Robust growth registered in foreign trade

According to a socioeconomic report released by the Hanoi Statistics Office on July 29, the total import-export turnover of goods in the first seven months reached $439.88 billion, an increase of 17.1 per cent compared to the same period last year.

Exports increased by 15.7 per cent and imports increased by 18.5 per cent, resulting in a trade surplus of $14.08 billion.

The domestic economic sector accounted for $63.08 billion, an increase of 21.1 per cent, representing 27.8 per cent of total export turnover. The foreign-invested sector accounted for $163.9 billion, an increase of 13.8 per cent.

In July, the total import-export turnover was estimated at $69.72 billion, up 8.7 per cent from the previous month and up 21.8 per cent from the same period last year.

"The growth rate of import-export is impressive, predicting an annual increase of about 17 per cent. Additionally, the recovery speed of the domestic market is good compared to last year, with the total domestic trade value forecast to increase by about 7-8 per cent for the whole year. This can help the currently very low private investment to recover better in the H2, along with the recovery of domestic and international demand," said Dr. Le Xuan Nghia, a member of the National Monetary and Financial Policy Advisory Council.

Robust growth in goods trade

Vietnam had 30 items with export values exceeding $1 billion in the first seven months of the year, accounting for 91.9 per cent of total export turnover. Notably, nine items exceeded $5 billion, accounting for 70.8 per cent.

In terms of export structure, processed industrial products were estimated at $199.94 billion; agricultural and forestry products were estimated at $19.27 billion; and seafood products were estimated at $5.29 billion, accounting for 88.1 per cent, 8.5 per cent, 2.3 per cent, respectively.

During the first seven months of 2024, total goods imports were estimated at $212.9 billion, an 18.5 per cent increase from last year. The domestic sector contributed $78 billion, up 21.5 per cent, while the foreign-invested sector reached $134.9 billion, a 16.9 per cent rise.

Among the imported goods, 35 items had values exceeding $1 billion, accounting for 89.4 per cent of the total import value. Ten items exceeded $5 billion, accounting for 62.5 per cent. In which, production materials were estimated at $199.88 billion, accounting for 93.9 per cent, of which machinery, equipment, tools, and spare parts accounted for 46.2 per cent; with raw materials, fuel, and materials accounting for 47.7 per cent.

The United States was the largest export market for Vietnam with an estimated value of $66.1 billion, while China was the largest import market with an estimated value of $79.2 billion.

By the end of July, the trade balance was estimated to have a surplus of $14.08 billion. The domestic economic sector recorded a trade deficit of $14.92 billion, while the foreign-invested sector had a trade surplus of $29 billion.

"International trade has also recovered quite well based on the free trade agreements that Vietnam has signed. The international trade surplus continues to increase even under conditions of high imports. This shows that Vietnam has taken good advantage of the international trade recovery even under conditions of conflicts in some regions," said Nghia.

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