Hanoi (VNA) – Positive signals from major import markets have helped domestic enterprises to boost exports in the first ten months of 2024. The export activities remained a prominent bright spot of the Vietnamese economy.
According to the Ministry of Industry and Trade, in terms of exports, turnover in October stood at 35.59 billion USD, up 4.4% compared to the previous month.
In the first 10 months, Vietnam’s export turnover reached 335.59 billion USD, up 14.9% year-on-year. Notably, domestic enterprises earned 93.97 billion USD from exporting goods in the period, up 20.7% year-on-year, accounting for 28% of the country’s total exports, while foreign-invested enterprises raked in 241.62 billion USD, up 12.8%.
Statistics showed that in the first 10 months of 2024, the export turnover of most main commodities achieved positive growth compared to the same period last year due to increased consumer demand.
For example, estimated exports of agro-forestry-aquatic products in the 10 months reached 32.2 billion USD, up 21.4% over the same period in 2023, accounting for 9.6% of the country's total export turnover.
Export turnover of processing and manufacturing industrial goods increased by 14.7% over the same period last year, preliminarily reaching 284.4 billion USD, accounting for 84.7% of the total export turnover.
Many key products achieved high growth, at double-digit rates. The exports of computers, electronic products and components hit 58.7 billion USD, up 26.1%; phones and all kinds and components were at 46.5 billion USD, up 4.9%; machinery, equipment, tools and spare parts reached 43 billion USD, up 21.5%; textiles and garments reached 30.6 billion USD, up 10.5%; footwear of all kinds reached 18.6 billion USD, up 12.9%; and timber and wooden products reached 13.2 billion USD, up 21.2%.
Vice Chairwoman and Secretary-General of the Vietnam Leather, Footwear and Handbag Association Phan Thi Thanh Xuan said that key markets still maintain high growth. It is forecasted that the sector’s exports in 2024 will reach 26-27 billion USD.
Notably, export turnover to most of Vietnam's major markets and trading partners has had a positive recovery and achieved high growth, of which, exports to the US are estimated at 98.4 billion USD, up 24.2% over the same period last year. It is followed by the Chinese market with the export revenue of 50.8 billion USD, a slight increase of 2.1% over the same period last year; the EU market with 42.3 billion USD, up 16.4% over the same period last year; the Republic of Korea (RoK) with 21 billion USD, up 6.9%; Japan with 20.1 billion USD, up 4.6%.
On the import side, October’s preliminary figures showed that turnover stood at 33.6 billion USD, up 5.8% compared with the previous month. In the 10 months, import turnover reached 312.28 billion USD, an increase of 16.8% year-on-year.
In the January-October period, Vietnam spent about 117.7 billion USD importing goods from China, accounting for nearly 38% of the country's total import turnover, and marking an increase of 31.6% year-on-year.
Meanwhile, Vietnam’s imports from the RoK were estimated at 46.3 billion USD, up 7.6%; imports from the ASEAN market reached 37.9 billion USD, up 12.4%, and imports from the US reached 12.3 billion USD, up 8.2%.
Thus, in October 2024, Vietnam continued to have a trade surplus of about 1.99 billion USD, bringing the total trade surplus in the first 10 months of 2024 to about 23.31 billion USD. In the same period of last year, Vietnam had a trade surplus of 24.8 billion USD.
As the year 2024 is coming to an end, to achieve planned import/export targets, the Ministry of Industry and Trade has implemented many solutions to promote production and export, including support to help enterprises to overcome difficulties, better exploit near markets, promote exports via official channels, develop brands and boost sustainable exports.
Minister of Industry and Trade Nguyen Hong Dien said that import and export remained a bright spot in the economy with a total turnover estimated at nearly 650 billion USD.
He said the good news is that the export turnover of the domestic enterprise sector has doubled compared to the FDI sector. Import turnover also continued to increase by 16.8%, mainly raw materials for production. This is a key factor that will boost Vietnam’s production in the remainder of this year and the beginning of next year./.
