The Ministry of Planning and Investment has just released data related to Vietnam’s import and export of goods in April and the first four months of 2024.
In April 2024, the value of import and export of goods was estimated at 61.20 billion USD, down 5.2% compared to the previous month and up 15% compared to the same period last year. In general, in the first four months of 2024, the value of import and export reached 238.88 billion USD, up 15.2% compared to the same period last year, with an export growth rate of 15% and an import rate of 15.4%. The trade surplus of goods reached 8.4 billion USD.
Regarding the export of goods, the turnover in April 2024 was estimated at 30.94 billion USD, down 8.1% compared to the previous month. In the first four months of 2024, the export turnover of goods was estimated at 123.64 billion USD, up 15% compared to the same period last year. There were 21 items with an export turnover of over 1 billion USD, accounting for 86.4% of the total export turnover (there were 5 items with an export value of over 5 billion USD, accounting for 57.8%).
Chart: PL
In terms of structure, the group of fuels and minerals was estimated at 1.73 billion USD, accounting for 1.4%; the group of processed industrial goods was estimated at 108.27 billion USD, accounting for 87.5%; the group of agricultural and forestry products was estimated at 10.96 billion USD, accounting for 8.9%; the group of aquatic products was estimated at 2.68 billion USD, accounting for 2.2%.
Regarding the import of goods, the turnover in April 2024 was estimated at 30.26 billion USD, down 2% compared to the previous month. In the first four months of 2024, the import turnover of goods was estimated at 115.24 billion USD, up 15.4% compared to the same period last year. There were 20 imported items with a value of over 1 billion USD, accounting for 78.9% of the total import turnover (there were 02 imported items with a value of over 5 billion USD, accounting for 39.4%).
The group of production materials was estimated at 108.33 billion USD, accounting for 94%, in which the group of machinery, equipment, spare parts, and accessories accounted for 45.7%; the group of raw materials, fuels, and materials accounted for 48.3%. The group of consumer goods was estimated at 6.91 billion USD, accounting for 6%.
Chart: PL
The United States is Vietnam’s largest export market with an estimated turnover of 34.1 billion USD. China is Vietnam’s largest import market with an estimated turnover of 41.6 billion USD.
In the first four months of 2024, the trade surplus to the US was estimated at 29.6 billion USD, up 21.6% compared to the same period last year; trade surplus to the EU was estimated at 11.4 billion USD, up 16.7%; trade surplus to Japan was 209 million USD, down 41.8%; trade deficit from China was 23.6 billion USD, up 41.4%; trade deficit from South Korea was 8.7 billion USD, up 2.3%; trade deficit from ASEAN was 3.6 billion USD, up 47.1%.
In 2024, the import and export turnover of Vietnamese goods is forecasted to increase by about 6 – 8% compared to 2023, reaching about 723 – 738 billion USD. In which, the export turnover of goods will increase by about 7 – 9%, reaching 376 – 384 billion USD; the import turnover of goods will increase by about 5 – 7%, reaching 347 – 354 million USD.
The export turnover of the fuel and mineral group will increase by about 16 – 18%, reaching about 4.56 – 4.64 billion USD. The items with high growth rates of the agricultural, forestry, and fishery group will be vegetables, rice, cashews, and coffee.
The group of processed and manufactured industrial goods is still the driving force for export growth. The main items of this group are electronic products and components, phones and components, machinery, equipment, accessories, textiles, and footwear.
