Viet Nam- Import-export turnover set new record in 2024

The turnover of goods import-export in 2024 stood at $786.29 billion, an increase of 15.4 per cent compared to the previous year.

According to preliminary data released by the General Statistics Office of Vietnam on January 6, the country’s import-export turnover of goods in 2024 reached $786.29 billion, up 15.4 per cent compared to the previous year.

In December alone, the turnover stood at $70.53 billion, up 6.2 per cent compared to the previous month and 15.9 per cent year on year.

In terms of goods export, the turnover in December was $35.53 billion, an increase of 5.3 per cent compared to the previous month, and 12.8 per cent year-on-year, bringing the total turnover in 2024 to $405.53 billion, up 14.3 per cent compared to the previous year.

Of the 2024 goods export turnover, the domestic sector contributed $114.59 billion, up 19.8 per cent year on year, and accounting for 28.3 per cent of the total, while the foreign-invested sector (including crude oil) contributed $290.94 billion, up 12.3 per cent and accounting for 71.7 per cent.

In 2024, there were 37 commodities with export turnover exceeding $1 billion, accounting for 94.3 per cent of the total, including 8 commodities with export turnover over $10 billion, which accounted for 69.0 per cent.

On the import side, the turnover of goods in December 2024 reached $35.01 billion, up 7.2 per cent compared to November, bringing the total import value of goods in 2024 to $380.76 billion, an increase of 16.7 per cent compared to the previous year. Of the 2024 import value, the domestic sector contributed $140.11 billion, up 19.5 per cent year on year; while the foreign-invested sector $240.65 billion, up 15.1 per cent compared to 2023.

In 2024, 46 commodities recorded import turnover exceeding $1 billion, making up 93.1 per cent of the total, with 6 commodities recording import turnover over $10 billion, accounting for 54.0 per cent.

As a result, the trade surplus stood at $24.77 billion in 2024, lower than the figure of $28.4 billion recorded in 2023, with the domestic sector experiencing a trade deficit of $25.52 billion, and the foreign-invested sector (including crude oil) posting a trade surplus of $50.29 billion.

Meanwhile, service export turnover in 2024 was estimated at $23.85 billion, an increase of 17.7 per cent compared to the previous year. Of this, tourism services generated $12.19 billion (accounting for 51.1 per cent of total service export turnover), an increase of 33.1% year on year, while transport services contributed $6.52 billion, up 5.2% compared to 2023.

On the other hand, service import turnover in 2024 was estimated at $36.19 billion, including $12.07 billion in transportation and insurance fees for imported goods, an increase of 24.4 per cent compared to the previous year. Transport services accounted for $14.6 billion (accounting for 40.3 per cent of the total service import turnover), up 16 per cent compared to 2023. Meanwhile, tourism services stood at $12.57 billion (34.7%), up 60.6% year on year.

As a result, the service trade deficit for 2024 is estimated at $12.34 billion.