Import-export turnover increase by 15.8 per cent year on year after 10M

According to preliminary data released by the General Statistics Office of Vietnam on November 6, Vietnam's import-export turnover in October 2024 reached $69.19 billion, up 5.1 per cent from the previous month and 11.8 per cent year-on-year, bringing the total turnover in the ten-month period to $647.87 billion, a year-on-year increase of 15.8 per cent, with exports and imports rising by 14.9 per cent and 16.8 per cent, respectively.

In terms of exports, turnover in October stood at $35.59 billion, up 4.4 per cent from that of the previous month and 10.1 per cent year-on-year. Of which domestic enterprises accounted for $10.3 billion, making an year-on-year increase of 17.7 per cent, while foreign-invested enterprises (including crude oil) contributed $25.29 billion, up 7.3 per cent year-on-year. 

In the first ten-month period, export turnover reached $335.59 billion, up 14.9 per cent year-on-year. Of this, domestic enterprises accounted for $93.97 billion (up 20.7 per cent), accounting for 28 per cent of the total exports, while foreign-invested enterprises contributed $241.62 billion (up 12.8 per cent).

In the period, there were 31 items with export turnover of over $1 billion, accounting for 92.6 per cent of the total export value (seven of which surpassed $10 billion, accounting for 66.5 per cent). In terms of export product structure, processed industrial products accounted for $295.23 billion (88 per cent of the total), agricultural and forestry products for $28.54 billion (8.5 per cent), seafood for $8.25 billion (2.4 per cent), and fuel and mineral products for $3.57 billion (1.1 per cent).

On the import side, October’s preliminary figures showed that turnover stood at $33.6 billion, up 13.6 per cent year-on-year, with $12.68 billion belonged to domestic enterprises, up 18.6 per cent, while foreign-invested enterprises accounted for $20.92 billion, up 10.7 per cent. 

In the ten-month period, import turnover reached $312.28 billion, making an increase of 16.8 per cent year-on-year. Of which the domestic sector accounted for $113.58 billion (up 18.8 per cent), while $198.7 billion belonged to foreign-invested enterprises (up 15.8 per cent).

During the period, there were 42 import categories with turnover reaching over $1 billion, representing 92.1 per cent of the total (four of which exceeded $10 billion, accounting for 48.3 per cent). In terms of import product structure, production materials accounted for $292.57 billion (93.7 per cent of the total), of which machinery and equipment contributed 47.3 per cent, raw materials 46.4 per cent, and consumer goods  6.3 per cent.

The U.S. remained Vietnam’s largest export market over the past ten months with a turnover standing at $98.4 billion, while China was its largest import market, with a turnover of $117.7 billion.

Vietnam achieved a trade surplus of $86.1 billion with the U.S, up 26.9 per cent year-on-year; $28.5 billion with the EU (up 18.6 per cent); and $2.4 billion with Japan (up 56.9 per cent). Meanwhile, Vietnam recorded a trade deficit of $66.9 billion with China (up 68.5 per cent), $25.3 billion with South Korea (up 8.1 per cent), and $7.3 billion with ASEAN countries (up 6.4 per cent).

All in all, Vietnam recorded a trade surplus of $23.31 billion in the first ten months of 2024, slightly down from the $24.8 billion in the same period last year.

The domestic sector recorded a trade deficit of $19.61 billion, while the foreign-invested sector (including crude oil) reported a surplus of $42.92 billion.