Vietnam’s export value has been estimated at 33.57 billion USD in the first month of 2024. (Photo: VietnamPlus) Hanoi (VNA) – Vietnam’s export value was estimated at 33.57 billion USD in the first month of 2024, a sharp increase of 42% over the same period last year, contributing to generating a trade surplus of 2.92 billion USD.
According to the Ministry of Industry and Trade, the domestic sector posted an increase of 62.6% while the foreign invested sector, including crude oil, saw a 35.6% rise. Export turnover in January experienced the highest increase since September 2022.
In the first month of 2024, the country had seven items with export turnover of over 1 billion USD, and together they accounted for 65.7% of total export turnover. Those items are wood and wood products; textiles and apparel; footwear; computers, electronic products and components; phones and spare parts; other machinery, equipment, tools and components; and transport vehicles and spare parts.
Notably, exports rose sharply in agricultural, forestry and fisheries, with an increase of 98.6% and processing industries with 38.4%. Processed industrial goods in the reviewed period account for nearly 85% of the total export turnover of the country, estimated at 28.52 billion USD, up 7.4% over the previous month.
The growth is driven by the export of phones and spare parts, which grew 56.3% month on month to 5.8 billion USD. Export turnover of wood and wood products in January 2024 is estimated at 1.4 billion USD, an increase of 4.6% compared to December 2023. Transportation vehicles and spare parts increased by 10.8%, estimated at 1.3 billion USD; cameras, camcorders and components rose 8.1% to 900 million USD.
Many key export items in the processing industry group achieved high growth year on year, such as textiles and garments up 28.6%; wood and wood products up 74.6%; footwear of all kinds up 35%; computers, electronic products and components increased by 57.4%.
Textile, garment and footwear enterprises take advantage of market opportunities to promote exports. (Photo: VietnamPlus) In January, agricultural and fishery products continued to be a bright spot in the country's export picture with an estimated turnover of 3.33 billion USD, up 9.1% over the previous month and accounting for 9.9% of the total export turnover of the country.
Some commodities with high turnover are cassava and cassava products with an increase of 93.4% to an estimate 274 million USD, followed by vegetables and fruits with 24.9%, 510 million USD. Also, export value of cashew and tea increased by over 10%, and that of coffee, rice, pepper increased slightly from 2 to 3.5% compared to the previous month.
In general, exports of goods to major export markets all recovered well in the first month of 2024. The US continued to be Vietnam's largest export market with an estimated turnover of 9.6 billion USD, up 5.5% compared to December 2023 and up to 55.8% over the same period in 2023.
In addition, export turnover to China, the EU, ASEAN, Japan and the Republic of Korea also saw a strong upswing compared to the same period last year, with 57.8%, 17.9%,38.5%, 39.6% and 22.4%, respectively.
Meanwhile, import turnover in the first month of 2024 is estimated at 30.65 billion USD, up 4.2% compared to the previous month and 33.3% year on year.
Vietnam's trade balance of goods is estimated to have a trade surplus of 2.92 billion USD. The country’s trade surplus with the US market is estimated at 8.2 billion USD, up 57.6% over the same period last year. Trade surplus with the EU is estimated at 2.5 billion USD, up 10.6%, while trade surplus with Japan is estimated at 200 million USD (in the same period last year Vietnam had a trade deficit of 138 million USD with this market).
Green production is an opportunity for businesses to participate deeply in the supply chain. (Photo: VietnamPlus) To create momentum for the following months, the Ministry of Industry and Trade has instructed functional units to focus on solutions to remove difficulties for production and business enterprises, particularly key industrial projects.
Besides, amidst the tension in the Red Sea, the ministry’s Import-Export Department has worked with firms and business associations to seek measures to cope with the situation./.
