Exports and Imports Flourish from the Beginning of the Year, Trade Surplus Reaches USD 0.38 Billion

Following the recovery momentum from 2023, the import-export activities in the early days of 2024 continue to show signs of resilience...

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According to the data released by the General Statistics Office on January 29, in the first period of January 2024 (from January 1 to January 15, 2024), the total export and import value of raw goods reached 29.78 billion USD, an increase of 5.4% compared to the same period last year, of which exports increased by 4.1% and imports increased by 6.8%.

Export and import of goods as of January 15, 2024.

Specifically, in terms of exports, as of January 15, 2024, the total export value of raw goods reached 15.08 billion USD, an increase of 4.1% compared to the same period last year. In which, the domestic economic area reached 4.02 billion USD, an increase of 10.4%, accounting for 26.7% of the total export value; the area with foreign investment (including crude oil) reached 11.06 billion USD, an increase of 1.9%, accounting for 73.3%.

As of January 15, 2024, there are 4 items with export value of over 1 billion USD, accounting for 53.2% of the total export value.

Value of some exported items as of January 15, 2024.

In terms of the structure of export commodity groups as of January 15, 2024, the group of crude fuels and minerals reached 108 million USD, accounting for 0.7%; the group of processed industrial goods reached 13.35 billion USD, accounting for 88.5%; the group of agricultural, forestry products reached 1.3 billion USD, accounting for 8.7%; the group of aquatic products reached 318 million USD, accounting for 2.1%.

On the other hand, as of January 15, 2024, the total import value of raw goods reached 14.7 billion USD, an increase of 6.8% compared to the same period last year. In which, the domestic economic area reached 5.22 billion USD, an increase of 19.1%, accounting for 35.5% of the total import value; the area with foreign investment reached 9.48 billion USD, an increase of 1.1%, accounting for 64.5%.

As of January 15, 2024, there are 2 items with import value of over 1 billion USD, accounting for 42.1% of the total import value.

Value of some imported items as of January 15, 2024.

In terms of the structure of import commodity groups as of January 15, 2024, the group of raw materials reached 13.83 billion USD, accounting for 94.1%, of which the group of machinery, equipment, spare parts accounted for 48.6%; the group of raw materials accounted for 45.5%. The group of consumer goods reached 0.87 billion USD, accounting for 5.9%.

The trade balance of goods in the first period of January resulted in a preliminary surplus of 0.38 billion USD (compared to a surplus of 0.73 billion USD in the same period last year). In which, the domestic economic area had a trade deficit of 1.19 billion USD; the area with foreign investment (including crude oil) had a surplus of 1.57 billion USD.

Although achieving positive results early in the year, according to the assessment of the Ministry of Industry and Trade, import and export activities in 2024 still face many risks and uncertainties. Trade protectionism is increasing in some countries, with measures to stimulate domestic investment and create trade barriers to protect and promote domestic production.

In addition, developed markets such as Europe are focusing on sustainable development and have introduced new regulations such as the Carbon Adjustment Regulation, the European Anti-Deforestation Regulation,… which have an impact on some of our key export products.

Therefore, in order to achieve the goal of increasing exports by about 6% compared to 2023, the Ministry of Industry and Trade believes that it is necessary to implement a comprehensive coordination of ministries, sectors, localities and the participation of the business community in import-export activities.

SOURCEvneconomy
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