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Vietnam continues to have a trade surplus, estimated at 8.4 billion USD in the first 6 months of the year
(CLO) According to a report from the Ministry of Industry and Trade, the trade balance of goods continues to be in surplus with an estimated trade surplus of 8.4 billion USD.
According to a report from the Ministry of Industry and Trade, although the situation at home and abroad has many difficulties and challenges, the export industry still recorded impressive results.
Specifically, export turnover in 6 months is estimated at 188.97 billion USD, up 13.8% over the same period last year. Of which, the export of the key group, the processing and manufacturing industry, is estimated at 159.92 billion USD, accounting for 84.63% of total export turnover and increasing by 13.8% over the same period in 2023.
Agricultural products continue to be a bright spot in export growth, increasing by 18.8% over the same period in 2023 (same period decreased by 2.3%), total export turnover is estimated to reach 18.21 billion USD in 6 months. the first month of 2024. Some agricultural products increased in the first 5 months of the year such as: coffee increased by 43.9%; rice increased by 38.2%; Tea of all kinds increased by 20.1%; vegetables and fruits increased by 28.2%; Cashew kernels increased by 19.3%; pepper increased by 19.7%; Cassava and products from cassava increased by 19.2%.
Basic export markets have a good recovery and achieve high growth in the first 5 months of 2024, of which prominent markets are: the United States (estimated at 43.98 billion USD, accounting for 28% of total export turnover). export turnover increased by 21% over the same period last year, China (turnover estimated at 22.65 billion USD, up 10.2%), EU (estimated at 20.69 billion USD, up 16.1% ), Korea (estimated at 10.4 billion USD, up 12.8%).
In the first 6 months of the year, total import-export turnover of goods was estimated at 369.59 billion USD, up 16.03% over the same period last year. The trade balance of goods continues to be in surplus with a trade surplus estimated at 8.4 billion USD (same period last year, trade surplus was 13.4 billion USD) and is mainly due to the contribution of the foreign invested sector, including including crude oil.
Import-export activities grew well but still faced many challenges
Mr. Bui Huy Son, Director of the Department of Planning and Finance, Ministry of Industry and Trade said: Import-export activities are growing well but still face many challenges. That is, increased exports are contributed by increases in prices, especially agricultural products and energy.
In addition, import-export activities also face increased transportation costs, due to the impact of political conflicts and the appreciation of the USD.
“Import and export continue to depend on a number of markets, products and FDI areas. Some export products and some key export products of Vietnam to large markets such as the EU, US… continued continue to face pressures on trade defense investigations, technical barriers related to the environment, sustainable development, and green transformation,” Mr. Son said.
In the second half of the year, the Ministry of Industry and Trade assessed that import and export activities had many advantages as existing free trade agreements (FTAs) with partners/markets continued to have a positive impact, maintaining Vietnam’s advantages in trade and investment activities.
But the global economy is entering a new period with many risks, challenges and unpredictability, increasing competition in Vietnam’s export markets…
Therefore, to complete the planned tasks in the last 6 months of the year and the whole year 2024, the Industry and Trade sector continues to focus on synchronously and effectively implementing the tasks assigned in Resolution 01, Resolution 02 and the Program work of the Government, the Prime Minister, the Program for developing legal documents in 2024 with a focus on continuing to improve policy and legal institutions.
“In addition, the Industry and Trade sector will deploy solutions to facilitate production, develop stable supply for export and the domestic market; ensure energy security. Third, focus on solutions on the market, promoting export and domestic consumption; effectively controlling imports and the quality of goods circulating in the market,” Mr. Son emphasized.