In the first 7 months of 2024, ASEAN was Vietnam's third largest import market with 26.5 billion USD, an increase of 13.3% over the same period.

According to Mekong ASEAN calculations from data from the General Statistics Office (GSO), in the first 7 months of 2024, Vietnam's total import-export turnover to the 6 largest markets reached 345.7 billion USD.

In the first 7 months of 2024, the US remained the largest export market, with the trade balance tilted towards a trade surplus for Vietnam of 57.5 billion USD, up 27.6% over the same period last year (YoY). The trade surplus with the EU is estimated at 20.1 billion USD, up 19.4% YoY; the trade surplus with Japan is 1.1 billion USD, down 14% YoY.

In contrast, Vietnam's trade deficit with China reached 45.8 billion USD, up 65.4% YoY; the trade deficit with South Korea is 17.7 billion USD, up 15.7% YoY; the trade deficit with ASEAN is 5.5 billion USD, up 21% YoY.

In terms of exports, Vietnam exported goods to the 6 largest markets in the first 7 months of 2024, reaching 177.7 billion USD. Of which, the US is the leading market in terms of export turnover with 66.1 billion USD. China is the second largest market with 33.4 billion USD, followed by the EU with 29.3 billion USD.

ASEAN is Vietnam's fourth largest export market with 21 billion USD. Following are South Korea with 14.4 billion USD, Japan with 13.5 billion USD.

In general, the largest export markets all saw an increase in turnover compared to the same period. The US was the market with the highest value growth rate of +24.4% YoY, followed by the EU with +15.8% YoY, ASEAN with +11.5% YoY.

Export turnover of goods to China also increased by 7.6% YoY; South Korea with +9% YoY and Japan with 2.8% YoY.

Regarding imports, the total import turnover of goods from the 6 largest markets in the first 7 months of 2024 reached 168 billion USD. China led with 79.2 billion USD, followed by South Korea with 32.1 billion USD.

ASEAN is the third largest import market with 26.5 billion USD, followed by Japan with 12.4 billion USD. Vietnam spent 9.2 billion USD and 8.6 billion USD to import goods from the EU and the US.

Among the 6 largest import markets, China is the market with the highest growth rate with +34.9% YoY. Following is ASEAN with 13.3% YoY, South Korea with 12.6% YoY. Import turnover of goods from the EU also increased by 8.7% YoY, the US increased by 6.2% YoY and Japan increased by 4.6% YoY.

In total, all markets, Vietnam's export turnover in July 2024 is estimated at 35.92 billion USD, up 6.7% compared to the previous month, up 19.1% YoY. Of which, the domestic economic sector reached 9.87 billion USD, up 9.8% compared to June, up 25.9% YoY. The foreign-invested sector (including crude oil) reached 26.05 billion USD, up 16.7% YoY.

The import turnover of goods in July 2024 is estimated at 33.8 billion USD, up 11% over the previous month. Of which, the domestic economic sector reached 12.2 billion USD, up 11.3%. The foreign-invested sector reached 21.6 billion USD, up 10.8%. Compared to the same period last year, the import turnover of goods in July increased by 24.7%, of which the domestic economic sector increased by 16.5%; the foreign-invested sector increased by 29.9%.

In the first 7 months of 2024, the total export turnover of goods is estimated at 226.98 billion USD, up 15.7% over the same period last year. Of which, the domestic economic sector reached 63.08 billion USD, up 21.1%, accounting for 27.8% of the total export turnover. The foreign-invested sector (including crude oil) reached 163.9 billion USD, up 13.8%, accounting for 72.2%.

In the first 7 months of 2024, the total import turnover of goods is estimated at 212.9 billion USD, up 18.5% over the same period last year, of which the domestic economic sector reached 78 billion USD, up 21.5%; the foreign-invested sector reached 134.9 billion USD, up 16.9%.

Source: Mekongasean