The report from the Ministry of Industry and Trade states that the total merchandise export-import turnover in the first 2 months of 2024 is estimated at $113.96 billion, an increase of 18.6% compared to the same period last year. Specifically, exports increased by 19.2% and imports increased by 18%. The trade balance of goods is expected to reach a surplus of $4.72 billion.

Export situation

Overall, the merchandise export turnover in the first 2 months of 2024 reached $59.34 billion, increasing by 19.2% compared to the same period last year. The domestic economic sector achieved $16.14 billion, an increase of 33.3% and accounting for 27.2% of the total export turnover. In addition, the foreign-invested sector (including crude oil) reached $43.2 billion, an increase of 14.7%, accounting for 72.8%.

Among the export items, there are 11 items with a turnover of over $1 billion, accounting for 75.1% of the total export turnover, including 4 items with exports reaching over $5 billion, accounting for 52.5%. Key export items such as phones and components reached the highest export turnover, estimated at $9.58 billion, an increase of 4.1% compared to the same period last year. Computers, electronic products, and components also recorded significant growth, reaching $9.54 billion, an increase of 33.9%.

Most of the items experienced growth, with 39 out of 45 items showing growth compared to the same period last year. In addition, many processed industrial product groups also achieved high growth rates, such as wood and wood product exports increasing by 43.8%, iron and steel increasing by 45.4%, footwear increasing by 18.3%, and textiles and garments increasing by 15%…

The structure of export commodity groups in the first 2 months of 2024 is distributed as follows: fuel and minerals group accounts for 1% (estimated at $0.59 billion), processing industry group accounts for 88.4% (reaching $52.45 billion), agricultural and forestry group accounts for 8.4% (estimated at $5 billion) and aquaculture group accounts for 2.2% (estimated at $1.3 billion).

Overall, Vietnamese merchandise exports up to this point are attracting significant attention and recording positive growth.

Import situation

In February 2024, the estimated import turnover of goods reached $23.72 billion, a decrease of 23.2% compared to the previous month. However, the strong recovery of production and exports in the first two months of the year has led to increased demand for imported machinery, equipment, and raw materials to serve production.

The total import turnover of goods in the first two months of 2024 is estimated at $54.62 billion, an increase of 18% compared to the same period last year. Of this, domestic imports reached $19.67 billion, an increase of 27.4%; the foreign-invested sector is estimated at $34.95 billion, an increase of 13.3%.

In the first two months of 2024, there were 13 imported goods with a value of over $1 billion, accounting for 71% of the total import turnover (with 2 goods imported worth over $5 billion, accounting for 41.3%).

Imported production input goods accounted for 94% and increased by 22.2%, of which imported machinery, equipment, and spare parts accounted for 47% and increased by nearly 25%, indicating positive signs of recovery in production and exports.

Largest import and export markets in Vietnam in the first 2 months of 2024

In the first 2 months of 2024, Vietnam’s goods exports experienced strong growth, with the United States continuing to be the largest export market, estimated at $17.4 billion, an increase of 33.7% compared to the same period last year. Japan and the EU also contributed with growth rates of approximately 19.6% and 14.2%, respectively.

China remains the largest import market for Vietnam, with an estimated turnover of $20.9 billion, an increase of nearly 50% compared to the same period last year.

With these results, the merchandise trade balance in February 2024 is estimated to have a trade surplus of $1.1 billion. For the total of the first 2 months of 2024, the merchandise trade balance is expected to have a surplus of $4.72 billion, an increase compared to the same period last year ($3.5 billion). Of this, domestic areas are expected to have a trade deficit of $3.53 billion, while the foreign-invested sector (including crude oil) is expected to have a surplus of $8.25 billion. These results bring hope for Vietnam’s goods exports in 2024.

Visit WR1 regularly to receive the latest information on the market’s economic situation.