The Ministry of Industry and Trade is stepping up trade promotion activities, focusing on new markets and potential markets that individual businesses have not had the opportunity to directly penetrate.

The positive market recovery has helped exports grow strongly and evenly in all three groups of products, including processed industry, mineral fuels and agricultural products, in which increased export prices helped the agricultural group earn more than 25 billion USD in the past 8 months.

US and EU markets both recover positively

A representative of the Ministry of Industry and Trade said that after 8 months of 2024, the preliminary export turnover of goods reached 265.09 billion USD, an increase of 15.8% over the same period last year. Statistics show that the agricultural products group has continued its growth momentum from 2023 to present, the total export turnover of this group has tentatively reached 25.19 billion USD, an increase of 20.7% over the same period in 2023, accounting for 9.5% of the total export turnover of the whole country.

"Due to the increase in export prices, the export turnover of most items in this group achieved a high growth rate of double digits compared to the same period last year, such as: coffee increased by 36%; rice increased by 21.7%; tea of ​​all kinds increased by 33%; vegetables and fruits increased by 31%; cashew nuts increased by 23%; pepper increased by 44.9%," the representative of the Ministry of Industry and Trade informed.

After 8 months, the preliminary export turnover of processed and manufactured industrial products reached nearly 225 billion USD, accounting for nearly 85% of total export turnover and increasing by 15.8% over the same period last year.

Many products achieved high growth rates, including key export items such as: Cameras, camcorders and components increased by 40.4%; computers, electronic products and components increased by 28%; plastic products increased by 31%; wood and wood products increased by 21.8%; iron and steel of all kinds increased by 11.8%; machinery, equipment, tools and other spare parts increased by 22.5%; textiles and garments increased by 7.3%; footwear of all kinds increased by 12.7%; Phones of all kinds and components increased by 11.5%... In addition, the preliminary export turnover of mineral fuel products reached 2.78 billion USD, a slight increase compared to the same period in 2023 (up 0.8%).

Mr. Truong Van Cam, Vice President of the Vietnam Textile and Apparel Association (Vitas), informed that in the past 8 months, textile and garment exports earned about 28.3 billion USD, an increase of about 6.2% over the same period last year.

"The good news is that the closer to the end of the year, the more positive the export situation is," said Mr. Cam, and the representative of Vitas also forecasted that in 2024, textile and garment export turnover could reach 44 billion USD as the target set at the beginning of the year.

According to the Ministry of Industry and Trade, the above results were achieved because exports to most key markets had a good recovery and achieved high double-digit growth.

Trade promotes consumption of goods. (Photo: PV/Vietnam+)

For example, exports to the United States are estimated at 77.9 billion USD, accounting for 29.4% of the country's total export turnover and increasing by 25.4% over the same period last year (the same period last year decreased by 19%); followed by the Chinese market with a turnover of 37.86 billion USD, up 2.8%; the EU market reached 34.4 billion USD, up 18.5%; South Korea is estimated at 16.8 billion USD, up 8.3%; Japan is estimated at 16.1 billion USD, up 5.6%.

Promote market solutions

On the other hand, imports also grew positively. According to statistics from the Ministry of Industry and Trade, after 8 months, the country spent about 246.02 billion USD to import goods, mainly input materials for production, to meet newly signed orders.

Of which, the import turnover of computers, electronic products and components alone is estimated at 69.9 billion USD, up 26.9% over the same period in 2023 and accounting for 28% of the total import turnover of the country; imports of machinery, equipment, tools and spare parts reached 31.2 billion USD, up 16.7%.

In addition, the import turnover of goods requiring import restrictions in the preliminary 8 months reached 13.18 billion USD, up 8% over the same period last year. Some items with high import turnover include: household electrical appliances and components up 19.5%; vegetables and fruits up 12.2%; Auto parts and accessories for cars with less than 9 seats increased by 11%.

Thus, after 8 months, the preliminary trade balance of goods had a trade surplus of 19.07 billion USD (the same period last year had a trade surplus of 19.9 billion USD), of which the domestic economic sector had a trade deficit of 15.7 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 34.77 billion USD.

However, according to the assessment of the Ministry of Industry and Trade, import and export activities in the last months of the year continue to depend on a number of markets, goods and FDI sectors. In addition, a number of key export items to major markets (EU, US) continue to face pressure from trade defense investigations, technical barriers related to the environment, sustainable development, green transformation, etc.

Therefore, in order to continue to maintain high growth, the Ministry of Industry and Trade has implemented many solutions, focusing on promoting export promotion activities for key markets, especially making the most of incentives brought by FTAs ​​such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam-EU Free Trade Agreement (EVFTA)... Accelerating negotiations, signing, and ratifying FTAs, new economic linkages, initially with Israel and the UAE, to diversify markets, supply chains and boost exports.

In order to open up the market, the Ministry of Industry and Trade is promoting trade promotion activities, focusing on new markets, potential markets that individual enterprises do not have the conditions to directly penetrate. Regularly maintaining trade promotion conferences with the Vietnamese Trade Office system abroad, and at the same time directing the Vietnamese Trade Office system in market areas to regularly update information on the situation of foreign markets; regulations, standards, and conditions of foreign markets that may affect Vietnam's import and export activities and recommendations for localities, associations, and import and export enterprises.

Along with that, implementing measures to promote cooperation with China on border trade infrastructure and promoting the construction of border trade infrastructure in northern border localities, helping goods circulate smoothly and increasing export value./.

Source: Vietnamplus