Import-export turnover in latter half of August up 15.5% against the former

Preliminary statistics from the General Department of Vietnam Customs, released on September 17, show that the total export-import value in the second half of August reached $38.02 billion, up 15.5 per cent (equivalent to $5.09 billion) compared to the first half. 

The result achieved in the latter half of August brought the total export-import value in the first eight months of 2024 to $512.31 billion, up 17 per cent, or an increase of $74.28 billion, compared to the same period last year.

Of this, the total value from foreign direct investment (FDI) enterprises  stood at $347.04 billion, up 15.3 per cent (equivalent to $46.16 billion) year-on-year. Meanwhile, domestic enterprises recorded a total value of $165.26 billion, up 20.5 per cent (equivalent to $28.12 billion) over the same period last year.

Regarding exports, the total export value in the second half of August reached $20.73 billion, up 22.5 per cent (equivalent to $3.8 billion) compared to the first half.

Several key export groups saw significant increases in the second half of August compared to the first half, including computers, electronic products, and components (up $733 million, or 24.4 per cent); machinery and equipment (up $617 million, or 29.9 per cent); textiles and garments (up $349 million, or 18.9 per cent); phones and components (up $261 million, or 11.8 per cent); and steel (up $232 million, or 64.8 per cent).

Cumulatively, total export value in the eight-month period reached $265.44 billion, up 15.9 per cent, equivalent to $36.48 billion, compared to the same period last year.

Statistics from the General Department of Customs also show that FDI enterprises' export value in the second half of August reached $14.6 billion, up 20.3 per cent (equivalent to $2.46 billion) compared to the first half,  bringing the total export value of this group in the first eight months of 2024 to $190.08 billion, up 14.1 per cent (equivalent to $23.45 billion) year-on-year, accounting for 71.6 per cent of the nation's total export value.

Meanwhile, the country's total import value in the second half of August  reached $17.29 billion, up 8.1 per cent (equivalent to $1.29 billion) compared to the first half.

Key import groups contributing to this increase included corn (up $183 million, or 362.8 per cent); computers, electronic products, and components (up $145 million, or 3.1 per cent); animal feed and raw materials (up $132 million, or 82.8 per cent); and coal (up $111 million, or 39.5 per cent).

However, some import groups saw declines in the second half of the month such as crude oil (down $171 million, or 40 per cent); petroleum (down $91 million, or 29.7 per cent); soybeans (down $30.5 million, or 63.8 per cent); and scrap steel (down $30.1 million, or 31 per cent).

Cumulatively, Vietnam's total import value in the eight-month period reached $246.87 billion, up 18.1 per cent, equivalent to $37.8 billion, compared to the same period last year.

FDI enterprises' import value in the second half of August stood at $10.95 billion, up 6 per cent (equivalent to $616 million) compared to the first half. For the eight-month period, the total import value of these enterprises reached $156.97 billion, up 16.9 per cent (equivalent to $22.72 billion) year-on-year, accounting for 63.6 per cent of the country's total import value.

As a result, Vietnam's trade balance recorded a surplus of $3.45 billion in the second half of August. In the eight-month period, the trade surplus stood at $18.57 billion, down 6.7 per cent compared to the $19.9 billion recorded in the same period last year.