VINACHEM

Total trade value reached $578.5 billion by September, marking a significant achievement for the economy.

Vietnam’s import-export sector marked a significant milestone in Q3 2024, surpassing $200 billion for the first time, reaching over $207.6 billion. By the end of September 2024, the total trade value was nearly $578.5 billion, a 16.3% increase compared to the previous year.

The General Department of Customs reported record-breaking figures across several sectors. With 31 export groups each surpassing $1 billion, and seven exceeding $10 billion, the quarter's performance underscored the strength and resilience of the nation's trade. The growth also reflected an increase of $29.4 billion, or 16.5%, compared to Q3 2023.

The latest data reveals that trade in the first nine months of 2024 reached new highs, growing by $335 billion over the past decade. Exports grew by $180 billion, while imports rose by $155 billion. Compared to five years ago, the trade value increased by 49%, or $190 billion, with exports and imports rising by $97 billion and $93 billion respectively.

Vietnam's trade value for both exports and imports hit record figures compared to previous years, growing by $19.42 billion and $81.11 billion over the same period in 2022 and 2023. This robust performance was primarily driven by sectors such as electronics, textiles, and agriculture.

In Q3 2024, Vietnam’s total trade value for the first time crossed $200 billion per quarter, reaching $207.6 billion. The quarterly increase amounted to $29.49 billion over Q1 and $14.87 billion compared to Q2.

Compared to Q3 2023, the sector saw a 16.5% increase, equivalent to $29.4 billion. By the end of September 2024, 31 export groups had recorded over $1 billion in trade, with seven exceeding $10 billion. Ten groups posted gains of over $1 billion compared to the previous year, signaling widespread growth.

Notably, 34 export markets reported over $1 billion in trade, with 22 markets growing by double digits and 26 exceeding their records from 2022.

Meanwhile, imports also showed strength, with 41 product groups exceeding $1 billion in trade value. Three groups, particularly computers, electronics, and components, led with $79.11 billion in trade.

Imports from China reached a new high, with a record $104.81 billion, a 32% increase, or $25.63 billion more than the same period last year. This represented 62% of the total increase in imports over the past nine months, reflecting Vietnam's ongoing trade relationship with its northern neighbor. However, the trade deficit with China also increased by 66% compared to the previous year.