between Vietnam and China is predicted to hit a new record of US$ 200 billion.
Opportunity to accelerate agricultural export to China

Opportunity to accelerate agricultural export to China

VCN - For many years, China has been Vietnam's largest trading partner. Trade between Vietnam and China has maintained a stable and sustainable growth momentum.

Latest News

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.

More News

What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Developing supporting industries for the billion-dollar export commodity groups

Developing supporting industries for the billion-dollar export commodity groups

VCN - Electronic products and components are one of export commodity groups with turnover exceeding one billion USD, but the supporting industry for this group is still modest.
Village craft products conquer the world

Village craft products conquer the world

VCN - Vietnam's handicraft products have significant potential to captivate international customers, enhancing export value and revenue.
Enterprises urged to tap potential to expand exports to EU via official channels

Enterprises urged to tap potential to expand exports to EU via official channels

The Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) on November 18 organised a seminar on promote trade in the European market, focusing on potential for expanding exports to the European market via official channels.
Vietnam’s industrial real estate attracts foreign investment

Vietnam’s industrial real estate attracts foreign investment

Vietnam's industrial sector is experiencing significant transformation, supported by strong foreign direct investment (FDI) flows, large-scale infrastructure projects, and a favourable regulatory environment, thus attracting a new wave of investment from foreign investors, experts have said.
Read More

Your care

Latest Most read
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
Mobile Version