Exports and Imports in the First 2 Months of the Year Reached $113.96 Billion

According to the report by the General Statistics Office, in February 2024, the total import and export turnover of goods reached $48.54 billion, a decrease of 25.8% compared to the previous month and a decrease of 1.8% compared to the same period last year.

In the first two months of 2024, the total import and export turnover of goods reached $113.96 billion, an increase of 18.6% compared to the same period last year, of which exports increased by 19.2% and imports increased by 18%.

Specifically, in terms of exports, in February 2024, it reached $24.82 billion, a decrease of 28.1% compared to the previous month. In which, the domestic economic area reached $6.62 billion, a decrease of 30.6%; the foreign-invested area (including crude oil) reached $18.2 billion, a decrease of 27.2%. Compared to the same period last year, the export turnover of goods in February decreased by 5%, in which the domestic economic area increased by 0.9%, and the foreign-invested area (including crude oil) decreased by 7%.

In the first two months of 2024, the export turnover of goods reached $59.34 billion, an increase of 19.2% compared to the same period last year. In which, the domestic economic area reached $16.14 billion, an increase of 33.3%, accounting for 27.2% of the total export turnover; the foreign-invested area (including crude oil) reached $43.2 billion, an increase of 14.7%, accounting for 72.8%.

In the first two months of 2024, there were 11 commodities with export turnover of over $1 billion, accounting for 75.1% of the total export turnover (including 4 commodities with export turnover of over $5 billion, accounting for 52.5%).

In terms of the structure of export goods in the first two months of 2024, the group of fuel and minerals reached $0.59 billion, accounting for 1%; the group of processed industrial goods reached $52.45 billion, accounting for 88.4%; the group of agricultural and forestry products reached $5 billion, accounting for 8.4%; the group of aquatic products reached $1.3 billion, accounting for 2.2%.

On the contrary, the import turnover of goods in February 2024 reached $23.72 billion, a decrease of 23.2% compared to the previous month. In which, the domestic economic area reached $8.42 billion, a decrease of 25.2%; the foreign-invested area reached $15.3 billion, a decrease of 22.1%. Compared to the same period last year, the import turnover of goods in February increased by 1.8%, in which the domestic economic area increased by 5.4%, and the foreign-invested area decreased by 0.1%.

In the first two months of 2024, the import turnover of goods reached $54.62 billion, an increase of 18% compared to the same period last year, of which the domestic economic area reached $19.67 billion, an increase of 27.4%; the foreign-invested area reached $34.95 billion, an increase of 13.3%.

In the first two months of 2024, there were 13 imported goods with a value of over $1 billion, accounting for 71% of the total import turnover (including 2 imported goods with a value of over $5 billion, accounting for 41.3%).

In terms of the structure of imported goods in the first two months of 2024, the group of production materials reached $51.47 billion, accounting for 94.2%, in which the group of machinery, equipment, and spare parts accounted for 47%; the group of raw materials accounted for 47.2%. The group of consumer goods reached $3.15 billion, accounting for 5.8%.

In terms of the market for import and export of goods in the first two months of 2024, the United States is the largest export market of Vietnam with an estimated turnover of $17.4 billion. China is the largest import market of Vietnam with an estimated turnover of $20.9 billion.

In the first two months of 2024, Vietnam had a trade surplus of $15.2 billion with the United States, an increase of 36.6% compared to the same period last year; a trade surplus of $5.3 billion with the EU, an increase of 13.9%; a trade surplus of $0.4 billion with Japan (in the same period last year, there was a trade deficit of $0.2 billion); a trade deficit of $12.8 billion with China, an increase of 98.2%; a trade deficit of $3.7 billion with South Korea, a decrease of 4.3%; a trade deficit of $1 billion with ASEAN, a decrease of 21.9%.

Based on the above results, the trade balance of goods in February 2024 was estimated to have a trade surplus of $1.1 billion. In the first two months of 2024, the trade balance of goods was estimated to have a trade surplus of $4.72 billion (compared to a trade surplus of $3.5 billion in the same period last year). In which, the domestic economic area had a trade deficit of $3.53 billion; the foreign-invested area (including crude oil) had a trade surplus of $8.25 billion.