The export turnover in the beggining of the year records the strong growth. Photo: Internet.

Trade in goods increases by 42%

The Ministry of Industry and Trade said that the export turnover of goods in January is estimated to increase by 6.7% month-on-month to US$ 33.57 billion. The trade in goods in the first month of the year grews 42% year-on-year, including the turnover of domestic sector and of the FDI sector (including curde oil) rises 62.6% and 35.6%, resepctively. This is the highest export turnover since September 2022.

In January, seven comodities that see the export turnover of over US$ 1 billion, accounting for 65.7% of the total export turnover wood and wooden products; textiles and garments; footwears; computers, electronic products and components; mobile phones and accessories; other machinery, equipment, tools and spare parts; transport vehicles and spare parts.

Export turnover of agriculture, forestry and fisheries group goes up 98.6% and the processing industry group rises 38.4%.

According to the Ministry of Industry and Trade, exports of processed industrial goods in January is eatimated at US$7.4% month-on-month to US$ 28.52 billion, accounting for 85% of the country's total export turnover. The growth results from the increase in the export turnover of mobile phones and components.

In addition, the export turnover of wood and wooden products is estimated to increase by 4.6% to US$ 1.4 billion. The export turnover of means of transport and spare partsis estimated at US$ 1.3 billion, up 10.8%; cameras, camcorders and accessories at US$ 900 million, up 8.1%. Many major items of theprocessed industrial goodsachieved high growth rates such as textiles and garments up 28.6%; wood and wooden products up 74.6%; footwears up 35%; computers, electronic products and components up 57.4%...

However, the export turnover of some products in January decreases compared to the previous month such as: computers, electronic products and components at US$5 billion, down 12.1%; machinery, equipment, tools, and spare parts at US$ 3.8 billion, down 0.7%; textiles at US$2.9 billion; footwear at US$ 1.85 billion, down 0.4%.

The export turnover of agricultural and fishery products increases by 9.1% month-on-month to US$ 3.33 billion, accounting for 9.9% of the country’s export turnover. Of which, the export turnover of cassava and cassava products rises 93.4% to US$274 million; of vegetables and fruits at US$ 510 million, up 24.9%; cashew nuts and tea up over 10%; coffee, rice, and pepper up 2 - 3.5% compared to the previous month.

The increase in the export turnover of agricultural and fishery products result from the advantage in prices of these products in January while prices of processed industrial products are still in a downward trend.

The fuel and mineral products group achieved an export turnover of about US$279 million in the first month of the year, a sharp decrease of 40% compared to the previous month. The export turnover of major products such as crude oil and petroleum products declines by 12.2% and 51.9%, respectively.

Exports to major markets restore

The Ministry of Industry and Trade assesses that exports to major export markets will recover well in the first month of 2024. The US continues to be Vietnam's largest export market in January with the estimated turnover at US$9.6 billion, up 5.5% compared to December 2023 and up to 55.8% year-on-year.

The estimated export turnover to other major markets surges compared with the same period last year such as: China up 57.8% to US$6.1 billion; the EU up 17.9%, to US$3.9 billion; ASEAN up 38.5% to reach US$3.04 billion; Japan up 39.6%; South Korea up 22.4%; the EU up18%.

The import turnover in January is estimated to grow 4.2% month-on-month and 33.3% year-on-year to US$ 30.65 billion.

The import turnover of group of production materials is estimated to reach US$28.84 billion, accounting for 94.1% of the total import turnover of the country.

China is the largest market supplying goods to Vietnam in January 2024 with an estimated turnover of US$10.9 billion, a year-on-year increase of 49.4%.

The country runs US$2.92 billion trade surplus in January. Of which, the domestic economic sector had a trade deficit of US$2.12 billion; the FDI had a trade surplus of US$5.04 billion.