Import-export turnover after eight months surpass $511 billion

According to data released by the General Statistics Office of Vietnam on September 6, the preliminary total value of imports and exports in August reached $70.65 billion, an increase of 0.8 per cent compared to the previous month and a rise of 13.5 per cent compared to the same period last year.

In the first eight months of 2024, the preliminary total value of imports and exports amounted to $511.11 billion, up 16.7 per cent year-on-year. Exports increased by 15.8 per cent, while imports by 17.7 per cent.

In terms of exports, in August, Vietnam recorded a preliminary value of $37.59 billion, up 3.7 per cent from the previous month. Of this, the domestic sector contributed $10.84 billion, up 9.8 per cent  while the foreign-invested sector (including crude oil) reached $26.75 billion, up 1.5 per cent.

Compared to the same period of last year, export value in August increased by 14.5 per cent, with the domestic sector growing by 21.3 per cent and the foreign-invested sector (including crude oil) increasing by 12 per cent.

For the first eight months of 2024, the preliminary export value reached $265.09 billion, up 15.8 per cent year-on-year. The domestic sector contributed $73.88 billion, up 21 per cent, accounting for 27.9 per cent of the total, while the foreign-invested sector (including crude oil) reached $191.21 billion, up 13.9 per cent, accounting for 72.1 per cent.

During the first eight months of 2024, 30 products achieved export values of over $1 billion, accounting for 92.3 per cent of total exports (with six products exceeding $10 billion, accounting for 62.6 per cent).

In terms of export structure, fuel and mineral products reached $2.92 billion, accounting for 1.1 per cent; processed industrial products reached $233.33 billion, accounting for 88 per cent; agricultural and forestry products reached $22.53 billion, accounting for 8.5 per cent; and seafood products reached $6.31 billion, accounting for 2.4 per cent

Preliminary figures show that import turnover in August reached $33.06 billion, a 2.4 per cent decrease from the previous month. The domestic sector accounted for $12 billion, up 1.4 per cent, while the foreign-invested sector reached $21.06 billion, down 4.5 per cent.

Compared to the same period last year, import value in August increased by 12.4 per cent, with the domestic sector rising by 13.2 per cent and the foreign-invested sector increasing by 11.9 per cent.

In the eight-month period, preliminary import value reached $246.02 billion, up 17.7 per cent year-on-year. The domestic sector contributed $89.58 billion, up 19.7 per cent, while the foreign-invested sector reached $156.44 billion, up 16.5 per cent.

During the period, 38 products achieved import values of over $1 billion, accounting for 90.8 per cent of the total, with two products exceeding $10 billion, accounting for 40.7 per cent.

In terms of import structure, production materials reached $230.95 billion, accounting for 93.9 per cent, with machinery and equipment accounting for 46.9 per cent and raw materials accounting for 47 per cent. Consumer goods reached $15.07 billion, accounting for 6.1 per cent.

Regarding export and import markets in the first eight months of 2024, the United States remained Vietnam's largest export market, with an estimated value of $77.9 billion. China was Vietnam's largest import market, with an estimated value of $92.3 billion.

During the period , the trade surplus with the U.S. was estimated at $68.1 billion, up 28.6 per cent year-on-year;  with the EU, $23.6 billion, up 22 per cent; and with Japan, $1.7 billion, up 30.5 per cent. Meanwhile,  the trade deficit with China was $54.4 billion, up 69.6 per cent; with South Korea, $20 billion, up 12.1 per cent; and  with ASEAN,  $5.8 billion, up 14.8 per cent.

With these results, Vietnam posted a preliminary trade surplus of $4.53 billion in August,  and $19.07 billion in the eight-month period, lower than the figure of $19.9 billion recorded in the same period last year. The domestic sector recorded a trade deficit of $15.7 billion, while the foreign-invested sector (including crude oil) posted a trade surplus of $34.77 billion.