Agricultural products contribute over 13.6 billion USD to export turnover

The General Statistics Office (GSO) recently releashed a comprehensive report on Vietnam's economic and social landscape for April 2023, and the first four months of 2023. The report sheds light on the nation's import and export dynamics during this timeframe.

According to the GSO findings, Vietnam's combined import and export turnover in April 2024 is estimated at 61.20 billion USD, marking a decrease of 5.2% compared to that of March 2024; and an increase of 15% compared to April 2023.

Vietnam's total import and export turnover reached 238.88 billion USD within the first four months of 2024, marking a significant increase of 15.2% compared to the corresponding period in 2023. Notably, exports experienced a 15% increase, and imports experienced a slightly higher increase of 15.4%.

As a result, Vietnam's trade balance achieved a surplus of 8.4 billion USD after four months, marking an increase of 9.6% compared to the corresponding period in 2023, which was measured at 7.66 billion USD. The domestic economic sector recorded a trade deficit of 8.24 billion USD, whereas the foreign-invested sector (including crude oil) recorded a trade surplus of 16.64 billion USD.

Exports of processed goods accounted for 87.5% of the total export turnover

In terms of exports, Vietnam's total export turnover for April 2024 is estimated at 30.94 billion USD, marking a decrease of 8.1% compared to that of March 2024. Notably, the domestic economic sector recorded an export value of 8.73 billion USD, marking a decrease of 6%; the foreign-invested sector (including crude oil) recorded an export value of 22.21 billion USD, marking a decrease of 8.9%.

Accordingly, Vietnam's export turnover in April 2024 increased by 10.6% compared to that of March 2023, with the domestic economic sector experiencing an increase of 11.8% and the foreign-invested sector (including crude oil) experiencing an increase of 10.1%.

Vietnam's total export turnover within the first four months of 2024 is estimated at 123.64 billion USD, marking an increase of 15% compared to the corresponding period in 2023. Namely, the domestic economic sector recored a total export value of 33.62 billion USD, marking an increase of 21%, and accounting for 27.2% of the total export turnover; the foreign-invested sector (including crude oil) recored a total export value of 90.02 USD billion, marking an increase of 12.9%, and accounting for 72.8% of the total export turnover.

Twenty-one Vietnamese product categories saw their export value approach the 1 billion USD mark in the first four months of 2024. These product categories accounted for 86.4% of the total export turnover. Notably, five of these categories recorded an export value of 5 billion USD, accounting for 57.8% of the total export turnover.

Regarding export product structure, fuel and mineral products recorded an export value of 1.73 billion USD, accounting for 1.4% of the total export turnover; processed products recorded an export value of 108.27 billion USD, accounting for 87.5% of the total export turnover.

On the other hand, agricultural products contributed over 13.6 billion USD to the total export turnover. Within this category, agricultural and forestry products recorded an export value of 10.96 billion USD, accounting for 8.9% of the total export turnover; seafood products recorded an export value of 2.68 billion USD, accounting for 2.2% of the total export turnover.

Imports of production materials accounted for 94% of the total import turnover

In terms of import, Vietnam's total import turnover for April 2024 is estimated at 30.26 billion, marking a decrease of 2% compared to that of March 2024. Notably, the domestic economic sector recorded a total export value of 11.21 billion USD, marking a decrease of 3.1%; the foreign-invested sector recorded a total export value of 19.05 billion USD, marking a decrease of 1.4%.

Accordingly, Vietnam's import turnover in April 2024 increased by 19.9% compared to that of March 2023, with the domestic economic sector experiencing an increase of 24.2%, and the foreign-invested sector experiencing an increase of 17.5%.

Vietnam's total import turnover within the first four months of 2024 is estimated at 115.24 billion USD, marking an increase of 15.4% compared to the corresponding period in 2023. Namely, the domestic economic sector recorded a total import value of 41.86 billion USD, marking an increase of 19.7%; the foreign-invested sector recorded a total import value of 73.38 billion USD, marking an increase of 13.1%.

Twenty product categories saw their import value approach the 1 billion USD mark in the first four months of 2024. These product categories accounted for 78.9% of the total import turnover. Notably, two of these categories recorded an import value of 5 billion USD, accounting for 39.4% of the total import turnover.

Regarding import product structure, production materials recorded an import value of 108.33 billion USD, accounting for 94% of the total import turnover. Accordingly, machinery, equipment, and spare products accounted for 45.7%; raw materials and materials accounted for 48.3%. On the other hand, consumer goods recorded an import value of 6.91 billion USD, accounting for 6% of the total import turnover.

United States emerging as a leading target market for Vietnamese exports

During the first four months of 2024, the United States emerged as the largest target market for Vietnamese exports with an estimated turnover of 34.1 billion USD. Accordingly, export surplus to the United States reached 29.6 billion USD, marking an increase of 21.6% compared to the corresponding period in 2023. Additionally, export surplus to the EU reached 11.4 billion USD, marking an increase of 16.7%; export surplus to Japan reached 209 million USD, marking a decrease of 41.8%.

Conversely, China emerged as Vietnam's largest import market with an estimated turnover of 41.6 billion UDS. Accordingly, import surplus from China reached 23.6 billion USD, marking an increase of 41.4%. Additionally, import surplus from South Korea reached 8.7 billion USD, marking an increase of 2.3%; import surplus from ASEAN reached 3.6 billion USD, marking an increase of 47.1%.