According to the General Statistics Office, if the current growth momentum is maintained, the country's total export and import turnover could reach a record USD 800 billion USD in 2024, far surpassing the USD 732 billion mark in 2022.

According to the General Statistics Office, goods export activities in the first 8 months of 2024 have shown many positive signs, creating strong motivation for businesses, associations, and industries to continue to closely follow market developments and boost exports.

Over 8 months, the whole country had 30 items with export turnover of over USD 1 billion, accounting for 92.3% of total export turnover (there were 6 items with export turnover of over USD 10 billion, accounting for 62.6%). This was achieved thanks to the increase in export orders in key product groups such as textiles, footwear, and leather, along with continued foreign investment flows into Vietnam, as well as the impressive recovery of the processing and manufacturing industry. In particular, it is worth to mention the export of agricultural products, which have both good harvests and good prices.

On the contrary, import activities increased in most items serving production and export, contributing to promoting domestic production to continue to recover.

Accumulated over the first eight months of 2024, the total import and export turnover of goods nationwide reached USD 511.11 billion, an increase of 16.7% over the same period in 2023; of which, exports increased by 15.8%, imports increased by 17.7%. The trade balance of goods in the first 8 months of 2024 had a trade surplus of USD 19.07 billion.

The General Statistics Office recommends that the Ministry of Industry and Trade should continue to update information on the market situation, especially during the peak shopping season at the end of the year; strengthen early warnings of trade defense measures, further promote the connecting role of trade agencies abroad; diversify forms of trade promotion, expand import and export markets, etc.

Kylie Nguyen