Foreign Trade Expected to Set New Record This Year

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In the last two months Vietnam witnessed monthly exports and imports exceeding US $70 billion USD, VNA reported.

In 2022, the trade value hit the record of US $732 billion, but none of that year’s months saw the figure reaching US $70 billion.

Regarding export, the value of August set a monthly record of US $37.59 billion, compared to that of the US $36.24 billion in July. Overseas shipments from January to August reached US $265 billion, rising 15.8% year on year.

On the other hand, imports have also been on the rise to serve export manufacturing. The value increased 17.7% from a year earlier to US $246 billion during the period.

The record of foreign trade turnover in 2024 is likely to break the record of 732 billion USD set in 2022 (Photo: Getty Image) As a result, Vietnam gained a trade surplus of 19.07 billion USD, statistics show.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) in August indicated continued increases in output and new orders, as well as eased inflationary pressure. It stood at 52.4 points, showing strong improvement of business conditions in the middle of the third quarter.

According to Andrew Harker, Director for Economic Indicators & Surveys at S&P Global Market Intelligence, the inflation rate in Vietnam, with both input costs and output prices rising at much weaker rates in August, contributes to sustained new order growth. He believes foreign trade is likely to go beyond the 2022 record, given the current order situation and the growth of input material imports.

Total exports and imports for the whole 2024 may exceed US $790 billion. If not, the figure may stand at US $785-786 billion.

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