Vietnam Exports Dip in April but Trade Surplus Surges to Over $8 Billion

Despite this setback, the first four months of the year saw a robust increase of 15% in exports compared to the same period last year. The trade balance, buoyed by earlier successes, continues to favor Vietnam, boasting a surplus of over $8 billion.

Data released by the General Statistics Office indicates that the total export and import turnover of goods for April 2024 reached $61.2 billion, marking a 5.2% decrease from the previous month but still reflecting a 15% increase over the same period last year.

Specifically, April exports are estimated at $30.94 billion, with the domestic economic sector contributing $8.73 billion, representing a 6% decrease, while the foreign invested sector, including crude oil, accounted for $22.21 billion, down by 8.9%.

Compared to April last year, overall export turnover increased by 10.6%, driven by an 11.8% rise in the domestic economic sector and a 10.1% increase in the foreign invested sector, including crude oil.

In the broader view of the first four months of 2024, merchandise export turnover reached an estimated $123.64 billion, with the domestic economic sector contributing $33.62 billion, marking a notable increase of 21%, while the foreign invested sector, including crude oil, reached $90.02 billion, up by 12.9%.

Notably, 21 items accounted for over $1 billion in export turnover, making up 86.4% of the total export turnover, with 5 of these items exceeding $5 billion, constituting 57.8% of the total.

The structure of export goods in the first four months of 2024 saw processed industrial goods leading the pack, accounting for 87.5% of total exports, followed by agricultural and forestry products at 8.9%, seafood at 2.2%, and fuel and mineral goods at 1.4%.

On the flip side, April 2024 saw import turnover decrease by 2% compared to the previous month, reaching $30.26 billion. The domestic economic sector imported $11.21 billion, down 3.1%, while the foreign invested sector imported $19.05 billion, reflecting a 1.4% decrease.

However, compared to April last year, import turnover surged by 19.9%, with the domestic economic sector witnessing a significant 24.2% increase and the foreign invested sector experiencing a 17.5% rise.

For the overall period of January to April 2024, total import turnover stood at $115.24 billion, up 15.4% from the same period last year. The domestic economic sector's imports amounted to $41.86 billion, representing a substantial increase of 19.7%, while the foreign invested sector's imports reached $73.38 billion, up by 13.1%.

Similar to exports, the import market saw 20 items exceeding $1 billion, accounting for 78.9% of total import turnover, with 2 items surpassing $5 billion, constituting 39.4% of the total.

The structure of imported goods revealed that capital goods dominated imports, accounting for 94% of total imports, with machinery, equipment, tools, and spare parts making up 45.7%, and raw materials, fuel, and materials comprising 48.3%. Consumer goods accounted for a smaller share at 6%.

In terms of export and import markets, the United States emerged as Vietnam's largest export destination, with an estimated turnover of $34.1 billion, while China retained its position as Vietnam's largest import market, with an estimated turnover of $41.6 billion.

The trade surplus to the United States reached an impressive $29.6 billion in the first four months of 2024, up by 21.6% from the same period last year. Conversely, Vietnam faced a trade deficit of $23.6 billion with China, reflecting a significant increase of 41.4%.

Overall, despite the dip in April's export figures, Vietnam's trade balance remains robust, with a trade surplus of $8.4 billion in the first four months of 2024, compared to $7.66 billion during the same period last year.

This surplus is largely driven by the foreign invested sector, including crude oil, which boasts a surplus of $16.64 billion, offsetting the domestic economic sector's trade deficit of $8.24 billion.

With Vietnam's economy navigating through global uncertainties, maintaining trade surpluses remains a crucial factor in ensuring economic stability and growth.