In the first half of 2024, merchandise exports are estimated to reach 190.08 billion USD, up 14.5% over the same period last year, of which the agricultural product group recorded the highest growth.

Goods exports increased by 14.5%

According to a report from the Ministry of Industry and Trade, with the recovery of the world market and increased export orders, import and export activities in the first half of 2024 continue to prosper and achieve positive results. Total import and export turnover of goods is estimated at 368.53 billion USD, up 15.7% over the same period last year, of which exports increased by 14.5%; Imports increased by 17%. The trade balance of goods had a surplus of 11.63 billion USD.

The United States continues to be our country's largest export market with an estimated turnover of 54.3 billion USD

In particular, in terms of exports, the export turnover of goods in June 2024 is estimated to reach 33.09 billion USD, an increase of 2.6% compared to the previous month. In the second quarter of 2024, export turnover is estimated to reach 97.2 billion USD, up 12.5% ​​over the same period last year and up 4.6% over the first quarter of 2024.

In the first 6 months of 2024, merchandise export turnover is estimated to reach 190.08 billion USD, up 14.5% over the same period last year. In the first 6 months of 2024, there are 29 items with export turnover of over 1 billion USD, accounting for 91.4% of total export turnover (there are 7 export items with export turnover of over 5 billion USD, accounting for 65.6%).

Notably, in the first 6 months of 2024, exports will grow strongly and evenly in all 3 product groups.

Specifically, the agricultural product group will continue its growth momentum from 2023 until now, the total export turnover of this product group is estimated to reach 18.37 billion USD, an increase of 19.9% ​​over the same period in 2023; accounting for 9.67% of the country's total export turnover. Due to increased export prices, most products in this group achieved high double-digit export turnover growth rates compared to the same period last year, such as: Coffee increased by 34.5% in export value although the amount of coffee exported decreased by 10.6%; Rice only increased by 10.4% in volume but increased by 32% in export value; Tea of ​​all kinds increased by 32.1%; vegetables and fruits increased by 28.2%; Cashew kernels increased by 17.4%; Although pepper decreased by 6.8% in volume, it increased by 30.9% in export value; Cassava and cassava products increased by 5.9% in export value although export volume decreased by 7.7%.

Inspection process for exported agricultural products at Chanh Thu Fruit Import-Export Group Joint Stock Company, Ben Tre province

Export turnover of processed and manufactured industrial goods is estimated at 160.3 billion USD, accounting for 84.3% of total export turnover and increasing 14.1% over the same period in 2023. Many product groups achieved high export turnover growth rates, including key export items such as: Cameras, camcorders and components increased by 52.9%; computers, electronic products and components increased by 28.6%; plastic products increased by 29.7%; wood and wood products increased by 22.2%; iron and steel of all kinds increased by 9.8%; Other machinery, equipment, tools and spare parts increased by 16.2%; Shoes of all kinds increased by 10%; All kinds of phones and accessories increased by 11.3%...

Export turnover of mineral fuel products is estimated to reach 2.18 billion USD, up 7.8% over the same period in 2023.

Regarding the export market of goods in the first 6 months of 2024, the United States continues to be our country's largest export market with an estimated turnover of 54.3 billion USD; accounting for 28.6% of the country's total export turnover and increased by 22.1% over the same period last year (same period last year decreased by 22.6%); Next is the Chinese market with an estimated turnover of 27.8 billion USD, up 5.3%; The EU market is estimated to reach 24.46 billion USD, up 14.1%; Korea is estimated to reach 12.2 billion USD, an increase of 10.4%.

Synchronize solutions and support exports

According to Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department (Ministry of Industry and Trade); Some factors that have been promoting the recovery of import and export activities include the results of the policy of international economic integration; diversify Vietnam's export and import markets through negotiating and signing new generation free trade agreements.

The Government has had a strong intervention with many solutions to comprehensively support the economy. As the leading agency in managing and operating import and export activities; The Ministry of Industry and Trade has early identified difficulties and risks from export markets to advise and propose solutions to develop export markets.

Vietnam has also recently upgraded its relationship to a comprehensive strategic partnership with the United States, promising sustainable development for trade relations between the two countries.

The problem of high inventories in markets is gradually being overcome, especially in key export markets that have encountered difficulties in 2023 such as the EU and the United States. For the United States, recovering consumer indicators have become an important support factor for economic growth.

However, there are still certain difficulties, accordingly, the global economy in 2024 still faces many risks and is difficult to predict. Contrary to previous forecasts, the US Federal Reserve (FED) has given the message that there will only be one interest rate cut in 2024 and the FED continues to maintain a cautious stance on this issue. The conflicts between Russia - Ukraine and recently Israel - Hamas continue to escalate, showing signs of spreading to neighboring countries. The fight against inflation still contains many uncertain factors, especially the monetary policies of major countries.

The current problem of excess capacity in China will also increase competitive pressure in the market. When consumer demand declines, China's surplus and cheap goods can be exported to other countries.

In addition, foreign trade activities in the first 6 months of the year also have a notable point: sea freight rates increased very high even though May-June is not considered peak time, especially for routes from Europe. Asia to the US and EU due to conflicts in the Red Sea causing shipping businesses to change shipping routes; Some seaports in Asia are congested, ships have to wait a long time to operate, such as Shanghai port, especially Singapore port. The amount of export goods in China skyrocketed in May and June, leading to a situation of lack of booking, container imbalance among Asian seaports.

“Based on the assessment of favorable and difficult factors as well as the positive growth results of import-export turnover in the first months of 2024; The Ministry of Industry and Trade assesses that in 2024 there will be more opportunities for Vietnam's export activities to recover," Mr. Tran Thanh Hai assessed.

As the leading agency in managing and administering import and export activities of goods; To promote this activity from now until the end of the year, the Ministry of Industry and Trade said; will continue to closely monitor market developments and change partners' policies to propose appropriate solutions and develop a variety of traditional and new export markets.

At the same time, continue to promptly inform industry associations about developments in export markets so that businesses can promptly adjust appropriate production plans and seek orders from markets;...

In addition, effectively exploit Free Trade Agreements (FTAs), accelerate negotiations and sign FTAs, and new economic linkages to diversify markets, supply chains and boost exports. Developing logistics services; Support businesses to strongly shift to official export associated with brand building; Strengthen information work and disseminate knowledge about trade defense to manufacturing industries and businesses.

Source: Cong Thuong Newspaper