Export and Import Showing Signs of Recovery, Budget Revenue Increasing by 13.24%

According to the General Department of Customs, the total state budget revenue from import and export activities in January 2024 reached 30.648 trillion VND, equivalent to 8.17% of the estimate, an increase of 13.24% compared to the same period last year.

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Customs Control Team – Tay Ninh Provincial Customs Department checks the results of inspecting vehicles performing import-export procedures at Moc Bai International Border Gate. Photo: Thanh Tan/TTXVN

The growth of export-import turnover has helped the total state budget revenue of the Customs sector reach VND 30,648 billion in January 2024, equivalent to 8.17% of the estimate, a decrease of 6.88% compared to December 2023 and an increase of 13.24% compared to the same period in 2023.

In the first month of the year, Vietnam’s total export-import turnover reached USD 65.4 billion, an increase of 40.3% compared to the same period last year. Specifically, export turnover reached USD 34.5 billion, an increase of 46%, and import value reached USD 30.9 billion, an increase of 34.4% compared to the same period in 2023.

“Vietnamese exports in January 2024 grew nearly 38% compared to the same period last year, which is a positive signal. However, we cannot be complacent because the global economy in 2024 still faces difficulties and the consumer demand in many major markets has not shown signs of improvement,” said economic expert, Assoc. Prof. Dr. Dinh Trong Thinh.

According to the General Department of Customs, Vietnam’s economy has shown signs of recovery, and exports have rebounded after a period of constraint due to the increased demand of the world market. The number of newly established businesses has increased both in terms of quantity and registered capital compared to the same period, up 24.8% in terms of the number of businesses and up 52.8% in terms of registered capital.

Vietnam’s total export-import turnover in January 2024 increased by 40.3% compared to the same period last year. The total value of taxable export-import turnover increased by 34.5% compared to the same period last year. Specifically, taxable export turnover increased by 17.5% and taxable import turnover increased by 35.5% compared to the same period last year.

However, the revenue in January 2024 decreased by 6.88% compared to December 2023 due to the decrease of taxable export-import turnover in January 2024 by 1.1% compared to the previous month, in which taxable import turnover decreased by 1.4%. In particular, some items with decreased import turnover compared to the previous month are: raw materials for cigarettes decreased by 98.5%, reducing revenue by VND 411 billion; computers, electronic products, and components decreased by 20.1%, reducing revenue by VND 205 billion; machinery, equipment, tools, and other spare parts decreased by 5.2%, reducing revenue by VND 203 billion; complete cars decreased by 15.6%, reducing revenue by VND 176 billion; car components and spare parts decreased by 9.1%, reducing revenue by VND 141 billion.

According to Assoc. Prof. Dr. Dinh Trong Thinh, the nearly 38% growth in export and import in January 2024 is the result of efforts from businesses in finding orders in both traditional and new markets. The value of exports to China accounted for 23%, an increase of 106.9%; the US accounted for 20.8%, an increase of 95.9%; and Japan accounted for 7.4%, an increase of 47.5%.

After more than 1 year of production and business difficulties due to a lack of orders, up to now, businesses have made efforts, adapted, and sought orders from traditional markets, new markets, and markets that have signed FTAs (free trade agreements) with Vietnam. As a result, businesses have export orders in many different industries. In particular, in January 2024, export orders for mobile phones and computers showed improvement.

“The return of export orders is very encouraging. However, most of the new export orders are short-term, the longest period is only until June 2024. However, in the export story for the whole year of 2024, businesses also need to change and adapt and make efforts,” said Assoc. Prof. Dr. Dinh Trong Thinh.

SOURCEcafef
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