Vietnam’s General Department of Customs reported a total trade value of 61.04 billion USD in April 2024, a 5.4% decrease from the previous month. Exports stood at 31.05 billion USD, a 7.7% drop, while imports reached 29.99 billion USD, a 2.9% decline.
Cumulative trade value for the first four months of 2024 reached 238.95 billion USD, a 15.1% increase compared to the same period last year. Exports amounted to 123.99 billion USD, a 15.1% rise, while imports totaled 114.96 billion USD, also up by 15.1%.
The trade surplus for April 2024 was 1.07 billion USD, bringing the surplus for the first four months to 9.02 billion USD, an increase of 1.17 billion USD compared to the same period in 2023.
Foreign-invested enterprises’ trade value for the four-month period reached 161.64 billion USD, a 12.2% increase year-on-year. Their exports stood at 88.83 billion USD, up by 12.2%, while imports decreased by 12.2% to 72.81 billion USD.
Meanwhile, domestic enterprises’ trade value grew by 21.6% year-on-year to 77.31 billion USD. Their exports reached 35.16 billion USD, a 23% increase, and imports totaled 42.16 billion USD, up by 20.5% compared to the same period last year.
Exports to the US Market Hit a Record High
According to the General Department of Customs, exports to the US market in the first four months of the year reached a record high among all export markets and contributed the most to Vietnam’s export growth.
Specifically, export value to the US market during this period amounted to 34.72 billion USD, a significant increase of 21.2% year-on-year. Key export categories to the US included computers, electronic products, and components, totaling 6.8 billion USD, a 43.8% rise. Other major exports were machinery, equipment, tools, and parts, reaching 5.64 billion USD, up by 5.7%; textiles and garments, at 4.4 billion USD, a 5.7% increase; telephones and components, totaling 3.81 billion USD, a 21.8% rise; wood and wooden products, at 2.66 billion USD, up by 31.9%; and footwear, reaching 2.4 billion USD, a 14.2% increase compared to the same period last year.
The second-largest export market was the EU (27 countries), with a total export value of 16.33 billion USD in the first four months, a 15.2% increase year-on-year.
China maintained its position as the third-largest export market, with Vietnam’s exports reaching 17.57 billion USD in the first four months of 2024, a 13.4% increase compared to the same period last year.
Exports to the ASEAN market during this period totaled 11.98 billion USD, a 10.8% increase year-on-year.
Meanwhile, exports to Hong Kong in the first four months of 2024 reached 3.79 billion USD, a significant 39.8% increase. This surge in exports to Hong Kong was mainly driven by a sharp rise in exports of computers, electronic products, and components, which totaled 2.56 billion USD, an impressive 85% increase year-on-year.
Several Key Export Categories Witnessed a Decline
According to the General Department of Customs, Vietnam’s total export value in April 2024 was 31.05 billion USD, a 7.7% decrease compared to the previous month. Out of the 45 main export categories, 27 witnessed a decline, with 5 groups experiencing a drop of over 20%. These included cassava and cassava products, which decreased by 43.2%; crude oil, down by 39%; rubber, a 34.8% drop; other ores and minerals, a 34.5% decline; and fertilizers, which fell by 29.8%.
On a positive note, some export categories showed an increase compared to the previous month. Fruit and vegetable exports rose by 28.2%; tea exports increased by 21.3%; cashew nuts exports grew by 13.7%; and footwear exports saw a 12.4% rise…
Export value for the first four months of 2024 reached an impressive 123.98 billion USD, a 15.1% increase. Ten export categories witnessed a rise of over 500 million USD. Leading the way was the group of computers, electronic products, and components, with an increase of 5.44 billion USD. This was followed by machinery, equipment, tools, and parts, with a rise of 1.42 billion USD; cameras and camera components, up by 1.14 billion USD; wood and wooden products, a 980 million USD increase; telephones and components, with an additional 870 million USD; coffee, up by 870 million USD; steel, a 710 million USD rise; textiles and garments, with a 660 million USD increase; fruit and vegetables, up by 520 million USD; and rice, which saw a 510 million USD increase compared to the same period last year.
Together, the total export value of these ten categories increased by 13.12 billion USD compared to the same period last year, accounting for 81% of the country’s overall export growth.
