The trade surplus reached its highest level in 5 years.

According to data just released by the General Statistics Office, in March 2024, the total export-import turnover of goods is estimated at $65.09 billion, up 35.6% from the previous month and up 12% compared to the same period last year. Overall in the first quarter of 2024, the total export-import turnover of goods reached $178.04 billion, up 15.5% compared to the same period last year, with exports increasing by 17% and imports increasing by 13.9%. The trade balance of goods achieved a surplus of $8.08 billion.

Regarding exports, the export turnover of goods in March 2024 is estimated at $34.01 billion, up 37.8% from the previous month.

Overall in the first quarter of 2024, the export turnover of goods reached $93.06 billion, up 17% compared to the same period last year. Within this, the domestic economic sector reached $25.21 billion, up 26.2%, accounting for 27.1% of the total export turnover; while the foreign-invested sector (including crude oil) reached $67.85 billion, up 13.9%, accounting for 72.9%.
In the first quarter of 2024, there were 16 commodity groups with export turnovers exceeding $1 billion, accounting for 82.1% of the total export turnover (including 4 commodity groups with export turnovers exceeding $5 billion, accounting for 52.7%).

In terms of the structure of export commodity groups, the group of fuels and minerals reached an estimated $1.18 billion, accounting for 1.3%; the group of processed industrial products reached $82.02 billion, accounting for 88.1%; the group of agricultural and forestry products reached $8 billion, accounting for 8.6%; and the group of aquatic products reached $1.86 billion, accounting for 2%.

Conversely, the import turnover of goods in March 2024 is estimated at $31.08 billion, up 33.4% compared to the previous month. In the first quarter, the import turnover of goods reached $84.98 billion, up 13.9% compared to the same period last year, with the domestic economic sector reaching $29.7 billion, up 14.4%; and the foreign-invested sector reaching $55.28 billion, up 13.6%.

Also in the first quarter, there were 17 commodity groups with import values exceeding $1 billion, accounting for 76.1% of the total import turnover (2 commodity groups with import values exceeding $5 billion, accounting for 40.3%).

Regarding the market for goods exports and imports, the United States continues to be Vietnam's largest export market, with an estimated turnover of $26.2 billion. Meanwhile, China remains Vietnam's largest import market, with an estimated turnover of $29.4 billion. Specifically, in the first quarter, the trade surplus with the United States is estimated at $22.7 billion, up 27.9% compared to the same period last year; the trade surplus with the EU is estimated at $8.2 billion, up 15.8%; the trade surplus with Japan is $50 million, down 27.7%; the trade deficit with China is $16.7 billion, up 44.4%; the trade deficit with South Korea is $6.2 billion, down 3.5%; the trade deficit with ASEAN is $2.2 billion, up 10.9%.

The key commodities continue to make a strong impression.

Assessing the import-export situation in the first quarter, representatives from the Trade and Service Statistics Department (General Statistics Office) stated that Vietnam's import-export activities in the first quarter of 2024 have shown positive results, maintaining the recovery trend from the fourth quarter of 2023.

This also represents a bright spot in the economy, with export turnover increasing by 17% and import turnover increasing by 13.9% compared to the same period in 2023.

Regarding the domestic economic sector, out of a total of 45 major export commodities in the first quarter, 35 out of 45 (achieving 77.8%) experienced growth compared to the same period in 2023, accounting for 91.3% of the total export value. Among them, some key export commodities saw significant growth compared to the previous year, such as: electronic and computer components increased by 30.3%; wood and wood products increased by 18.9%. Additionally, some agricultural and forestry export commodities with Vietnam's competitive advantage also demonstrated good growth compared to the same period last year, such as: coffee increased by 54.2%; cashew nuts increased by 20.2%; vegetables and fruits increased by 25.8%; rice increased by 40%.

Vietnam's export markets have also seen significant growth compared to the same period last year in most of its key markets. Specifically, China increased by 5.2%; the United States increased by 26%; Japan increased by 6.4%; the EU market increased by 16.3%... Thanks to these results, the trade balance in the first quarter maintained a surplus with a trade surplus value of $8.1 billion (the highest in the past 5 years).

Achieving these results was made possible through the concerted efforts of the government in directing various ministries and localities, as well as the determination of businesses. Vietnam has effectively utilized opportunities presented by free trade agreements, strengthened trade promotion activities, and enhanced product promotion in international markets, affirming the quality of Vietnamese goods trusted by the world. Additionally, there is also a noticeable recovery trend in global demand for some Vietnamese goods, which is a very positive signal amidst ongoing challenges.

In particular, the export turnover alone is estimated to have exceeded $34 billion, up 37.8% from the previous month. This is a very high level of export turnover on a monthly basis. Meanwhile, imports are estimated to have reached $31.08 billion, up 33.4% from the previous month. This high increase can be attributed to the fact that February, being the month of Lunar New Year, had an extended holiday period, leading to slowed production and exports. However, considering both the absolute numbers and the growth rate, the recovery trend in commodity trade is clearly evident.

It is worth noting that the structure of import commodity groups in the first quarter remains very positive. Specifically, the group of production materials is estimated to have reached $79.9 billion, up 14.5% compared to the same period last year, accounting for 94%. The group of consumer goods is estimated at $5.08 billion, up 4.6%, accounting for 6%. The rapid increase in imports of production materials is an indicator that businesses are inclined to increase imports to serve the production of export goods.

Source:Custom News

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