Import-export turnover in the first 11 months of 2024 increased by 15.4%, with a trade surplus of 24.31 billion USD. 2024 will be the 9th year that Vietnam maintains a trade surplus.

According to the report of the General Department of Customs, in the first 11 months of 2024, the total import-export turnover of goods reached 715.55 billion USD, an increase of 15.4% over the same period last year. Of which, the export turnover of goods reached 369.93 billion USD, an increase of 14.4% over the same period last year. On the contrary, the import turnover of goods in the first 11 months of 2024 preliminarily reached 345.62 billion USD, an increase of 16.4% over the same period last year.

According to experts, in the first 11 months of 2024, import-export recorded a positive recovery compared to the same period last year despite the complicated developments of the world economy. Factors such as military conflicts and political instability continue to affect the global economy.

Notably, exports of key commodity groups such as agricultural products, aquatic products and processing industry all grew impressively. The export turnover of agricultural and aquatic products is estimated at 35.46 billion USD (up 20.6%), while the processing industry group is estimated at 312.59 billion USD (up 13.9%). Exports of domestic enterprises reached 103.38 billion USD, up 19.4%, surpassing the growth rate of the foreign-invested enterprise sector (12.2%).

Based on the positive results achieved in the past 11 months and maintaining this trend well, it is likely that goods exports will reach 377 billion USD, up 6% compared to 2023, exceeding the annual plan. Previously, a newly published report by UOB Bank forecast that Vietnam's exports this year will increase by 18% and reach nearly 420 billion USD, the highest since 2021.

In addition, with a trade surplus of 24.31 billion USD in the past 11 months, this is a positive signal, reflecting Vietnam's competitiveness and effectiveness in international economic integration. Maintaining a large trade surplus shows that the economy is reducing its dependence on imports and increasing domestic production.

With this result, 2024 will certainly be the 9th year that Vietnam maintains a trade surplus. This is of great significance, contributing positively to improving the balance of payments, increasing foreign exchange reserves and stabilizing exchange rates as well as other macroeconomic indicators.

Talking to reporters of the Industry and Trade Newspaper, economic expert Dinh Trong Thinh said that in the picture of import and export of goods in 2024, the bright spot must be the textile and garment and footwear industries that have regained their export performance. It is expected that in 2024, textile and garment exports will earn 44 billion USD, while the footwear industry could earn 26 - 27 billion USD.

In addition, the total export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 reached 56.74 billion USD, an increase of 19% over the same period in 2023. With the achieved results, the export turnover has exceeded the target of 54 - 55 billion USD for the whole year of 2024, and is confident to aim for a new record of 60 billion USD...

However, Vietnam's import and export activities still have some limitations that need to be overcome. That is, exports are still concentrated in a number of markets with large turnover but have potential risks when these markets change policies or face economic fluctuations, requiring Vietnam to have a more effective market diversification strategy.

The fight against inflation still has many uncertain factors, especially the monetary policies of major countries. The United States could implement policies to attract investment back to the United States or provide stronger protection for domestic production by imposing trade barriers on imports.

For Vietnam, the economy is still modest in size but open, competitive and resilient to external shocks are limited... Many businesses will face increased production costs due to having to invest in green technology and improve processes to meet sustainable development standards. Some businesses may lose customers if they do not meet new standards...

To promote the export of goods in the coming time, Dr. Nguyen Quoc Viet - Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR) - said that it is still necessary to prioritize export support policies, especially supporting domestic export enterprises. In addition, export support policies must focus on each industry and value chain.

On the side of the Ministry of Industry and Trade, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - said that in order to promote import-export activities in the coming time, the Ministry of Industry and Trade will continue to inform associations and industries about developments in the export market so that businesses can adjust their production plans to suit the markets.

At the same time, trade promotion conferences will be maintained with the Vietnamese trade office system abroad to update market information and regulations, standards... that may affect Vietnam's import-export activities.

In addition, promoting the simplification of administrative procedures, implementing through online public services to facilitate import-export activities. Continue to promote exports through border gates in the form of official channels, effectively managing and facilitating export activities to the Chinese market.

Source: Cong Thuong Newspaper