Import - Exprt turnover down in the first half of September

Vietnam's total import-export turnover in the first half of September 2024 reached $28.55 billion, down 24.9 per cent, equivalent to a decrease of $9.47 billion, compared to the second half of August 2024, according to preliminary statistics from the General Department of Vietnam Customs.

The results achieved in the first half of September 2024 brought the country's total import-export turnover this year, as of September 15,  to $540.72 billion, an increase of 15.9 per cent, equivalent to $74.26 billion, compared to the same period in 2023.

Of the total import-export turnover, the contribution from foreign direct investment (FDI) enterprises reached $366.69 billion, up 14.4 per cent (equivalent to $46.17 billion) year-on-year.

In terms of exports, the total value in the first half of September reached $14 billion, a decline of 32.5 per cent (equivalent to $6.73 billion) compared to the second half of the previous month.

The decrease was mainly seen in key product groups such as computers, electronic products, and components (down by $1.17 billion or 31.2 per cent); phones and components (down by $582 million or 23.5 per cent); machinery, equipment, tools, and spare parts (down by $494 million or 18.4 per cent).

As of September 15, 2024, Vietnam's total export turnover this year reached $279.38 billion, an increase of 14.8 per cent, equivalent to $35.98 billion,  compared to the same period in 2023.

Key export items that experienced growth included computers, electronic products, and components (up by $10.43 billion or 27.1 per cent); machinery, equipment, tools, and spare parts (up by $5.99 billion or 20.7 per cent); phones and components (up by $2.66 billion or 7.3 per cent); and wood and wood products (up by $1.89 billion or 21 per cent).

The statistics from the General Department of Vietnam Customs also indicated that the export value from FDI enterprises in the first half of September stood at $10.14 billion, down 30.6 per cent (equivalent to $4.46 billion) compared to the second half of August.

This year, as of September 15, the total export value of this group of enterprises reached $200.18 billion, an increase of 12.9 per cent, or $22.93 billion, year-on-year, accounting for 72 per cent of the country's total export turnover in the period.

On the other hand, Vietnam's total import value of goods in the first half of September reached $14.55 billion, down 15.8 per cent (equivalent to $2.74 billion) compared to the second half of August 2024.

The decline was mainly driven by the decrease in the import of goods like machinery, equipment, tools, and spare parts (down by $467 million or 20.5 per cent) and coal (down by $175 million or 44.7 per cent).

As of September 15, the country's total import value this year reached $261.34 billion, up 17.2 per cent (equivalent to $38.28 billion) compared to the same period in 2023.

Notably, some product groups saw substantial growth, such as computers, electronic products, and components (up by $15.24 billion or 26 per cent); machinery, equipment, tools, and spare parts (up by $4.65 billion or 16.3 per cent); common metals (up by $1.34 billion or 25.5 per cent); and iron and steel (up by $1.27 billion or 18.1 per cent).

The import value of goods from FDI enterprises during the first half of September reached $9.59 billion, a decrease of 12.4 per cent (equivalent to $1.36 billion) compared to the second half of August 2024.

This year, as of September 15, 2024, the total import value of this group of enterprises reached $166.51 billion, up 16.2 per cent (equivalent to $23.25 billion) year-on-year, accounting for 63.7 per cent of the country's total import turnover in the period.

As a result, the trade balance for the first half of September stood at a deficit of $546 million. However, the balance for this year, as of  September 15, stood at a surplus of $18.04 billion.