Export Status of Goods
In February 2024, the export volume of goods is estimated to reach $24.82 billion, a decrease of 28.1% compared to the previous month. Specifically, the domestic economic area achieved $6.62 billion, down 30.6%; the area with foreign investment (including crude oil) reached $18.2 billion, a decrease of 27.2%. Compared to the same period last year, the export volume of goods in February decreased by 5%, of which the domestic economic area increased by 0.9%, and the area with foreign investment (including crude oil) decreased by 7%.
Overall, in the first two months of 2024, the export volume of goods is estimated to reach $59.34 billion, an increase of 19.2% compared to the same period last year. Specifically, the domestic economic area achieved $16.14 billion, an increase of 33.3%, accounting for 27.2% of the total export volume; the area with foreign investment (including crude oil) reached $43.2 billion, an increase of 14.7%, accounting for 72.8%.
In the first two months of 2024, there are 11 export items with an export volume of over $1 billion, accounting for 75.1% of the total export volume (with 04 export items exceeding $5 billion, accounting for 52.5%).
Regarding the structure of export groups in the first two months of 2024, the group of fuel and minerals is estimated to reach $0.59 billion, accounting for 1%; the group of processed industrial products is estimated to reach $52.45 billion, accounting for 88.4%; the group of agricultural and forestry products is estimated to reach $5 billion, accounting for 8.4%; the group of aquatic products is estimated to reach $1.3 billion, accounting for 2.2%.
Import Status of Goods
In February 2024, the import volume of goods is estimated to reach $23.72 billion, a decrease of 23.2% compared to the previous month. Specifically, the domestic economic area achieved $8.42 billion, down 25.2%; the area with foreign investment reached $15.3 billion, down 22.1%. Compared to the same period last year, the import volume of goods in February increased by 1.8%, of which the domestic economic area increased by 5.4%, and the area with foreign investment decreased by 0.1%.
Overall, in the first two months of 2024, the import volume of goods is estimated to reach $54.62 billion, an increase of 18% compared to the same period last year. Specifically, the domestic economic area achieved $19.67 billion, an increase of 27.4%; the area with foreign investment reached $34.95 billion, an increase of 13.3%.
In the first two months of 2024, there are 13 import items with a value of over $1 billion, accounting for 71% of the total import volume (with 02 import items exceeding $5 billion, accounting for 41.3%).
Regarding the structure of import groups in the first two months of 2024, the group of production materials is estimated to reach $51.47 billion, accounting for 94.2%, of which the group of machinery, equipment, and spare parts accounted for 47%; the group of raw, natural, and materials accounted for 47.2%. The group of consumer goods is estimated to reach $3.15 billion, accounting for 5.8%.
Regarding the export and import market of goods in the first two months of 2024, the US is the largest export market of Vietnam with an estimated export volume of $17.4 billion. China is the largest import market of Vietnam with an estimated import volume of $20.9 billion. In the first two months of 2024, the trade surplus with the US is estimated at $15.2 billion, an increase of 36.6% compared to the same period last year; the trade surplus with the EU is estimated at $5.3 billion, an increase of 13.9%; the trade surplus with Japan is estimated at $0.4 billion (compared to the trade deficit of $0.2 billion in the same period last year); the trade deficit from China is $12.8 billion, an increase of 98.2%; the trade deficit from South Korea is $3.7 billion, a decrease of 4.3%; the trade deficit from ASEAN is $1 billion, a decrease of 21.9%.
In January, the preliminary trade balance of goods achieved a trade surplus of $3.62 billion; in February, the estimated trade surplus is $1.1 billion. Overall, in the first two months of 2024, the estimated trade balance of goods achieved a trade surplus of $4.72 billion (compared to the trade surplus of $3.5 billion in the same period last year). Specifically, the domestic economic area had a trade deficit of $3.53 billion; the area with foreign investment (including crude oil) had a trade surplus of $8.25 billion.
