Exports of wood and wood products reached over 1 billion USD in January 2024. Illustrative image
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Exports in January increased by 42% compared to the same period in 2023.
Compared to the same period last year, the value of goods exports in January 2024 increased by 42%, with the domestic economic sector growing by 62.6% and the foreign invested sector (including crude oil) increasing by 35.6%. This is also the highest level of exports since September 2022.
In January 2024, there were 7 commodities with export turnover exceeding 1 billion USD, accounting for 65.7% of the total export turnover, including: Wood and wood products; textiles and garments; all kinds of footwear; computers, electronic products and components; phones and components; machinery, equipment, tools and spare parts; transport vehicles and spare parts.
In terms of export structure, exports grew strongly and evenly in the agricultural, forestry and fishery group (increasing by 98.6%) and the processing and manufacturing industry group (increasing by 38.4%).
For exports in the processing and manufacturing industry group, in January 2024, it accounted for nearly 85% of the country’s total export turnover, estimated at 28.52 billion USD, an increase of 7.4% compared to the previous month.
This growth was mainly contributed by the export turnover of phones and components. The export turnover of phones and components in the first month of 2024 reached 5.8 billion USD, an increase of 56.3% compared to the previous month, thanks to the launch of the new Samsung Galaxy S24 product line in mid-January 2024.
In addition, the export turnover of wood and wood products also increased by 4.6% compared to the previous month, reaching 1.4 billion USD. The export turnover of transport vehicles and spare parts increased by 10.8%, reaching 1.3 billion USD; cameras, camcorders and components increased by 8.1%, reaching 900 million USD.
Several key export commodities in the processing and manufacturing industry group achieved high growth rates, such as textiles and garments with an increase of 28.6%; wood and wood products with an increase of 74.6%; all kinds of footwear with an increase of 35%; computers, electronic products and components with an increase of 57.4%…
However, the export turnover of some commodities in January 2024 stagnated or decreased compared to the previous month, such as computers, electronic products and components decreased by 12.1%, reaching 5 billion USD; machinery, equipment, tools and spare parts decreased by 0.7%, reaching 3.8 billion USD; textiles and garments remained at 2.9 billion USD; footwear decreased by 0.4%, reaching 1.85 billion USD…
The agricultural, forestry and fishery group continued to be a bright spot in the country’s export picture with an estimated turnover of 3.33 billion USD, an increase of 9.1% compared to the previous month and accounting for 9.9% of the country’s total export turnover.
In particular, cassava and cassava products increased by 93.4%, reaching 274 million USD; followed by fruits and vegetables with an increase of 24.9%, reaching 510 million USD; cashews and tea increased by over 10%; coffee, rice and pepper increased slightly by 2-3.5% compared to the previous month.
The main reason was the advantage in the price of agricultural products in January 2024 as prices continued to rise, while the prices of commodities in the processing and manufacturing industry were still on a downward trend.
Specifically, the price of coffee increased by 35.2% compared to the same period last year, averaging 2,955 USD/ton; the price of rice increased by 33.5%, averaging 693 USD/ton; the price of pepper increased by 14.8%, averaging 3,953 USD/ton; the price of rubber increased by 3.7%…; while the export price of fertilizers decreased by 13.6%, the price of plastics decreased by 11.7%; the price of fibers and textiles decreased by 11.7%…
The fuel and mineral group achieved an export turnover of about 279 million USD in the first month of 2024, a sharp decrease of 40% compared to the previous month. The main commodities in this group, such as crude oil and petroleum, decreased by 12.2% and 51.9% respectively.
The price of coffee increased by 35.2% compared to the same period last year. Illustrative image
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Major export markets have recovered well
According to the Ministry of Industry and Trade, in general, exports to major export markets have recovered well in the first month of 2024.
The United States continues to be Vietnam’s largest export market in January 2024 with an estimated turnover of 9.6 billion USD, an increase of 5.5% compared to December 2023 and a remarkable increase of 55.8% compared to the same period in 2023.
The export turnover to other major markets has also increased significantly compared to the same period last year, such as China with an increase of 57.8%, reaching 6.1 billion USD; the EU with an increase of 17.9%, reaching 3.9 billion USD; ASEAN with an increase of 38.5%, reaching 3.04 billion USD; Japan with an estimated increase of 39.6%; South Korea with an estimated increase of 22.4%; the EU with an estimated increase of 18%…
In contrast, the import turnover of goods in January 2024 is estimated at 30.65 billion USD, an increase of 4.2% compared to the previous month and an increase of 33.3% compared to the same period last year.
In terms of import markets in January 2024, China is the largest supplier of goods to Vietnam with an estimated turnover of 10.9 billion USD, an increase of 49.4% compared to the same period in 2023.
The trade balance of goods in January 2024 is estimated to have a surplus of 2.92 billion USD. In which, the domestic economic sector has a trade deficit of 2.12 billion USD; the foreign invested sector (including crude oil) has a trade surplus of 5.04 billion USD.
In January 2024, the trade surplus with the US is estimated to reach 8.2 billion USD, an increase of 57.6% compared to the same period last year; the trade surplus with the EU is estimated at 2.5 billion USD, an increase of 10.6%; the trade surplus with Japan is estimated at 200 million USD (compared to a trade deficit of 138 million USD in the same period last year); the trade deficit with China is estimated at 4.8 billion USD, an increase of 39.8%; the trade deficit with South Korea is estimated at 2.8 billion USD, a decrease of 24.9%; the trade deficit with ASEAN is estimated at 704 million USD, a decrease of 11.4%.
Businesses need to be ready to seize opportunities
According to forecasts, the global and regional situations will continue to have complex and unpredictable developments, with uneven growth prospects in the economy, trade, and investment, and increasing risks. Therefore, to achieve the export growth target set for 2024, the role of trade promotion activities and the support of functional agencies are of great importance.
Experts emphasize the importance of balance and diversification among markets, customers, and types of supplied products. It is important to maintain traditional customers and markets while avoiding the risk of relying too much on a single market when it encounters difficulties. Businesses need to be ready to seize opportunities that come their way and be flexible in dealing with challenges, finding the most appropriate strategies for themselves.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that in 2024, to successfully implement the goals and tasks of the economic and social development plan, the Prime Minister’s Resolution No.11/NQ-CP has adopted the guiding principle for action in 2024 as “Diligence, Proactiveness, Creativity, and Sustainable Efficiency”. The Ministry of Industry and Trade proposes that localities, associations, and businesses proactively innovate in market development for local products, sectors, and cooperate closely with units under the Ministry of Industry and Trade, Vietnam Trade Offices abroad in building and implementing practical and effective trade promotion activities, supporting businesses in exploring diverse export and import markets to serve production development…
