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Vietnam’s trade balance from January to August 2024 preliminarily recorded a surplus of $19.07 billion.
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Merchandise Exports
Vietnam’s merchandise export turnover in August 2024 preliminarily reached $37.59 billion, up 3.7% compared to the previous month. The domestic economic sector accounted for $10.84 billion, up 9.8%, while the foreign-invested sector (including crude oil) earned $26.75 billion, up 1.5%. Compared to the same period last year, August’s export turnover increased by 14.5%, with the domestic economic sector growing by 21.3% and the foreign-invested sector (including crude oil) expanding by 12%.
For the first eight months of 2024, merchandise export turnover preliminarily reached $265.09 billion, up 15.8% year-on-year. The domestic economic sector contributed $73.88 billion, up 21% and accounting for 27.9% of the total export turnover, while the foreign-invested sector (including crude oil) earned $191.21 billion, up 13.9% and making up the remaining 72.1%.
During this period, 30 commodity groups recorded an export turnover of over $1 billion each, accounting for 92.3% of the total export turnover (including six groups with turnover of over $10 billion each, making up 62.6%).
In terms of export commodity structure in the first eight months of 2024, the group of fuel and mineral products reached $2.92 billion, accounting for 1.1%; the group of processed industrial products reached $233.33 billion, accounting for 88%; agricultural and forestry products reached $22.53 billion, or 8.5%; and aquatic products reached $6.31 billion, or 2.4%.
Merchandise Imports
Vietnam’s merchandise import turnover in August 2024 preliminarily reached $33.06 billion, down 2.4% compared to the previous month. The domestic economic sector accounted for $12 billion, up 1.4%, while the foreign-invested sector reached $21.06 billion, down 4.5%. Compared to the same period last year, August’s import turnover increased by 12.4%, with the domestic economic sector growing by 13.2% and the foreign-invested sector expanding by 11.9%.
For the first eight months of 2024, merchandise import turnover preliminarily reached $246.02 billion, up 17.7% year-on-year. The domestic economic sector contributed $89.58 billion, up 19.7%, while the foreign-invested sector reached $156.44 billion, up 16.5%.
During this period, 38 commodity groups recorded an import value of over $1 billion each, accounting for 90.8% of the total import turnover (including two groups with a value of over $10 billion each, making up 40.7%).
In terms of import commodity structure in the first eight months of 2024, the group of production inputs reached $230.95 billion, accounting for 93.9% (with the subgroup of machinery, equipment, tools, and spare parts making up 46.9%, and the subgroup of raw materials, fuels, and materials accounting for 47%). The group of consumer goods reached $15.07 billion, or 6.1%.
Regarding Vietnam’s export and import markets from January to August 2024, the United States was the largest export market for Vietnam, with an estimated turnover of $77.9 billion. China was the largest import market, with an estimated turnover of $92.3 billion. During this period, the estimated trade surplus with the United States was $68.1 billion, up 28.6% year-on-year; the trade surplus with the EU was $23.6 billion, up 22%; and the trade surplus with Japan was $1.7 billion, up 30.5%. Meanwhile, the trade deficit with China was $54.4 billion, up 69.6%; the trade deficit with Korea was $20 billion, up 12.1%; and the trade deficit with ASEAN was $5.8 billion, up 14.8%.
The trade balance of goods in July preliminarily recorded a surplus of $2.36 billion. For the first seven months, the surplus was $14.54 billion, and in August, a preliminary surplus of $4.53 billion. For the first eight months of 2024, the trade balance of goods preliminarily recorded a surplus of $19.07 billion (compared to a surplus of $19.9 billion in the same period last year). The domestic economic sector recorded a deficit of $15.7 billion, while the foreign-invested sector (including crude oil) recorded a surplus of $34.77 billion.
“Vietnam Achieves a Trade Surplus of Over $14 Billion in the First Seven Months of 2024”
In July, the total trade turnover of goods was estimated at US$69.72 billion, up 8.7% month-on-month and 21.8% year-on-year. For the first seven months of 2024, the total trade turnover of goods reached US$439.88 billion, a 17.1% increase compared to the same period last year, with exports rising by 15.7% and imports by 18.5%. The trade balance of goods saw a surplus of US$14.08 billion. These figures were released by the General Statistics Office on July 29.
Leading in Value for Export “Non-stop Tet”, Phones of all kinds and Components
During the recent Lunar New Year holiday, the total value of exported goods reached $0.73 billion. It is noteworthy that phones and components were the largest group of items with a total export value of $282.8 million.
Exports and Imports Thrive from the Start of the Year, Surplus Reaches $0.38 billion
Preliminary Trade Balance January Merchandise Trade Balance was a surplus of 0.38 billion USD (compared to a surplus of 0.73 billion USD in the same period last year). Within this, the domestic economic sector had a trade deficit of 1.19 billion USD, while the foreign-invested sector (including crude oil) had a surplus of 1.57 billion USD.
