Unveiling Vietnam’s First Trade Commodity to Surpass the 100-Billion-USD Milestone in 2024

The world in 2024 continues to witness complex and unpredictable dynamics, fraught with risks and instability. Strategic competition among major powers intensifies, while geopolitical tensions and military conflicts in certain regions impact global peace and stability, disrupting trade, investment, production, and consumption patterns. However, the global economic growth outlook remains positive, with easing inflationary pressures and a rebound in demand for goods.

Against this backdrop, Vietnam’s foreign trade activities have yielded positive results, thanks to the synchronized policies implemented by the Government to address challenges, support domestic production, promote trade, and expand export markets. The country’s import and export of goods maintained a high growth rate and stood out as one of the bright spots in the economy in 2024.

According to statistics from the General Statistics Office, in November, the preliminary total import-export turnover of goods reached 66.4 billion USD, a decrease of 4.1% compared to the previous month and an increase of 9.0% over the same period last year. For the first eleven months of 2024, the preliminary total import-export turnover of goods was 715.55 billion USD, up 15.4% compared to the same period last year, of which exports increased by 14.4%, and imports increased by 16.4%.

Specifically, the preliminary export turnover of goods in the first eleven months of 2024 reached 369.93 billion USD, up 14.4% over the same period last year. The domestic economic sector achieved 103.88 billion USD, a surge of 20.0%, accounting for 28.1% of the total export turnover. Meanwhile, the foreign-invested sector (including crude oil) attained 266.05 billion USD, a rise of 12.4%, making up 71.9%.

On the import side, the preliminary turnover of goods in the first eleven months reached 345.62 billion USD, an increase of 16.4% over the same period last year. The domestic economic sector attained 126.05 billion USD, up 18.5%, while the foreign-invested sector reached 219.57 billion USD, up 15.2%.

Notably, despite the faster growth rate of imports compared to exports, the trade balance in the first eleven months of the year still recorded a surplus of 24.31 billion USD. In the import structure, production materials accounted for 93.7%, while consumer goods made up 6.3%. The higher import growth indicates that enterprises are actively importing to prepare for production and export plans in December 2024 and the first months of 2025.

In the first eleven months of 2024, 36 export commodity groups recorded a turnover of over 1 billion USD, accounting for 94.1% of the total export turnover (including 7 groups with an export turnover of over 10 billion USD, making up 66.5%). Meanwhile, 44 groups of import commodities recorded a value of over 1 billion USD, representing 92.6% of the total import turnover (including 5 groups with an import turnover of over 10 billion USD, accounting for 51.4%).

Many commodities have reached their targets ahead of schedule, with import and export turnover in the first eleven months surpassing the full-year figures of 2023. Notably, all agricultural products with large export values have outperformed their 2023 performance: Seafood (up 2.2%), vegetables and fruits (18.2%), rice (13.4%), coffee (16.3%), cashew nuts (9.2%), and tea (12.9%)…

Additionally, several other commodities have also outperformed their 2023 export values: Electronics, computers, and components (up 13.8%), textiles and garments (1%), footwear (2.6%), wood and wooden products (9.1%), plastic products (17.2%), non-wooden furniture (19.1%), chemicals (5.3%), and plastic raw materials (13.1%).

In terms of imports, several commodities have also surpassed their 2023 values: Electronics, computers, and components (up 11.1%), machinery, equipment, tools, and other spare parts (6.3%), fabric (4.3%), iron and steel (10.3%), plastics (8.7%), telephones and components (7.8%), plastic products (6.8%), crude oil (5.7%), raw materials and accessories for textiles, garments, and footwear (8.3%), iron and steel products (10.1%), pharmaceuticals (12.8%), and fruits and vegetables (8.2%).

In addition, a few other commodities have also outperformed their 2023 figures: Fertilizers, rubber, wooden products, paper, fibers, products of other common metals, household electrical appliances and components, electrical wires and cables.

The General Statistics Office forecasts that exports in the last month of 2024 will face challenges and risks due to objective factors. However, Vietnam’s import and export activities are striving to reach their targets while aiming for new records. 

As one of the main drivers of economic growth, the total import and export turnover for the year is expected to reach a new record of nearly 800 billion USD, a 15% increase compared to the previous year, and surpassing the assigned plan by 2.5 times. The trade balance will record the 9th consecutive year of surplus, with a significant value of nearly 25 billion USD.

Among the import and export commodities this year, electronics, computers, and components stand out with a total import and export turnover of 163 billion USD, including an import turnover of 97.7 billion USD in the first eleven months. 

According to the General Statistics Office, this commodity group is certain to be the first in Vietnam to achieve an import and export turnover of over 100 billion USD. The trade deficit in this sector is also significant, reaching 32.5 billion USD in the first eleven months of 2024. Telephones and components topped the list in terms of trade surplus, with a value of 41 billion USD.

Another notable aspect of the first eleven months is that the total export turnover has surpassed the export turnover of 2023 (354.72 billion USD) and is only slightly below the record level of 2022 by about 2 billion USD (the export turnover in 2022 was 371.72 billion USD). At this point, it can be confidently stated that the export turnover in 2024 will achieve a new record, surpassing the 400 billion USD mark.

“It took Vietnam’s economy many years to reach the 100 billion USD export milestone in 2012, followed by another 5 years to cross the 200 billion USD threshold in 2017, and 4 years to attain the 300 billion USD mark in 2021. Subsequently, in just 3 years, our export turnover has increased by another 100 billion USD, reaching the 400 billion USD level. This remarkable achievement is a testament to the country’s successful efforts in international trade development,” the report from the General Statistics Office concluded.