Exports jump nearly 20% year-on-year in the first two months of 2024, while imports also see significant growth, leading to a $5 billion trade surplus.
Vietnam’s total import-export value reached $113.43 billion in the first two months of 2024, marking an 18.1% increase compared to the same period in 2023, according to preliminary statistics released by the General Department of Customs on March 21st, 2024.
The second half of February 2024 saw particularly strong growth, with import-export value reaching $28.41 billion, a 46.7% increase ($9.05 billion) compared to the first half of the month. This momentum contributed significantly to the overall two-month performance.
Foreign direct investment (FDI) enterprises played a significant role, with their total import-export value reaching $78.08 billion in the first two months of 2024, a 14.5% ($9.88 billion) increase year-on-year. Domestic businesses also saw substantial growth, with their total import-export value reaching $35.35 billion, a 26.9% ($7.49 billion) increase compared to the previous year.
Exports Power Ahead
Vietnam’s export value surged in the second half of February 2024, reaching $14.73 billion, a 48.2% increase ($4.79 billion) compared to the first half of the month. This strong performance contributed to a total export value of $59.21 billion for the first two months of 2024, representing a robust 19% ($9.45 billion) year-on-year increase.
FDI enterprises were major contributors to export growth, with their export value reaching $10.85 billion in the second half of February, a 48.1% ($3.53 billion) increase compared to the first half of the month. Their total export value for the first two months of 2024 reached $43.04 billion, representing a 15.3% ($5.7 billion) year-on-year increase and accounting for 72.7% of Vietnam’s total exports.
Imports Also Rise
Vietnam’s import value in the second half of February 2024 reached $13.68 billion, a 45.2% ($4.26 billion) increase compared to the first half of the month. This brings the total import value for the first two months of 2024 to $54.21 billion, a 17.1% year-on-year increase ($7.59 billion).
