Achieving 16% Growth
According to the latest statistics from the General Department of Vietnam Customs, from the beginning of the year to May 15, the total export turnover reached $138.59 billion, up 16% over the same period in 2023 (equivalent to an increase of $19.17 billion).
The trade balance surplus was $6.36 billion.
Thus, it can be seen that, so far this year, exports have been a bright spot in the country’s economic picture, maintaining an impressive growth momentum.
Sharing specific information on the export situation in the first five months, a representative of the Import-Export Department (Ministry of Industry and Trade) said that vegetables and fruits were one of the commodities with impressive export turnover growth in May compared to last year. Specifically, the export turnover of vegetables and fruits reached $665 million, up 10.3% from the previous month. Cumulative exports of this commodity in the first five months of 2024 reached $2.5 billion, up 25.7% over the same period last year.
On the other hand, imports in the first half of May reached $17.26 billion, of which two groups of goods with a turnover of over $1 billion were: computers, electronic products, and components; machinery, equipment, tools, and spare parts.
Cumulative imports from the beginning of the year to May 15 reached $132.23 billion, up 17.5% over the same period last year (equivalent to an increase of $19.7 billion).
By the second week of May, the import and export turnover of the whole country reached $270.82 billion, with a trade surplus of $6.36 billion.
The United States Remains the Largest Export Market
According to the General Department of Vietnam Customs, all ten of Vietnam’s largest export markets showed positive growth, including: the United States, the European Union, China, ASEAN, South Korea, Japan, Hong Kong, India, Canada, and Australia.
Especially, the five largest markets with the most impressive growth rates were: the United States, China, the European Union, ASEAN, and Hong Kong.
Notably, the United States continued to be Vietnam’s largest export market and one of the markets with the highest growth, reaching over 20%.
Statistics show that there are currently seven groups of goods exported to the United States with a turnover of $1 billion or more, an increase of one group compared to the same period last year.
The new billion-dollar group is transportation means and spare parts, with a turnover of over $1 billion, up 21.77% over the same period last year (equivalent to an increase of nearly $181 million).
Other billion-dollar groups include: computers, electronic products, and components; machinery, equipment, tools, and spare parts; telephones and components; textiles; wood and wooden products; and footwear.
China, Vietnam’s second-largest export market, currently has five groups of goods with a turnover of $1 billion or more, an increase of three groups compared to 2023. These include: cameras and spare parts; vegetables and fruits; machinery, equipment, tools, and spare parts; computers, electronic products, and components; and telephones and components…
