Statistics from the General Department of Customs show that total import and export turnover of goods in October reached 69.1 billion USD, up 5.1% (equivalent to an increase of 3.35 billion USD) compared to September.
In the first 10 months of 2024, the total import-export turnover of goods nationwide reached nearly 648 billion USD, an increase of 15.8% over the same period in 2023. Of which, export turnover reached 335.5 billion USD, an increase of 14.9% and total turnover reached 312.2 billion USD, an increase of 16.8%, with a trade surplus of 23.3 billion USD.
Speaking with Lao Dong, Associate Professor, Dr. Dinh Trong Thinh - former Head of the International Finance Department of the Academy of Finance, assessed: With the current order situation and looking at the acceleration of input material imports, in the whole year of 2024, Vietnam is likely to reach a record of 800 billion USD in import and export, far exceeding the record import and export of 732 billion USD in 2022.
According to Associate Professor Dr. Dinh Trong Thinh, based on Vietnam's import and export activities up to now, many positive results have been achieved. In particular, exports to major markets such as the United States, EU, Japan, and South Korea have all had high growth.
Forecasting exports for the remainder of 2024, Mr. Bui Huy Son - Director of the Department of Planning and Finance, Ministry of Industry and Trade told Lao Dong that although there are still many risks, geopolitical conflicts directly affect the supply chain, and sea freight rates are still high, there is still room for growth in exports at the end of the year.
Because year-end consumption demand in major markets such as the US and EU will be an important driving force to boost exports, especially in the fields of electronics, consumer goods and textiles - global retailers increase stockpiling of goods for major holidays.
Export markets under FTAs continue to have positive impacts, maintaining Vietnam's advantages in trade and investment activities...
To support production and trade in the fourth quarter of 2024, a decisive quarter in achieving the 2024 target, Mr. Bui Huy Son said that the Ministry of Industry and Trade is committed to increasing support for businesses and industries to restore production, take advantage of FTAs, and innovate institutional building.
Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department, Ministry of Industry and Trade also forecasted that in the last months of the year, both agricultural products and processing and manufacturing industries will continue to maintain good growth. With the current growth rate and the recovery of key markets, especially the US and EU, when signs of inflation decrease, purchasing power will increase again.
This helps Vietnam boost exports in the last months of the year.
However, the agricultural product group, although promising, needs to be noted for its seasonality and price fluctuations. This requires flexibility in the business and export strategies of enterprises.
