With the forecasted figures from the General Department of Customs, this achievement is expected to surpass the record set in 2022.
Billion-Dollar Products and a Sector Bringing in $62 Billion in Export Revenue in 2024
Vietnam boasts rare “heaven-sent treasures,” with its exports ranking second globally, with India being the largest buyer.
According to the General Department of Customs, the total value of Vietnam’s import and export trade for 2024 is projected to reach approximately $782.33 billion, marking an all-time high in trade. Additionally, a trade surplus of $23.53 billion is expected.
Previously, in 2022, Vietnam’s import and export trade set a record at $732 billion. With the current forecast, this new figure will surpass the 2022 milestone.
From the beginning of the year to December 14, 2024, Vietnam’s total export turnover reached $745.38 billion, a 15.35% increase compared to the same period in the previous year.
- Exports: $384.4 billion, up 14.46%
- Imports: $360.98 billion, up 16.32%
- Trade surplus: $23.42 billion, $2.29 billion lower than the same period in 2023
In November 2024, the total import and export turnover was $66.4 billion, down 4.1% from the previous month but up 9% compared to the same period last year. Exports in November were $33.73 billion, down 5.3% from the previous month.
For the first 11 months of 2024, the preliminary total import and export turnover was $715.55 billion, up 15.4% from the same period in the previous year:
- Exports increased by 14.4%.
- Imports increased by 16.4%.
The number of export items exceeding $1 billion in the first 11 months of 2024 was 36, accounting for 94.1% of total export turnover. Of these, 7 items exceeded $10 billion, accounting for 66.5%.
Export Structure
In the past 11 months:
- Processed industrial goods: $325.52 billion, accounting for 88% of total exports.
- Fuels and minerals: $3.89 billion, 1.1%.
- Aquatic products: $9.17 billion, 2.5%.
- Agricultural and forestry products: $31.35 billion, 8.4%.
Import Performance
The preliminary import turnover for the first 11 months of 2024 was $345.62 billion, up 16.4% compared to the same period last year.
The number of imported items exceeding $1 billion was 44, accounting for 92.6% of total import turnover. Among these, 5 items exceeded $10 billion, accounting for 51.4%.
Import Structure
- Production materials: $323.72 billion, accounting for 93.7%.
- Consumer goods: $21.9 billion, 6.3%.
Major Trading Markets
In the first 11 months, China remained Vietnam’s largest trading partner, with bilateral trade estimated at $185 billion, a 20% increase compared to the previous year.
Outlook for 2025
The Ministry of Industry and Trade forecasts favorable conditions and growth potential for exports in 2025 as global inflation has eased and international market demand is recovering.
However, challenges remain:
- Complex global geopolitical developments
- Stricter supply chain, raw material, and environmental regulations due to a growing focus on sustainable development
The Ministry aims for a 6% export growth in 2025 compared to 2024. To achieve this, it plans to:
- Monitor market trends and provide timely updates to industry associations and businesses
- Promote direct and online methods to capitalize on Free Trade Agreements (FTAs)
- Focus on digital transformation in trade promotion
- Enhance logistics services
- Develop sustainable border trade practices
Source: – nguoiquansat.vn