In 7 months of 2024, Vietnam’s goods export increased 15.7%

The General Statistics Office’s (GSO) report on July 29 said that in July 2024, the total export and import turnover of goods nationwide was estimated at USD 69.72 billion, up 8.7% over the previous month and up 21.8% over the same period last year. The export turnover of goods in July is estimated at USD 35.92 billion, up 6.7% over the previous month and 19.1% over the same period last year.

In the first seven months of 2024, the export turnover of goods is estimated at USD 226.98 billion, up 15.7% over the same period last year.

The domestic economic sector reached USD 63.08 billion, up 21.1%, accounting for 27.8% of total export turnover. The foreign-invested sector (including crude oil) reached USD 163.9 billion, up 13.8%, accounting for 72.2%. The import turnover of goods in July 2024 is estimated at USD 33.8 billion, up 11% over the previous month and up 24.7% over the same period last year.

In the first seven months, the import turnover of goods is estimated at USD 212.9 billion, up 18.5% over the same period last year, of which the domestic economic sector reached USD 78 billion, up 21.5%; the foreign-invested industry reached USD 134.9 billion, up 16.9%.

The structure of imported goods in the past seven months focused on the group of production materials, estimated at USD 199.88 billion, accounting for 93.9%.

Regarding the export and import market of goods, the United States is Vietnam’s largest export market, with an estimated turnover of USD 66.1 billion. China is Vietnam’s largest import market, with an estimated turnover of USD 79.2 billion.

The trade balance of goods in July is estimated to have a trade surplus of USD 2.12 billion. In the seven months, the trade balance of goods is estimated to have a trade surplus of USD 14.08 billion (the same period last year had a trade surplus of USD 16.5 billion).

The domestic economic sector had a trade deficit of USD 14.92 billion; the foreign-invested sector (including crude oil) had a trade surplus of USD 29 billion.

Mr. Tran Thanh Hai, Deputy Director General of the Agency of Foreign Trade (Ministry of Industry and Trade), said that Vietnam’s import – export situation has been improving, bringing positive signals. Localities have gradually implemented specific plans to support and accompany businesses in expanding their markets.

Currently, the Ministry of Industry and Trade (MOIT) is accelerating progress and making efforts to conclude negotiations on the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE soon. At the same time, it continues to deploy a variety of forms to take advantage of tariff incentives from implemented FTAs.

Regarding the domestic market, the total retail sales of goods and consumer service revenue at current prices in July 2024 is estimated at VND 528.3 trillion, up 9.4% over the same period last year.

In the first seven months, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 3,625.7 trillion, up 8.7% over the same period last year (up 10.6% in the same period in 2023) if excluding the price increase factor of 5.2% (up 9.8% in the same period in 2023).

In the first six months of the year, GSO evaluated significant balances, ensured macroeconomic stability, and controlled inflation when facing many difficulties and challenges at home and abroad. Supply and demand of essential goods are guaranteed, and goods procurement and domestic consumption are promoted.

The service has become Vietnam’s most significant economic sector, accounting for 42.54% of the gross domestic product (GDP) in 2023; the proportion of employed workers accounts for nearly 40% of the total number of employed workers. Along with the increase in the proportion of the service sector in GDP, the country’s service export turnover has increased sharply in recent years.

The agricultural, forestry, and fishery production situation in July 2024 is as planned. In particular, the autumn-winter rice area in the Mekong Delta continues to increase, reaching 297.1 thousand hectares, which is 110.7% of the same period in 2023. In addition, the damaged forest area nationwide is about 80 hectares, down 61.1% compared to 2023.