After 2 months, Vietnam’s merchandise exports increased by nearly 20%. (Photo: Đức Duy/Vietnam+)
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Exports and imports of goods have been a bright spot in the first two months of 2024, with a combined export and import turnover estimated at $113.96 billion, an increase of 18.6% from the same period last year (which decreased by 13.3% from the previous year), of which exports increased by 19.2% and imports increased by 18%, resulting in a trade surplus of nearly $5 billion.
Major sectors experiencing significant growth
According to the Ministry of Industry and Trade, merchandise exports in the first two months of 2024 reached an estimated $59.3 billion, an increase of 19.2% from the same period last year. Exports have shown strong and steady growth in both the agricultural and aquatic products group (increased by 38.8%) and the processing industry group (increased by 18.3%).
In the first two months of 2024, most sectors recorded growth. Notably, 39 out of 45 items recorded growth compared to the same period last year.
Representatives from the Ministry of Industry and Trade said that the export turnover of many industrial processing product groups has achieved high growth rates, even reaching double digits. Major export items include: wood and wood products, which increased by 43.8%; iron and steel, which increased by 45.4%; footwear, which increased by 18.3%; computers, electronic products, and components, which increased by 33.9%; textiles and garments, which increased by 15%…
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood exports reached over $1.3 billion in the first two months of 2024, an increase of 23% compared to the same period in 2023. In particular, tra fish exports reached about $365 million, nearly double compared to the same period last year.
Companies preparing steel export orders. (Photo: Đức Duy/Vietnam+)
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Overall, according to economist Đinh Trọng Thịnh, after difficulties in order cancellations in many industries, by the end of 2023 and the first two months of 2024, the volume of orders has recovered positively. Almost every industry, such as wood, textiles, leather footwear, iron and steel, electronics, seafood, fruits and vegetables, rice, coffee, has seen high export growth.
In addition, both traditional markets and markets that Vietnam has signed free trade agreements (FTA) with, as well as new markets, have been actively explored by businesses. As a result, Vietnam’s production, business, and import-export activities have gradually returned to a relatively good level.
Statistics show that in the first two months of the year, exports to major markets have recovered well and achieved high growth rates. The United States remains the largest export market for Vietnam, reaching an estimated $17.4 billion, an increase of 33.7% compared to the same period last year; followed by Japan with an estimated increase of 19.6%; the EU with an estimated increase of 14.2%; and China with an estimated increase of 7.7%…
“Therefore, the favorable start in the first two months of the year with increased orders and businesses accelerating production to meet export schedules has created positive signals and expectations for Vietnam’s export of goods in 2024,” said a representative from the Ministry of Industry and Trade.
Maintaining a high trade surplus
In contrast, February 2024 imports reached $23.72 billion, an increase of 1.8% compared to the same period in 2022. Due to the strong recovery of production and exports in the first two months of the year, the demand for imported machinery, equipment, and raw materials for production has increased.
According to the Ministry of Industry and Trade, in the first two months of 2024, the total import turnover of goods reached $54.62 billion, an increase of 18% compared to the same period last year, of which the domestic economic sector reached $19.67 billion, an increase of 27.4%; and the foreign-invested sector reached $34.95 billion, an increase of 13.3%.
Notably, imports of production materials accounted for 94% and increased by 22.2%, of which machinery, equipment, and spare parts accounted for 47% and increased by nearly 25%, indicating positive signs of industrial recovery and increased exports.
Some imported items saw significant growth, including computers, electronic products and components, reaching an estimated $15.56 billion, an increase of 24.4% compared to the same period last year, accounting for 28% of the country’s total import turnover. Imports of machinery, equipment, and spare parts also increased by 24.8%, reaching nearly $7 billion.
In addition, fabric imports increased by 15.4%, reaching $1.98 billion; iron and steel increased by 62.7%, reaching $1.95 billion; crude oil increased by 27.5%; plastic raw materials increased by 13.2%; phones and components increased by 17.7%…
Imported goods account for 94% of the production material group, increasing by 22.2% after the first two months of the year. (Photo: Đức Duy/Vietnam+)
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Based on these results, the merchandise trade balance in February 2024 is estimated to have a trade surplus of $1.1 billion. In the first two months of 2024, the trade balance is estimated to have a trade surplus of $4.72 billion, higher than the trade surplus of the same period last year (which had a trade surplus of $3.5 billion).
To promote export-import activities in the following months, the Ministry of Industry and Trade has instructed relevant units to closely monitor market developments and policy changes of trading partners in order to propose suitable and diversified solutions to develop traditional export markets and new markets.
In addition, support will be provided to businesses in effectively exploiting Free Trade Agreements (FTA), accelerating negotiations, signing FTAs, and establishing new economic linkages to diversify markets, supply chains, and boost exports. Emphasis will also be placed on promoting exports through digital platforms.
Regarding rice exports, Mr. Nguyễn Anh Sơn, Director of the Import-Export Department (Ministry of Industry and Trade) said that Vietnam is one of the world’s top three rice-exporting countries, accounting for about 15% of global rice exports.
“In 2024, the global situation is expected to still face many difficulties, but rice exports have shown optimistic signals from the beginning of the year. The Ministry of Industry and Trade will continue negotiations to diversify export markets, seize opportunities to dominate new markets and potentials,” said Nguyễn Anh Sơn.
