According to the data released by the General Statistics Office of Vietnam on October 6, 2024, Vietnam's preliminary total import-export turnover for September 2024 reached $65.81 billion, down 8 per cent compared to the previous month, but up 10.9 per cent compared to the same period last year.

For the first nine months of 2024, the total preliminary import-export turnover was $578.47 billion, an increase of 16.3 per cent compared to the same period in 2023, with exports rising by 15.4 per cent and imports by 17.3 per cent.

In detail, the preliminary export value for September 2024 was $34.05 billion, a 9.9 per cent decrease from the previous month. The domestic sector accounted for $9.39 billion, down 14.4 per cent, while the foreign-invested sector (including crude oil) reached $24.66 billion, down 8.1 per cent.

Compared to the same period last year, preliminary export turnover for September 2024 increased by 10.7 per cent, with the domestic sector growing by 16 per cent and the foreign-invested sector (including crude oil) by 8.8 per cent.

The General Statistics Office of Vietnam also adjusted the preliminary export turnover for August 2024 to $37.79 billion, $202 million higher than the initially reported fugure.

In the third quarter of 2024, preliminary export turnover reached $108.6 billion, a 15.8 per cent increase year-on-year and a 10.6 per cent rise compared to the second quarter of 2024. For the first nine months of 2024, total preliminary export turnover amounted to $299.63 billion, a 15.4 per cent increase year-on-year.

The domestic sector contributed $83.47 billion, up 20.7 per cent, accounting for 27.9 per cent of total exports. Meanwhile, the foreign-invested sector (including crude oil) recorded $216.16 billion, up 13.4 per cent, representing 72.1 per cent of the total.

During the first nine months of 2024, 30 export items reached a turnover of more than $1 billion, accounting for 92.3 per cent of total exports. Among these, seven products exceeded $10 billion in exports, making up 66.4 per cent.

In terms of export product categories for the first nine months of 2024, fuel and mineral products preliminarily reached $3.29 billion, accounting for 1.1 per cent; processed industrial products were at $263.47 billion, accounting for 87.9 per cent; agricultural and forestry products reached $25.64 billion, making up 8.6 per cent; and seafood products reached $7.23 billion, accounting for 2.4 per cent.

On the import side, preliminary data shows that import turnover for September 2024 was $31.76 billion, a 5.9 per cent decrease compared to the previous month. The domestic sector contributed $10.94 billion, down 10 per cent, while the foreign-invested sector recorded $20.82 billion, down 3.6 per cent.

Compared to the same period last year, preliminary import turnover for September increased by 11.1 per cent, with the domestic sector growing by 8.4 per cent and the foreign-invested sector by 12.5 per cent.

The General Statistics Office of Vietnam also revised the preliminary import turnover for August 2024 to $33.74 billion, $683 million higher than the previously reported figure.

In the third quarter of 2024, preliminary import turnover reached $99.74 billion, a 17.2 per cent increase year-on-year, and a 6.1 per cent rise compared to the second quarter of 2024.

For the first nine months of 2024, total preliminary import turnover was $278.84 billion, a 17.3 per cent increase compared to the same period in 2023. Of this, the domestic sector accounted for $100.85 billion, up 18.8 per cent, while the foreign-invested sector reached $177.99 billion, up 16.5 per cent.

During the first nine months of 2024, 40 import items had a value of over $1 billion, accounting for 91.5 per cent of total imports. Among these, three items exceeded $10 billion, representing 45 per cent of total imports.
In terms of import categories for the first nine months of 2024, production materials preliminarily turnover reached $261.5 billion, accounting for 93.8 per cent.

Of this, machinery and equipment made up 47.3 per cent, while raw materials and fuels accounted for 46.5 per cent. Consumer goods preliminarily reached $17.34 billion, representing 6.2 per cent.

Regarding Vietnam's import-export markets for the first nine months of 2024, the United States was the largest export market, with an estimated turnover of $89.4 billion. China was the largest import market, with an estimated turnover of $105 billion.

In the first nine months of 2024, Vietnam's trade surplus with the United States was estimated at $78.5 billion, a 31 per cent increase compared to the same period last year; with the EU $25.9 billion and 20.8 per cent; and with Japan $1.9 billion and 28.8 per cent.

Meanwhile, the trade deficit with China was $61.4 billion, up 70.1 per cent; with South Korea $22.6 billion and 9.2 per cent; and with ASEAN $6.2 billion, and 9.3 per cent.

As a result, Vietnam's preliminary trade surplus was $2.29 billion for September 2024, and  $20.79 billion for the first nine months of 2024. The 9M trade surplus decreased by $1.31 billion, compared to the same period last year.

In the 9M period, the domestic sector recorded a trade deficit of $17.38 billion, while the foreign-invested sector (including crude oil) posted a trade surplus of $38.17 billion.

Source: VnEconomy