The double-digit growth in import and export turnover is an outstanding result in Vietnam’s international trade activities in the first 11 months of 2024.
In the context of the global economy continuing to face challenges from weak growth, high inflation risks, and declining consumer demand in many major markets, maintaining a high trade surplus has contributed positively to economic growth this year.
2024 is gradually coming to an end, but the prospect of many businesses’ orders signed until the first and second quarters of next year shows that accelerating exports in the last months of the year will help total import-export turnover potentially reach nearly 800 billion USD this year (far exceeding 2023 when it reached 683 billion USD).
According to the report of the Ministry of Industry and Trade , after 11 months of 2024, the total import-export turnover of goods is estimated at 715.55 billion USD, an increase of 15.4% over the same period last year, of which exports increased by 14.4%; imports increased by 16.4%, the trade balance of goods had a trade surplus of 24.31 billion USD.
Notably, the export turnover of agricultural, forestry and fishery products in November 2024 is estimated at 5.3 billion USD, up 13.9% over November last year; bringing the total export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 to 56.74 billion USD, up 19% over the same period last year, of which the export value of agricultural products reached 29.78 billion USD, up 23.2%; aquatic products reached 9.2 billion USD, up 11.8%; forestry products reached 15.59 billion USD, up 19.6%. The trade balance of the agricultural, forestry and fishery sector in 11 months is estimated at a surplus of 16.46 billion USD, up 52.8% over the same period last year.
The early completion of agricultural, forestry and fishery exports was due to a number of products with strong export value increases in 11 months, such as: Rice reached 5.31 billion USD, up 22.4%, coffee reached 4.84 billion USD, up 32.8%; tea reached 2.95 billion USD, up 17.1%; cashew nuts reached more than 4 billion USD, up 21.4%; pepper reached 1.22 billion USD, up 46.5%…
It is expected that if in December, agricultural, forestry and fishery exports earn about 5 billion USD, the export turnover for the whole year of 2024 could exceed 61 billion USD – a new record.
It is also from import-export activities that have actively supported the economy. Accordingly, the industrial growth index and the recovery of the manufacturing and processing industry have been greatly supported by increased import-export activities.