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

Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Fruit and vegetable exports soar, nearing US$6 billion

Fruit and vegetable exports soar, nearing US$6 billion

VCN - According to preliminary statistics recently released by the General Department of Vietnam Customs, in the first half of October (October 1-15), fruit and vegetable exports earned US$296 million.
An export item to China accounts for more than 90%

An export item to China accounts for more than 90%

VCN - In the first nine months of 2024, Vietnam exported 1.76 million tons of cassava and cassava products to China, worth more than US$802 million.
Growth of customs broker agents: Ongoing obstacles

Growth of customs broker agents: Ongoing obstacles

VCN - The Hanoi Customs Department currently manages about 300 customs broker agents, accounting for about 24% of the total number of customs broker agents nationwide. However, the management still faces many difficulties, from ensuring legal compliance to maintaining the effectiveness of the agents' business operations.

Latest News

Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

VCN - Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.

More News

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
A bitter nut

A bitter nut's surprisingly sweet export success

VCN - The latest statistics from the General Department of Vietnam Customs show that in the first 15 days of October (October 1-15), Vietnam's coffee exports reached 21,489 tons, with a turnover of US$125.8 million.
Vietnam

Vietnam's daily import expenditure surpasses VND25,000 billion

VCN - From the beginning of the year to mid-October, on average, Vietnam spent more than USUS$1 billion (equivalent to more than VND25,000 billion) each day importing goods.
Opportunities for accelerating Vietnam

Opportunities for accelerating Vietnam's seafood exports

VCN - Seafood is one of the key industries contributing significantly to Vietnam's export turnover. In the first nine months of the year, seafood exports brought in US$7.16 billion, an 8.5% increase compared to the same period in 2023. Among the factors driving this success, aside from favorable market conditions, the effective utilization of Free Trade Agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has played a crucial role. However, along with achievements, the industry also faces challenges, including market competition and trade defense lawsuits. Nguyen Hoai Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared insights on these issues.
Steel industry proactively “coexists” with trade defense lawsuits

Steel industry proactively “coexists” with trade defense lawsuits

VCN - Having regularly to respond to trade defense lawsuits is a big challenge for the Vietnamese steel industry, but this is an opportunity for steel enterprises to improve their competitiveness and integrate more deeply into the global steel market.
Vietnam - UAE trade grows to billions of dollars

Vietnam - UAE trade grows to billions of dollars

VCN - Updated by the General Department of Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) sees a year-on-year increase of more than US$1.4 billion to nearly US$5 billion
Read More

Your care

Latest Most read
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countr
Lao Cai Customs sees a triple-digit surge in export-import turnover

Lao Cai Customs sees a triple-digit surge in export-import turnover

Updated from the beginning of the year to October 24, total import and export turnover through Lao Cai Customs Department increased by 102%.
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in product
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Mobile Version