Total import and export turnover increased by 15.8% over the same period.
According to the General Statistics Office, in October, the total preliminary import and export turnover of goods reached 69.19 billion USD, up 5.1% over the previous month and up 11.8% over the same period last year. In the first 10 months of 2024, the total preliminary import and export turnover of goods reached 647.87 billion USD, up 15.8% over the same period last year, of which exports increased by 14.9%; imports increased by 16.8%. The trade balance of goods had a surplus of 23.31 billion USD.
In the first 10 months of 2024, the domestic economic sector recorded strong growth with a much higher growth rate than the foreign-invested economic sector (FDI sector). This can be considered a positive signal, a bright spot in the import and export activities of our country when domestic enterprises are gradually rising to dominate the market, affirming the national potential. The proportion of import and export turnover has gradually increased after a long period of decline and dependence on the FDI sector.
In 2023, the export and import turnover of the domestic economic sector began to show signs of increasing again, accounting for 31.3%. In the first 10 months of 2024, the export and import turnover of the domestic economic sector increased to 32%. It is forecasted that with the current growth rate, this proportion will continue to increase by the end of 2024.
Assessing the positive proportion of import and export, Dr. Le Duy Binh - Director of Economica Vietnam - commented that Vietnam's exports from the beginning of the year until now continue to be a bright spot in the overall economic picture of Vietnam. This shows that the resilience of the Vietnamese economy has increased and the flexibility and adaptability of Vietnamese enterprises have also improved.
Improve the quality of export goods
Most international organizations have raised their global economic growth outlook for 2024 compared to previous forecasts; global consumer demand has recovered; global inflation continues to fall to target levels... Some markets that account for a large proportion of Vietnam's export value, such as the United States and Europe (EU), have controlled inflation in the first 9 months of 2024, with good growth and increased purchasing power, thereby maintaining a positive trend in retail sales of goods.
Meanwhile, domestically, businesses are showing a recovery trend in production (most businesses' production plans show positive growth in the months of 2024); textile and garment businesses are receiving enough orders until the third quarter and the end of 2024.
According to Ms. Dinh Thi Thuy Phuong - Director of the Department of Trade and Service Statistics (General Statistics Office), one of the bright spots of the Vietnamese economy since the beginning of the year is the positive results in the export and import turnover of goods. To further increase the export turnover of Vietnamese goods, in the coming time, it is necessary to synchronously and effectively implement a number of groups of solutions.
Firstly, improve the quality of exported goods, especially pay attention to traceability of products, reduce the cost of exported goods, improve price competitiveness and product quality in the world market, especially for Vietnam's key export products.
Second, continue to diversify forms of widespread propaganda about incentives in FTAs, boost exports, improve efficiency and ensure sustainability of Vietnamese goods exports to markets that have signed FTAs.
Third, continue to innovate trade promotion activities, focusing on promoting at the highest level the digital transformation program in trade promotion activities, connecting domestic and foreign supply and demand.
