Market updates
Vietnam’s Supply Chain Situation in Q1/2024
In the first quarter of 2024, Vietnam’s total trade turnover reached $178.04 billion, up 15.5% compared to the same period last year. Exports increased by 17% and imports increased by 13.9%. The goods balance of trade showed a surplus $8.08 billion.
The export turnover in March 2024 was estimated at $34.01 billion, which represents a 37.8% increase from the previous month. Overall, for Q1/2024, the export turnover was approximately $93.06 billion, up 17% compared to the same period last year. Of which, the domestic sector contributed $25.21 billion to this figure, up 26.2%, accounting for 27.1% of the total export turnover; the foreign-invested sector (including crude oil) reached $67.85 billion, up 13.9%, accounting for 72.9%. In Q1/2024, there were 16 export commodities with a turnover exceeding $1 billion, accounting for 82.1% of the total export turnover (including 4 items exceeding $5 billion, accounting for 52.7%).
The import turnover for March 2024 was estimated at $31.08 billion, up 33,4% from the previous month. Overall, for Q1/2024, the import turnover was estimated at $84.98 billion, up 13.9% compared to the same period last year. Of which, the domestic economic sector contributed $29.7 billion, up 14.4%, the foreign-invested sector contributed $55.28 billion, up 13.6%. In Q1/2024, there were 17 import commodities with a turnover exceeding $1 billion, accounting for 76.1% of the total import turnover (with 2 items over $5 billion, accounting for 40.3%).
The preliminary goods balance of trade for February showed a surplus of $1.38 billion; the two-month surplus of $5.15 billion; and the estimated surplus of March was $2.93 billion. Overall, for Q1/2024, the goods trade balance was estimated to have a surplus of $8.08 billion (compared to a surplus of $4.93 billion in the same period last year). Of which, the domestic economic sector had a trade deficit of $4.49 billion, while the foreign-invested sector (including crude oil) had a surplus of $12.57 billion.
During the first quarter of 2024, Vietnam witnessed significant growth in its supply chain, with notable increases in global export activities.
In Q1/2024, the growth in the manufacturing sector was 6.98%, which not only contributed to GDP growth but also boosted exports, with export growth reaching 18%. The import and export turnover reached $178.04 billion, up 15.5% compared to the same period last year, of which, the export turnover reached $93.06 billion, up 17% and the import turnover reached $84.98, up 14%. Specifically, in the Europe-Americas region, the export turnover for Q1/2024 reached $45 billion, up 21.6%, with a trade surplus of $34 billion.
Key Export Markets
It is noteworthy that Vietnam’s export market diversification. In the first quarter of 2024, Vietnam expanded and strengthened trade relations with many countries and territories worldwide. Key markets like the USA, China, Europe, and ASEAN countries continued to be significant destinations for Vietnamese exports.
Chart 1: 10 largest export markets of Vietnam in Q1/2023 and Q1/2024 – Source General Department of Custums
According to the General Department of Customs, in Q1/2023, exports to the US market contributed the most to the increase in Vietnam’s export value. However, the export value to the US in Q1/2024 reached $25.77 billion, up 24.2%, corresponding to an increase of $5.02 billion compared to the same period last year.
Following the USA, the EU (27 countries) was the second largest contributor to the increase in our export value, reaching $12.2 billion, up 17.4%, corresponding to an increase of $1.8 billion compared to the same period last year.
Fastest Growing Commodity Groups
According to data from the Ministry of Industry and Trade, the value of Vietnam’s exports in the first quarter of 2024 reached record highs, with significant growth compared to the same period last year. Major export commodities such as textiles, electronics, consumer electronics, and agricultural products saw notable increases, positively contributing to the country’s total export volume.
Chart 2: 10 largest export commodity groups of Vietnam in Q1/2023 and Q1/2024
Specifically, the group of agricultural, forestry, and seafood products reached $9.9 billion, up 26.1% compared to the same period in 2023, accounting for 10.6% of the total export turnover.
The group of processed industrial, including components, computers, and electronic equipment, reached $82.02 billion, accounting for 88.1% of the total export turnover and increasing by 16.1% compared to the same period in 2023.
The group of exports of fuel and mineral products in Q1/2024 reached $1.18 billion, up 10.8% compared to the same period in 2023....
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