The picture of goods exports in the first 8 months of 2024 with many positive signals is creating strong motivation for businesses, associations, and industries to continue to closely follow market developments and boost exports.

Import and export exceed 511 billion USD

According to information from the Ministry of Industry and Trade, in the first 8 months of 2024, the country's total export turnover reached 265.09 billion USD, an increase of 15.8% over the same period in 2023. Of which, 30 items achieved an export turnover of over 1 billion USD, accounting for 92.3% of total export turnover (there were 6 items exported over 10 billion USD, accounting for 62.6%)

Commenting on the export situation, Dr. Nguyen Minh Phong analyzed: the export turnover of goods in recent months has continuously reached high levels, from 36 to nearly 38 billion USD/month, while the average export turnover in the last months of 2023 only reached 30 billion USD/month.

“The results were achieved thanks to the increase in export orders in key product groups such as textiles, footwear, and leather, along with the continued flow of foreign investment into Vietnam, as well as the impressive recovery of the processing and manufacturing industry. In particular, it is impossible not to mention the export of agricultural products, which have both good harvests and good prices,” emphasized Dr. Nguyen Minh Phong.

An important contribution to the growth of fruit and vegetable exports is durian, which has continuously broken records in export value. In the first 8 months of 2024, durian exports reached over 1.8 billion USD, accounting for 40% of the total export value of fruits and vegetables. Or the group of seafood exports also grew positively in the past 8 months, when the export turnover reached nearly 6.3 billion USD, an increase of 9% over the same period last year.

Notably, the export of processed industrial products in the past 8 months reached 233.3 billion USD, accounting for 88% of the total export turnover. Typically: leather and footwear exports reached 14.9 billion USD, up 11.8% over the same period in 2023; textile and garment exports are estimated at 24.3 billion USD, up 7.9%. The Vietnam Textile and Apparel Association said that textile and garment export turnover in July and August 2024 exceeded 4 billion USD, the highest in the past 2 years.

Export growth target of 6% in 2024 is very feasible

The Import-Export Department (Ministry of Industry and Trade) forecasts that, based on export results and analysis of favorable and unfavorable factors of the global market, achieving the export growth target of 6% for the whole year of 2024 is very feasible, thereby creating momentum for exports in 2025.

Therefore, the Import-Export Department will continue to closely monitor the developments and import-export policies of the markets; grasp the green and sustainable development trends in industries, new regulations on supply chain assessment of the European Union (EU) for export industries to promptly inform associations, businesses, etc.

According to Deputy Director of the Import-Export Department (Ministry of Industry and Trade) Tran Thanh Hai, Vietnam's textile and footwear exports will continue to be positive in the coming months, because according to cyclical factors, demand for goods often increases sharply at the end of the year. On the other hand, export turnover to Vietnam's key markets such as the US, Japan, South Korea, and China all increased.

Up to this point, many textile and garment enterprises have orders until the end of 2024 and are negotiating orders for early 2025. Meanwhile, the footwear industry is also gradually recovering with a clear increase in orders. The Vietnam Leather, Footwear and Handbag Association said that from now until the end of 2024, the footwear industry's export turnover will reach the set plan.

Although the export market is recovering with many orders, exports of key industries are facing many challenges due to labor shortages, high production costs, strict requirements and trade defense measures of export markets.

Many experts recommend that in the coming time, the Ministry of Industry and Trade should continue to update information on the market situation, especially during the peak shopping season at the end of the year; at the same time, early warning of trade defense measures, further promoting the connecting role of foreign trade agencies.

Ministries, sectors and localities should coordinate to diversify forms of trade promotion, expand import and export markets. In addition, it is necessary to continue to support businesses to effectively take advantage of opportunities from trade agreements to boost exports.

For example, for China, the largest agricultural import market of Vietnam, the Ministry of Industry and Trade has been focusing on improving the efficiency of customs clearance of goods at border gates. In particular, durian is expected to grow dramatically when the two countries Vietnam and China officially signed a protocol for frozen durian.

Total import and export turnover of goods is estimated at 511.1 billion USD, up 16.7% over the same period in 2023; of which, export reached 265.09 billion USD, up 15.8%; import is estimated at 246.02 billion USD, up 17.7%. The trade balance of goods in the first 8 months had a trade surplus of 19.07 billion USD.

Source: Kinh Te Do Thi