The $681 Billion Trade Surge

According to the latest preliminary statistics from the General Department of Vietnam Customs, the total trade turnover of goods in the first half of November 2024 (from November 1st to November 15th, 2024) reached $33.44 billion, a decrease of 9.7% (equivalent to a decrease of $3.58 billion) compared to the performance in the second half of October 2024.

The results achieved in the first half of November 2024 brought the country’s total trade turnover to $681.48 billion as of November 15th, 2024, an increase of 15.7%, or an absolute increase of $92.28 billion, compared to the same period in 2023.

Of this, the total trade turnover of foreign-invested enterprises (FIEs) reached $461.33 billion, an increase of 14% (equivalent to an increase of $56.74 billion).

In the first half of November 2024, the trade balance of goods surplus was $31 million. As of November 15th, 2024, the trade balance of goods surplus was $23.28 billion for the year.

Regarding exports, the total export value of Vietnam in the first half of November 2024 reached $16.73 billion. The export value in the first half of November 2024 decreased compared to the second half of October 2024 in the following groups of goods: Machinery, equipment, tools, and spare parts decreased by $577 million, equivalent to a 20% decrease; telephones and components decreased by $365 million, a decrease of 14.4%; computers, electronic products, and components decreased by $261 million, a 7.8% decrease; and so on.

Thus, as of November 15th, 2024, the total export value of Vietnam reached $352.38 billion, an increase of 14.8%, or $45.54 billion, compared to the same period in 2023.

Some groups of goods that saw increases include: Computers, electronic products, and components increased by $12.79 billion, or 26.1%; machinery, equipment, tools, and spare parts increased by $8.08 billion, or 21.7%; textiles and garments increased by $3.07 billion, or 10.6%; wood and wooden products increased by $2.46 billion, or 21.4%; telephones and components increased by $2.25 billion, or 4.8%; and so on, compared to the same period in 2023.

Statistics from the General Department of Vietnam Customs also show that the export value of foreign-invested enterprises (FIEs) in the first half of November 2024 reached $12.04 billion, a decrease of 12.9%, or $1.79 billion, compared to the second half of October 2024. As of November 15th, 2024, the total export value of this group of enterprises reached $252.17 billion, an increase of 13%, or $28.94 billion, compared to the previous year, accounting for 72% of the country’s total export value.

In terms of imports, the total import value of Vietnam in the first half of November 2024 reached $16.7 billion, a decrease of 5.3%. As of November 15th, 2024, the total import value of the country reached $329.1 billion, an increase of 16.6%, or $46.74 billion, compared to the same period in 2023.

Some groups of goods that saw significant increases include: Computers, electronic products, and components increased by $17.21 billion, or 22.7%; machinery, equipment, tools, and spare parts increased by $6.17 billion, or 17.2%; iron and steel of all kinds increased by $2.01 billion, or 22.4%; other base metals increased by $1.64 billion; telephones and components increased by $1.37 billion, or 18%; and so on, compared to the same period in 2023.

The import value of FIEs in this period reached $10.43 billion, a decrease of 5.8%, or $643 million, compared to the second half of October 2024. As of November 15th, 2024, the total import value of this group of enterprises reached $209.16 billion, an increase of 15.3%, or $27.79 billion, compared to the previous year, accounting for 63.6% of the country’s total import value.

To keep up with the orders for the last quarter of the year, especially before the New Year and Lunar New Year holidays, and to fulfill the orders for the beginning of 2025, many enterprises are accelerating production, recruiting more labor, and arranging overtime shifts.

Despite the unpredictable risks in the global market and the direct impact of geopolitical conflicts on supply chains, as well as the still-high sea freight rates, there is still room for growth in exports towards the end of the year.

The year-end consumption demand in large markets such as the US and EU will be an important driving force for exports, especially in the electronics, consumer goods, and textile industries. As a result, the trade turnover is forecast to reach $800 billion, far surpassing the record of $732 billion set in 2023.

VTV.vn – Following the growth trend of the past time, it is likely that by the end of the year, the trade turnover of our country will reach $800 billion.