A trade surplus of $24.31 billion was recorded.
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Goods Exports
The country’s preliminary export turnover in November 2024 reached $33.73 billion, a decrease of 5.3% from the previous month. Domestic economic sector accounted for $9.85 billion, a decline of 4.3%, while the foreign-invested sector (including crude oil) contributed $23.88 billion, a drop of 5.7%. Compared to the same period last year, November’s export turnover increased by 8.2%, with the domestic economic sector growing by 13.4% and the foreign-invested sector (including crude oil) expanding by 6.1%.
For the first eleven months of 2024, the preliminary export turnover stood at $369.93 billion, marking a 14.4% increase from the previous year. The domestic economic sector accounted for $103.88 billion, a rise of 20.0% and making up 28.1% of the total export turnover. The foreign-invested sector (including crude oil) contributed $266.05 billion, an increase of 12.4%, constituting 71.9% of the total. In the first eleven months of 2024, 36 export commodities surpassed $1 billion in turnover, accounting for 94.1% of the total export turnover (with 7 commodities exceeding $10 billion, making up 66.5%).
Breaking down the export structure for the first eleven months of 2024, the fuel and mineral group achieved a preliminary turnover of $3.89 billion, accounting for 1.1%. The processed industrial goods group reached $325.52 billion, making up 88.0%. The agricultural and forestry products group attained $31.35 billion, constituting 8.4%. Lastly, the aquatic products group achieved a preliminary turnover of $9.17 billion, representing 2.5%.
Goods Imports
The country’s preliminary import turnover in November 2024 was $32.67 billion, a decrease of 2.8% from the previous month. The domestic economic sector accounted for $12.38 billion, a decline of 2.4%, while the foreign-invested sector reached $20.29 billion, a drop of 3.0%. Compared to the same period last year, November’s import turnover increased by 9.8%, with the domestic economic sector growing by 15.2% and the foreign-invested sector expanding by 6.8%. For the first eleven months of 2024, the preliminary import turnover stood at $345.62 billion, a 16.4% increase from the previous year. The domestic economic sector accounted for $126.05 billion, a rise of 18.5%, while the foreign-invested sector reached $219.57 billion, an increase of 15.2%.
In the first eleven months of 2024, 44 import commodities surpassed $1 billion in value, accounting for 92.6% of the total import turnover (with 5 commodities exceeding $10 billion, making up 51.4%).
Analyzing the import structure for the first eleven months of 2024, the production materials group achieved a preliminary turnover of $323.72 billion, accounting for 93.7%. Within this group, machinery, equipment, tools, and spare parts made up 47.5%, while raw materials, fuels, and materials constituted 46.2%. The consumer goods group reached a preliminary turnover of $21.9 billion, representing 6.3%.
Looking at the trade balance for the first eleven months of 2024, the United States was Vietnam’s largest export market, with a turnover of $108.9 billion. China was the country’s biggest import market, with a turnover of $130.2 billion. During this period, Vietnam recorded a trade surplus of $95.4 billion with the US, a 26.7% increase from the previous year. It also had trade surpluses with the EU of $32.0 billion (up 21.1%) and Japan of $2.6 billion (up 70.0%). On the other hand, Vietnam had a trade deficit of $75.0 billion with China (up 67.7%), $27.7 billion with South Korea (up 5.2%), and $8.6 billion with ASEAN (up 13.3%).
The preliminary trade balance for November showed a surplus of $1.06 billion. For the first eleven months of 2024, the preliminary trade balance recorded a surplus of $24.31 billion (compared to a surplus of $26.2 billion in the same period last year). The domestic economic sector had a deficit of $22.17 billion, while the foreign-invested sector (including crude oil) enjoyed a surplus of $46.48 billion.
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