Exports Increase Sharply Since the Beginning of 2024

9:55:56 AM | 2/20/2024

Merchandise export turnover in the first month of 2024 is estimated to reach US$34 billion, up 42 percent over the same period last year.

January witnessed the highest export turnover since September 2022. Although the world market was still volatile, exports to major markets have recovered, especially processed and manufactured goods and agricultural and forestry products.

Textile and garments, Viet Nam's primary industry, reached US$3.5 billion, up 30 percent over the same period last year - a high increase for many years.

Many markets have recovered well, inventories have decreased, and new orders are abundant for the summer because businesses have signed long-term orders.

"Vietnamese businesses have the strength to provide raw materials and support for the clean energy industry in the US. Therefore, the opportunity for Vietnamese businesses is huge," said Chairman of the Board of Directors of Aluminum Factory Viet Phap, Vu Van Phu.

Notably, the export of agricultural, forestry and fishery products increased by nearly 97 percent over the same period.

Many agricultural products such as rice and fruits have signed large contracts in many important markets. This industry's breakthrough right from the beginning of the year is an optimistic signal for this year's export goals.

Deputy Director Of the Import And Export Department (Ministry of Industry And Trade), Tran Thanh Hai, informed that the ministry set a target of 6 percent export growth and a trade surplus of US$15 billion in 2024. The conditions for Viet Nam to achieve this goal are possible in the current context.

Although the signal of export recovery is quite good, in the face of many complicated developments in geopolitical conflicts around the world, Viet Nam needs to continue promoting free trade agreements to expand new markets.

This helps businesses diversify export markets to maintain this year's growth rate.

Source: VGP