Trade turnover increased by 15.4 per cent after 11 months

Preliminary import and export turnover in November this year reached $66.4 billion,  decreasing by 4.1 per cent compared to October, but  increasing by 9.0 per cent year-on-year, the General Statistics Office of Vietnam announced on December 6.

For the first 11 months of 2024, the turnover stood at $715.55 billion, up 15.4 per cent year-on-year. Export turnover increased by 14.4 per cent, while imports rose by 16.4 per cent.

In terms of export, the preliminary turnover in November 2024 reached $33.73 billion, decreasing by 5.3 per cent month-on-monh, but increasing by 8.2 per cent year-on-year. To the figure, the domestic sector contributed $9.85 billion, down 4.3 per cent month-on=month and up 13.4 per cent year-on-year; while the foreign-invested sector (including crude oil) contributed $23.88 billion, down 5.7 per cent month-on-month, and up  6.1 per cent year-on-year.

For the first 11 months of 2024, the preliminary export turnover stood at $369.93 billion, an increase of 14.4 per cent year-on-year. Of the figure, some $103.88 billion or 28.1 per cent of the total belonged to the domestic sector,  up 20.0 per cent; while $266.05 billion (71.9 per cent) to the foreign-invested sector (including crude oil), up 12.4 per cent.

During the 11-month period, 36 product categories achieved export turnover exceeding $1 billion, accounting for 94.1 per cent of the total, with seven categories surpassing $10 billion, representing 66.5 per cent.

In terms of export structure, fuels and minerals reached $3.89 billion in the period, accounting for 1.1 per cent of the total. The manufacturing and processing sector accounted for $325.52 billion, or 88.0 per cent. Agricultural and forestry products reached $31.35 billion (8.4 per cent), while seafood totaled $9.17 billion (2.5 per cent).

On the import side, preliminary turnover in November reached $32.67 billion, down 2.8 per cent month-on-month, but up 9.8 per cent year-on-year. To the figure, the domestic sector contributed $12.38 billion, down 2.4 per cent month-on-month and up 15.2 per cent year-on-year, while the foreign-invested sector contributed $20.29 billion, down 3 per cent month-on-month and up 6.8 per cent year-on-year. 

Cumulatively in the 11 months, import turnover reached $345.62 billion, a year-on-year increase of 16.4 per cent. To the figure, the domestic sector contributed $126.05 billion, up 18.5 per cent, while the foreign-invested sector contributed $219.57 billion, up 15.2 per cent.

During the period, 44 import product groups reached values exceeding $1 billion, accounting for 92.6 per cent of the total, with five categories surpassing $10 billion, representing 51.4 per cent.

In terms of import structure, production materials accounted for $323.72 billion or 93.7 per cent, including 47.5 per cent for machinery, equipment, and tools, and 46.2 per cent for raw materials and fuels. Consumer goods accounted for $21.9 billion or 6.3 per cent.

Regarding key trade markets in the first 11 months of 2024, the US remained Vietnam's largest export market, with turnover reaching $108.9 billion. China was Vietnam's largest import market, with turnover reaching $130.2 billion.

In the period, Vietnam recorded a trade surplus of $95.4 billion with the US. (up 26.7 per cent year-on-year), $32.0 billion with the EU (up 21.1 per cent), and $2.6 billion with Japan (up 70.0 per cent). Conversely, Vietnam recorded a trade deficit of $75 billion with China (up 67.7 per cent), $27.7 billion with South Korea (up 5.2 per cent), and $8.6 billion with ASEAN (up 13.3 per cent).

All in all, the preliminary trade balance recorded a surplus of $1.06 billion in November and $24.31 billion in the 11-month period (lower than the figure of $26.2 billion recorded in the same period last year). The domestic sector experienced a trade deficit of $22.17 billion, while the foreign-invested sector (including crude oil) recorded a surplus of $46.48 billion.