The United States is Vietnam's largest export market.

In the first 9 months of 2024, Vietnam’s trade surplus with the US market reached the highest level, followed by the EU and Japanese markets.

According to the report of the Ministry of Industry and Trade, with the recovery of the world market and increased export orders, our country’s import and export activities in the first 9 months of 2024 have improved and achieved positive results.

Customs clearance of goods at the port. Photo: Duc Duy/Vietnam+

In September 2024, the total preliminary import and export turnover of goods reached 65.81 billion USD, although down 8% compared to the previous month, it still increased by 10.9% compared to the same period last year.

In the first 9 months, the total preliminary import-export turnover of goods reached 578.47 billion USD, up 16.3% over the same period last year (down 11% over the same period), of which exports increased by 15.4% (down 8.2% over the same period); imports increased by 17.3% (down 13.9% over the same period). The trade balance of goods had a surplus of 20.79 billion USD.

Notably, exports continued to grow strongly and evenly in all 3 groups of goods. Specifically, the preliminary export turnover of the agricultural, forestry and fishery group reached 28.8 billion USD, up 21.9% over the same period in 2023, accounting for 9.6% of the total export turnover of the country.

The preliminary export turnover of the processed and manufactured industrial goods group reached 253.9 billion USD, accounting for 84.7% of the total export turnover and increasing by 15.2% over the same period in 2023 (the same period in 2023 decreased by 9.6%). The export turnover of the mineral fuel group in the first 9 months is estimated at 3.1 billion USD, an increase of 3% over the same period in 2023.

Regarding the market, in the first 9 months of 2024, the export turnover to most markets and major trading partners of our country has recovered positively and achieved high growth. In particular, the United States is Vietnam’s largest export market with an estimated turnover of 89.4 billion USD, accounting for 29.8% of the total export turnover of the country and increasing by 27.4% over the same period last year (the same period in 2023 decreased by 17.6%); Next is the Chinese market, estimated at 43.56 billion USD, a slight increase of 0.1% over the same period last year (the same period in 2023 increased by 2%); the EU market is estimated at 38.1 billion USD, an increase of 17% over the same period last year (the same period in 2023 decreased by 8.2%); South Korea is estimated at 18.9 billion USD, an increase of 7% (the same period in 2023 decreased by 5.1%); Japan is estimated at 18 billion USD, an increase of 4.7% (the same period in 2023 decreased by 3%).

On the other hand, in terms of the goods import market, China is still Vietnam’s largest import market with a preliminary turnover of 105 billion USD, accounting for nearly 38% of the total import turnover of the country and increasing by 32.5% over the same period last year (the same period in 2023 decreased by 13.6%); followed by South Korea with an estimated 41.46 billion USD, up 8.2% (down 20.1% in the same period in 2023); ASEAN with 33.8 billion USD, up 12.3% (down 14.5% in the same period in 2023); Japan with 16 billion USD, up 2.4%; EU with 12.2 billion USD, up 9.8%; the United States with 10.9 billion USD, up 6.2%.

The trade balance in September 2024 continued to have a surplus of about 2.29 billion USD, bringing our country’s total trade surplus in the first 9 months of 2024 to about 20.79 billion USD (the same period last year had a trade surplus of 22.1 billion USD). By market region, the trade surplus to the United States is estimated at 78.5 billion USD, up 31% over the same period last year; The trade surplus with the EU is estimated at 25.9 billion USD, up 20.8%; the trade surplus with Japan is estimated at 1.9 billion USD, up 28.8%.

According to the Industry and Trade Newspaper