In the context of Germany's decline in imports of goods from the world, Vietnamese goods exported to this country still record good growth.

According to the General Department of Customs, in the first 6 months of 2024, the total import-export turnover of goods between Germany and Vietnam reached over 5.5 billion USD, up 1.7% over the same period last year (YoY). Of which, Vietnam's exports to Germany reached 3.8 billion USD, up 3% YoY; Imported goods from Germany reached 1.7 billion USD, down 1.2% YoY. Vietnam has a trade surplus of 2.06 billion USD of goods to this market, an increase of 7% YoY.

According to the Vietnam Trade Office in Germany, this country is currently Vietnam's second largest trading partner in the EU (after the Netherlands with 6.5 billion USD), equivalent to 17% of total trade turnover between Vietnam and the EU in the first half of 2024. Of which, the export value of goods accounts for 15% and the import value accounts for 23%.

In the context that Germany is reducing import of goods from other markets, the growth momentum of import of goods from Vietnam is considered a positive signal. Statistics from Germany, in the first 5 months of 2024, Germany's export turnover to the world reached 670.8 billion Euro, down 0.5% YoY; Imports reached 554.3 billion USD, down 5.6% YoY.

Agricultural and aquatic products and electronics are bright spots in the picture of exports to Germany

According to the Vietnam Trade Office in Germany, export turnover of agricultural and aquatic products in the first 6 months of 2024 reached 640.3 million USD, an increase of 39.4% YoY. All products in the group showed positive growth, including coffee reaching 383 million USD, up 37% YoY; seafood reached 94 million USD, up 10% YoY; cashew nuts reached 63 million USD, up 33% YoY; pepper reached 48 million USD, up 156% YoY; fruits and vegetables reached 32 million USD, up 118% YoY; rubber reached 18 million USD, up 35% YoY; tea reached 0.5 million USD, up 2% YoY.

Notably, Vietnam's seafood exports to Germany have a higher growth rate than the growth rate to the EU region (+5% YoY).

For the group of processed and manufactured goods, although still decreasing (-0.9% YoY), the level of decrease in this group has been narrowed (previously, the first 5 months of 2024 recorded a decrease of 2% YoY). Turnover increased sharply in phone products with +23% YoY, to 431 million USD; computers, electronic products and components with +29% YoY, reaching 422 million USD; plastic products with 84 million USD, up 30% YoY; Wood and wood products reached 44 million USD, up 46% YoY. Vietnamese wooden furniture exported to Germany is mainly furniture, accounting for 85.3%.

Some of Vietnam's strong products exported to Germany have seen a decline, such as footwear, down 21% YoY, to 369 million USD; textiles and garments with 363 million USD, down 18% YoY; handbags, wallets, suitcases, hats, umbrellas reached 82 million USD, down 14% YoY...

According to the Vietnam Trade Office in Germany, the reason for the decline in the above product group is due to the difficult German economy; Rising inflation makes people tend to tighten spending on non-essential and reusable consumer products. Besides, the huge competition from countries that produce the same products such as China, India, and Türkiye also affects Vietnam's consumption of these products.

Source: Mekongasean