There are 11 commodities with export turnover exceeding USD 1 billion
Data from the Ministry of Industry and Trade shows that the export turnover of goods in February 2024 is estimated at USD 24.82 billion, down 28.1% compared to the previous month. However, for the first two months of 2024, the export turnover of goods is estimated to reach USD 59.3 billion, up 19.2% compared to the same period last year. Of which, the domestic economic sector is estimated to reach USD 16.14 billion, up 33.3%, accounting for 27.2% of the total export turnover; the sector with foreign investment (including crude oil) is estimated at USD 43.2 billion, up 14.7%, accounting for 72.8%. With the impressive increase in export of the domestic economic sector, more than double the increase of the sector with foreign investment (33.3% compared to 14.7%), it shows the efforts of the domestic economic sector in maintaining and expanding the export market.
According to the Ministry of Industry and Trade, in the first 2 months of 2024, there are 11 commodities with export turnover exceeding USD 1 billion, accounting for 75.1% of the total export turnover, of which 4 commodities have export turnover exceeding USD 5 billion, accounting for 52.5%.
In the first 2 months of 2024, the group of fuel and minerals is estimated at USD 0.57 billion, accounting for 0.95%; the group of processed industrial products is estimated at USD 50.59 billion, accounting for 85.26%; the group of agricultural, forestry and aquatic products is estimated at USD 5.5 billion, accounting for 9.3%. Specifically, exports have strong and consistent growth in both the agricultural, forestry and aquatic products group (up 38.8%) and the processed industrial products group (up 18.3%).
Also in the first 2 months of 2024, most commodities recorded growth; up to 39/45 commodities saw growth compared to the same period last year. The export turnover of many groups of processed industrial products has grown at a high rate, even at a two-digit rate, including key export commodities such as wood and wood products increasing by 43.8%; iron and steel increasing by 45.4%; footwear increasing by 18.3%; computers, electronic products and components increasing by 33.9%; textiles and garments increasing by 15%… Among them, phones of all kinds and components are the commodities with the highest export turnover in the first 2 months of 2024, estimated at USD 9.58 billion, up 4.1% compared to the same period last year; followed by computers, electronic products and components, estimated at USD 9.54 billion, up to 33.9% compared to the same period last year.
The United States is still the largest export market of Vietnam, estimated at USD 17.4 billion, up 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%, 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 speeding up production to meet export schedules has opened up positive signals and brought hope for Vietnam’s exports in 2024.
China continues to be Vietnam’s largest import market
The Ministry of Industry and Trade said that the import turnover of goods in February 2024 is estimated at USD 23.72 billion, down 23.2% compared to the previous month. However, due to the strong recovery of production and exports in the first two months, the demand for importing machinery, equipment and raw materials for production has increased significantly.
In the first two months of 2024, the import turnover of goods is estimated at USD 54.62 billion, up 18% compared to the same period last year, of which the domestic economic sector is estimated at USD 19.67 billion, up 27.4%; the sector with foreign investment is estimated at USD 34.95 billion, up 13.3%.
It is worth noting that the import of production materials accounts for up to 94% and has increased by 22.2%, of which the import of machinery, equipment and spare parts accounts for 47%; increasing nearly 25%, which shows positive signs of recovery in production and exports. Specifically, computers, electronic products and components continue to be the commodities with the largest import turnover, estimated at USD 15.56 billion, up 24.4% compared to the same period last year and accounting for 28% of the total import turnover of the country. Next is the import turnover of machinery, equipment, spare parts, which also increased by 24.8%, reaching nearly USD 7 billion; textile import increased by 15.4%, reaching USD 1.98 billion; iron and steel increased by 62.7%, reaching USD 1.95 billion; crude oil increased by 27.5%; plastic raw materials increased by 13.2%; phones of all kinds and components increased by 17.7%;…
In the first 2 months of 2024, there are 13 imported commodities with a value of over USD 1 billion, accounting for 71% of the total import turnover (of which 2 imported commodities over USD 5 billion, accounting for 41.3%).
In the first 2 months of 2024, China continues to be Vietnam’s largest import market with an estimated turnover of USD 20.9 billion, an increase of nearly 50% compared to the same period last year.
Thus, in February 2024, the trade balance of goods is estimated to have a surplus of USD 1.1 billion. Overall in the first 2 months of 2024, the trade balance of goods is estimated to have a surplus of USD 4.72 billion, higher than the surplus of the same period last year (the surplus of the same period last year was USD 3.5 billion). Of which, the domestic economic sector has a trade deficit of USD 3.53 billion; the sector with foreign investment (including crude oil) has a trade surplus of USD 8.25 billion. At the same time, the trade surplus with the United States is estimated at USD 15.2 billion, an increase of 36.6% compared to the same period last year; the trade surplus with the EU is estimated at USD 5.3 billion, an increase of 13.9%; the trade surplus with Japan is estimated at USD 0.4 billion (imports were a deficit of USD 0.2 billion in the same period last year); imports from China are estimated at USD 12.8 billion, an increase of 98.2% compared to the same period last year; imports from South Korea are estimated at USD 3.7 billion, a decrease of 4.3% compared to the same period last year; imports from ASEAN are estimated at USD 1 billion, a decrease of 21.9% compared to the same period last year.
