Consumption demand driving export performance

According to the General Statistics Office (GSO), the first 10 months of 2024 saw a total import and export turnover of $647.87 billion, marking a 15.8 per cent increase compared to the same period last year. Exports rose by 14.9 per cent, while imports grew by 16.8 per cent, resulting in a trade surplus of $23.31 billion.

Consumption demand driving export performance, photo Le Toan

In October, preliminary export turnover reached $35.59 billion, a 4.4 per cent increase from the previous month. Vietnamese exporters contributed $10.3 billion, up 9.8 per cent, and foreign exporters earned $25.29 billion (including crude oil exports), a 2.4 per cent rise.

Tran Thanh Hai, deputy director-general of the Ministry of Industry and Trade’s Foreign Trade Agency, noted that year-end demand in major import markets is increasing due to upcoming festivals. This surge benefits sectors such as garments, footwear, electronics, and agriculture. Vietnamese goods are strengthening their positions in key markets like the United States, EU, Japan, and South Korea.

“From now until the end of the year, agricultural and industrial products are expected to maintain robust growth, driven by consumption demand in major markets,” Hai said.

He emphasised that free trade agreements continue to positively impact Vietnam’s trade and investment activities. Despite challenges like geopolitical conflicts and high shipping rates, there remains potential for growth in year-end commodity exports.

Notably, 31 commodity groups achieved export turnovers exceeding $1 billion, comprising 92.6 per cent of total export value.

Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, observed a resurgence in demand, particularly as the year-end approaches. “After overcoming previous difficulties and reducing inventories, we are preparing for the new consumption season. There are signs of increased orders, providing a stable outlook,” Hoe said.

Seafood exports reached $8.27 billion in the first 10 months of the year. With strong demand in key markets, the seafood industry is optimistic about achieving the $10 billion target for 2024. “If we maintain a monthly export value of about $1.8 billion, we will meet and potentially exceed the $10 billion goal,” he added.

The textile sector also showed positive trends. According to the GSO, textile and garment exports in October amounted to $30.6 million, a 10 per cent increase from the previous month. As Vietnam’s fourth-largest export industry, textiles are witnessing growth in major markets, including the US, South Korea, Japan, and Canada, though the EU market’s growth remains modest.

Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association, stated that the industry is accelerating efforts across production, export, and import activities to achieve the annual export target of $44 billion. “The stabilisation of inflation in major markets like the US and Europe has boosted purchasing power. Enterprises have secured orders extending into early 2025,” said Giang.

On the import side, preliminary figures for October indicate a turnover of $33.6 billion, a 5.8 per cent increase from the previous month. The Ministry of Industry and Trade has set a 2024 export turnover target of $377 billion, aiming for a 6 per cent growth over 2023.