Merchandise Exports
The estimated export turnover of merchandise in July 2024 was $35.92 billion, a 6.7% increase from the previous month. The domestic economic sector accounted for $9.87 billion, a 9.8% rise, while the foreign-invested sector (including crude oil) contributed $26.05 billion, a 5.6% increase. Compared to the same period last year, merchandise export turnover in July is estimated to have increased by 19.1%, with the domestic economic sector growing by 25.9% and the foreign-invested sector (including crude oil) by 16.7%.
For the first seven months of 2024, the estimated export turnover of merchandise reached $226.98 billion, a 15.7% increase compared to the same period last year. The domestic economic sector accounted for $63.08 billion, a 21.1% increase, and made up 27.8% of the total export turnover. The foreign-invested sector (including crude oil) contributed $163.9 billion, a 13.8% increase, making up 72.2% of the total. In the first seven months of 2024, 30 commodity groups achieved an export turnover of over $1 billion, accounting for 91.9% of the total export turnover (9 commodity groups exported over $5 billion, accounting for 70.8%).
In terms of export commodity structure in the first seven months of 2024, the group of fuel and mineral products is estimated at $2.48 billion, accounting for 1.1%. The group of processed industrial products reached an estimated $199.94 billion, accounting for 88.1%. Agricultural and forestry products are estimated at $19.27 billion, or 8.5%, while aquatic products are estimated at $5.29 billion, or 2.3%.
Imports of Goods
The estimated import turnover of goods in July 2024 was $33.8 billion, an increase of 11% compared to the previous month. The domestic economic sector accounted for $12.2 billion, a 11.3% increase, while the foreign-invested sector reached $21.6 billion, a 10.8% rise. Compared to the same period last year, the import turnover of goods in July increased by 24.7%, with the domestic economic sector growing by 16.5% and the foreign-invested sector by 29.9%.
For the first seven months of 2024, the estimated import turnover of goods reached $212.9 billion, an 18.5% increase compared to the same period last year. The domestic economic sector accounted for $78 billion, a 21.5% increase, while the foreign-invested sector reached $134.9 billion, a 16.9% rise. In the first seven months of 2024, 35 imported commodity groups were valued at over $1 billion, accounting for 89.4% of the total import turnover (10 commodity groups imported over $5 billion, accounting for 62.5%).
In terms of import commodity structure in the first seven months of 2024, the group of production inputs is estimated at $199.88 billion, accounting for 93.9%. Within this group, machinery, equipment, tools, and spare parts make up 46.2%, while raw materials, fuels, and materials account for 47.7%. The group of consumer goods is estimated at $13.02 billion, or 6.1%.
Regarding the export and import markets for goods in the first seven months of 2024, the United States was Vietnam’s largest export market, with an estimated turnover of $66.1 billion. China was the largest import market, with an estimated turnover of $79.2 billion. In the first seven months of 2024, the estimated trade surplus with the United States was $57.5 billion, a 27.6% increase compared to the same period last year. The trade surplus with the EU was estimated at $20.1 billion, a 19.4% increase, while the trade surplus with Japan was $1.1 billion, a 14% decrease. The trade deficit with China was $45.8 billion, a 65.4% increase, while the deficit with South Korea was $17.7 billion, a 15.7% rise, and the deficit with ASEAN was $5.5 billion, a 21% increase.
For the first seven months of 2024, the trade balance of goods is estimated to have a surplus of $14.08 billion (compared to a surplus of $16.5 billion in the same period last year). The domestic economic sector had a trade deficit of $14.92 billion, while the foreign-invested sector (including crude oil) had a trade surplus of $29 billion.
Bright spots in Vietnam’s import-export activities in the first 2 months of 2024
The import-export activities have shown a remarkable growth during the first two months of 2024, with an estimated total trade value of $113.96 billion, marking an 18.6% increase compared to the same period last year (which witnessed a 13.3% decline).
