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Highlights of imports and exports in 2024

Import and export in 2024 set a new record when it hit US$800 billion. Photo: T.Binh.

A trade surplus of about US$ 25 billion

According to preliminary statistics from the General Department of Vietnam Customs, in December 2024, the total import and export turnover nationwide increased by 6.2% month-on-month to US$70.53 billion.

Of which, the export turnover rose 5.3% to US$35.53 billion, and the import turnover increased by 7.2% to US$ 35 billion.

The results achieved in December brought the total trade in 2024 to US$786.29 billion, up 15.4% year-on-year.

Of which, exports reached US$405.53 billion, up 14.3% or US$50.81 billion and imports reached US$380.76 billion, up 16.7% or US$54.41 billion.

Vietnam's trade balance in 2024 had a surplus of US$24.77 billion. However, the figure was lower than the trade surplus of US$28.36 billion of the previous year.

In 2024, the import-export turnover of FDI enterprises saw a year-on-year increase of 13.6% to US$ 529.86 billion.

Of which, exports reached US$289.21 billion, up 12.5% or US$32.03 billion and imports recorded US$ 240.65 billion, up 15.1% or US$31.59 billion compared to 2023.

Meanwhile, imports and exports of domestic enterprises grew 19.4% to US$ 256.44 billion. Exports of domestic enterprises reached US$116.33 billion, up 19.3% and imports recorded US$140.11 billion, up 19.5%.

Exports to the US market reaches a hundred billion dollar

Notably, many Vietnam’s major markets saw positive growth in 2024.

The exports to the world's largest economy - the US in 2024 reached 119.46 billion USD, an increase of 23.2% (or US$22.48 billion) compared to the previous year and accounted for 29.5% of the country's total export turnover.

16 groups of goods exported to the US reached the turnover of US$1 billion or more. In which, the export turnover of computers, electronic products and components recorded US$23.2 billion, up 36.3% (or US$6.18 billion).

The export turnover of other commodity groups includes: machinery, equipment, tools and spare parts at US$ 22.05 billion, up 21.2%; textiles at US$ 16.15 billion, up 11.6%; phones of all kinds and components at US$ 9.82 billion, up 24.3%; wood and wooden products at US$9.06 billion, up 24%.

China is Vietnam's second largest export market with a turnover of US$60.89 billion. However, the result only increased slightly by 0.3% compared to the previous year.

In fact, the exports to China in recent years has tended to slow down. Specifically, it increased by 17.9% in 2020; by 14.3% in 2021; by 3.2% in 2022; by 5.3% in 2023 and by only 0.3% in 2024.

The major export groups to China in 2024 include: phones of all kinds and components at US$15.44 billion, down 8.5%; computers, electronic products and components at US$12.64 billion, down 3.1%; fruits and vegetables at US$4.63 billion, up 27.3%.

The EU is the third most important export market of Vietnam with a total turnover of US$51.66 billion, up 18.5% (or US$8.08 billion) compared to the previous year.

The largest export commodity groups to the EU include computers, electronic products and components at US$10.76 billion, up 66.9%.

Other major commodity groups such as: machinery, equipment, tools, and other spare parts grew US$8.72 billion, up 24.9%; phones of all kinds and components at US$7.38 billion, down 13.4%.

The exports to other important export markets include: ASEAN at US$ 36.54 billion, up 13.6% compared to the previous year; South Korea at US$ 25.55 billion, up 9%; Japan at US$24.59 billion, up 5.6%; Hong Kong at US$12.42 billion, up 29%.